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Dear Subscriber,
Things were going just fine for stocks yesterday, until banking analyst Dick Bove downgraded Wells Fargo (WFC) to sell. At the heart of Bove's downgrade was concerns about the quality of the bank’s earnings.
Notably, our equity research staff pointed out problems with WFC much earlier in the day than Bove did. Specifically, Zacks Equity Research posted a note on our Analyst Blog discussing how credit quality deteriorated and loan losses rose sharply. Furthermore, our analysts also warned that the credit losses could worsen.
To see the full analysis, read Wells Fargo Surprises Yet Again.
Gold continues to command high prices, trading yesterday at $1,059.90.
However, the rally in the precious metal has not translated into better earnings estimates for the gold miners. In fact, as I discuss in this week's Industry Rank Analysis, you would have done almost as well by simply buying an S&P 500 index fund than holding gold mining stocks this year.
Read: Gold Miners' Margin Problem
Wishing you prosperity,
Charles Rotblut, CFA
Senior Market Analyst & Editor,
Profit From the Pros
Today's Top Stories: Thursday- October 22, 2009
ZACKS RANK BUY STOCKS
- Aggressive Growth - China Fire & Security Group (CFSG) following the second quarter 25% increase in net income, the Zacks Consensus Estimate for this year rose to $1.05, up from 97 cents. Next year's estimates are averaging $1.30, up from $1.19 These are reflecting expected growth rates of 20% and 24%, respectively. Read More...
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Growth & Income - Ross Stores, Inc. (ROST) recently announced September sales of $629 million, a 12% increase year-over-year. Same store sales jumped 8%. The company also hiked its third-quarter earnings guidance to a range of 75 to 77 cents per share. Analysts polled by Zacks are in agreement, boosting forecasts from last month’s 63 cents to 77. Read More...
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Momentum - China Automotive Systems, Inc. (CAAS) after a surprise in the second quarter, estimates jumped with the current year adding 12 cents and moving to 54 cents per share. The next-year estimate is pegged at 63 cents, a bullish 18% growth projection. Read More...
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Value - Cott Corporation (COTT) has posted big earnings surprises of 240% and 528% the last two quarters. Full-year Zacks Consensus Estimates have been holding at 65 cents in the last 60 days, up from 38 cents in the last 3 months. Analysts expect 2009 earnings growth of 645%. Read More...
Learn how to profit from our exclusive Zacks Rank stock-ranking system with free resources. Read More...
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ZACKS MUTUAL FUND RANK
- Best of Funds: Top Balanced Asset Allocation Funds
For a well-balanced portfolio, consider Legg Mason Part Lifestyle Inc A (SCAAX), Eaton Vance Emerg Mkts Loc Inc A (EEIAX) and PIMCO All Asset All Authority Inst (PAUIX). Read More...
See all the great mutual fund resources.
BEST OF ZACKS EQUITY RESEARCH
- Bull Of The Day:
Gentiva Health Services
Full Zacks research report: Read More...
- Bear Of The Day:
MetroPCS Communications (PCS)
Full Zacks research report: Read More...
- ZACKS INDUSTRY OUTLOOK: Restaurant Industry
The U.S. restaurant industry, which constitutes fast food, casual dining and upscale chains, is facing its toughest times in three decades. Stocks covered are (BJRI), (BWLD), (DRI), (MCD). Read More...
- Lindsay (LNN) Underperforms
- Silgan (SLGN) Beats, Raises Guidance
- FLIR Systems (FLIR) Tops Expectations
PERSONAL FINANCE: provided by Kiplinger.com
EDUCATION: Growth and Income
The Power of Compounding: Reinvest Your Interest Read More...
PeopleAndPicks.com:
VIP "OnIslandTrader" warns of the recent sell off. "Today's end of day action was scary no matter how you cut it...It is a major warning sign when the market starts selling off on supposedly good news at the end of a rally this size." Read More...
NEW ZACKS VIDEOS:
EARNINGS TRENDS: Better than Expected
Companies are crushing estimates, with more than 5x as many positive surprises as disappointments. Stocks noticed are (GIS), (STZ), (CPB), (INTC) and (NSM). Read More...
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Regards and Happy Investing,
Charles Rotblut, CFA
Senior Market Analyst
Zacks.com
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