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Zacks Analyst Blog Highlights: PG&E Corporation, Edison International, Autodesk Inc., Adobe Systems Inc. and Apple Inc.
For Immediate Release
Chicago, IL – November 19, 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: PG&E Corporation (PCG - Analyst Report), Edison International (EIX - Analyst Report), Autodesk Inc. (ADSK - Analyst Report), Adobe Systems Inc. (ADBE - Analyst Report) and Apple Inc. (AAPL - Analyst Report).
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Here are highlights from Wednesday’s Analyst Blog:
California May Ban High-Watt TVs
In California, an average residential customer’s 10% electrical consumption goes to television sets. However the regulatory apprehension is that with upgrade to larger television sets the consumption pattern for television sets will spike by as much as 8% annually. This is a worrisome trend for the power hungry state which has to import around 15% of its requirements from outside the state to meet its huge requirement.
The regulators are dreading a return to the gory days of the California electricity crisis at the beginning of the century. The crisis was aggravated as the then government kept the price of electricity artificially low, encouraging wastage.
An energy-efficient TV would save a household roughly $30 a year per set in lowered electricity costs. If all 35 million television sets in the state were replaced with more efficient sets, Californians would save $8.1 billion over 10 years, according to the Energy Commission report. The standard also could help California meet the goals of its 2006 global warming law, which calls for the state to cut greenhouse gases 25% by 2020.
To reduce greenhouse gas emissions, utilities operating in California are spending big money. California’s renewable portfolio standard requires utilities to generate 33% of power from renewable sources by fiscal 2020. PG&E Corporation (PCG - Analyst Report) plans to invest around $13 billion in the period 2009 - 2011. Another utility, Edison International’s (EIX - Analyst Report) subsidiary Southern California Edison, is projecting capital expenditures for the period 2009 - 2013 in the range of $16.8 billion - $19.8 billion.
Autodesk Beats, Guidance Mixed
Autodesk Inc. (ADSK - Analyst Report) revenues of $416.9 million were down 31.3% year over year, mainly due to a decrease of 43.9% year over year in Licenses revenues and partially due to a 2.8% decrease in Maintenance revenues. However, revenues were flat sequentially.
By geography, revenue from the Americas increased 2% sequentially but decreased 25% from the year-ago period. EMEA revenues declined 3% sequentially and 35% year over year on a constant currency basis. Revenue from the Asia Pacific decreased 7% sequentially and 33% year over year on a constant currency basis. Revenues from emerging economies represented 15% of total revenue and decreased 3% sequentially and 45% year over year on a constant currency basis.
Moreover, revenues from 3D design solutions were down 25% from the year-ago period but were flat sequentially. Revenues from 2D horizontal and vertical products declined 37% year over year and decreased marginally from the last quarter. We are positive on Autodesk’s migration from 2D products to 3D products, which have a higher margin.
Combined revenue from AutoCAD and AutoCAD LT declined 39% year over year. Although the company has a strong market position in the "mainstream" CAD market, it faces competition from Dassault Systemes. Moreover, the company competes against Adobe Systems Inc. (ADBE - Analyst Report) and Apple Inc. (AAPL - Analyst Report), among others.
Autodesk has a strong balance sheet with cash, investments and securities totaling $1.05 billion at the end of quarter and no long-term debt.
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About Zacks Equity Research
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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