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Zacks Analyst Blog Highlights: deCODE Genetics, Crocs, Inc., General Motors Corp., Daimler AG and American Electric Power Co., Inc.
For Immediate Release
Chicago, IL – April 2, 2009 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: deCODE Genetics (DCGN), Crocs, Inc. (CROX - Snapshot Report), General Motors Corp. (GM), Daimler AG (DAI - Analyst Report) and American Electric Power Co., Inc. (AEP - Analyst Report).
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Here are highlights from Wednesday’s Analyst Blog:
Can deCODE Genetics Survive?
deCODE Genetics (DCGN) believes it has sufficient resources to sustain operations only into the second quarter of this year. Due to the shortage of cash, the company unfortunately has entered into survival mode. The company’s ability to continue as a going concern is doubted if it cannot obtain immediate liquidity resources.
Due to the deteriorating financial position, in October, 2008, deCODE genetics announced that the company is carrying out a review of its long-term business strategy. The goal of this strategic review is to optimize the value of these assets for its shareholders by sharpening the focus of its business, selling non-core assets, securing strategic partnerships, and utilizing the resources generated to underpin product development and marketing efforts in its core business.
Crocs Gets Loan Extension
Crocs, Inc. (CROX - Snapshot Report) shares are up about 15% today on news that the company obtained an extension for its existing credit facility with Union Bank of California. The maturity date of the company’s existing facility was extended from April 2, 2009 to September 30, 2009.
Investors looking to buy the stock on this news need to ask themselves one question: Why is so important for Crocs to refinance this $22 million short-term debt? After all, the company ended 2008 with about $52 million in cash and no long-term debt on its balance sheet. Crocs could pay off its credit facility and still have $30 million in cash.
The Next Bailout?
The Administration has given both General Motors Corp. (GM) and Chrysler a very short leash to avoid bankruptcy. Chrysler has just 30 days to merge with Fiat, and GM 60 days to come up with yet more cuts and concessions from its stakeholders. GM CEO Rick Wagoner, who was opposed to the idea of going into Chapter 11, was pushed out and replaced with Fritz Henderson, who seems more open to the idea.
I doubt the Chrysler merger will happen -- or that if it does happen, it will be successful. On paper, there does seem to be a good fit, but that was true of Chrysler and Mercedes as well, and just look at how well that turned out. At least Daimler AG (DAI - Analyst Report) had a reputation of making good cars. Fiat, well, that's a different story. ("Fix It Again, Tony," anyone?) Just what Chrysler needs to shore up its image.
American Electric Makes Moves
American Electric Power Co., Inc. (AEP - Analyst Report) reduced its fiscal year 2009 EPS guidance. The company revised downward fiscal 2009 ongoing earnings guidance, establishing a guidance range of between $2.75 and $3.05 per share. The previous fiscal 2009 ongoing earnings guidance range, announced in November 2008, was between $3.00 and $3.40 per share.
The new EPS guidance range recognizes current operating and economic factors and reflects dilution from the Company's planned issuance of new equity. Ongoing earnings represent earnings from continuing operations, which exclude special or one-time items included in the earnings prepared in accordance with Generally Accepted Accounting Principles.
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Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
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