Stocks showed surprising weakness on Tuesday leading to our first close under the 200 day moving average in a week. Hopefully we see a bounce Wednesday to refute this bearish leg. Unfortunately if we don't, and the market closes under for a second straight session, then odds are we are in for more downside. No matter what the technical's say, I think it might be hard for the market to make significant headway from here without positive reinforcement from 2nd quarter earnings season which doesn't start until July 12th. Buckle up for a bumpy ride.
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Executive VP, Zacks Investment Research
Today's Top Stories: Wednesday- June 23, 2010
ZACKS RANK BUY STOCKS
- Aggressive Growth - Culp, Inc. (CFI) reported fourth-quarter results that included over $57 million in sales, a 20% increase since the same period last year. Full-year sales were up just 1.2%, showing the trend continued to improve throughout the year. Net income came in at $5.0 million, more than doubling the final period of fiscal 2009. Read More...
Growth & Income - Neenah Paper (NP) is expected to grow its earnings per share 81.1% in 2010, 22.8% in 2011, and 12.5% over the next three to five years. The stock also offers investors a dividend yield of 1.9%. This Zacks #1 Rank stock trades at 15.6x 2010 consensus EPS estimates and 13.4x 2011 consensus EPS estimates. Read More...
Momentum - Lifetime Brands, Inc. (LCUT) strong cash flow has helped it strengthen its balance sheet, with its total debt load down $57 million from last year to $91 million. Estimates took a nice jump forward on the solid performance, with the current year adding 14 cents to $1.09. The next-year estimate is up 9 cents in the same time to $1.26. Read More...
Value - Harbin Electric, Inc. (HRBN) reported first quarter earnings and easily surprised on the Zacks Consensus by 37%. Earnings per share were 67 cents compared to the Zacks Consensus of 49 cents. It has put together a nice string of earnings surprises now, beating each of the last 5 quarters. Read More...
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BEST OF ZACKS EQUITY RESEARCH
INVESTMENT IDEAS: 5 Bank Stocks That are Headed Higher
Improving credit conditions are allowing these banks to produce strong earnings growth and beat expectations. Read More...
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