Chicago, IL – October 21, 2009 – Zacks Equity Research highlights Vodafone (VOD) as the Bull of the Day and Conmed Corp. (CNMD) the Bear of the Day. In addition, Zacks Equity Research provides analysis on Caterpillar Inc. (CAT), Coca Cola Company (KO) and Lockheed Martin Corporation (LMT).

Full analysis of all these stocks is available at http://at.zacks.com/?id=2676

Here is a synopsis of all five stocks:

Bull of the Day:

We maintain our Outperform recommendation for Vodafone (VOD), the largest revenue generating international wireless carrier. Revenue growth in the last quarter was fuelled by foreign exchange gains and acquisitions.

Additionally, increase in subscriber base was driven by continued healthy net additions in its Indian operation. Vodafone's globally diversified operation provides hedging elements which offset price competition and translation risk that may arise in specific markets. The company continues to accelerate 3G wireless service deployments and expanding network availability across Asia, Eastern Europe and Africa.

Moreover, Vodafone is focused on improving shareholder returns through attractive dividend payouts. Management's outlook for fiscal 2010 remains favorable as operating results are expected to improve with continued growth across incipient markets coupled with ongoing cost saving initiatives and currency exchange translation gains.

Bear of the Day:

Conmed Corp. (CNMD) operates in highly competitive markets against competitors that are much larger, technically competent and possess substantially more assets.

Additionally, many of these competitors offer a range of products not matched by Conmed, which may make Conmed's offerings less attractive to surgeons, hospitals, and group purchasing organizations that are trying to reduce the number of vendors they do business with. In the second quarter, earnings per share were $0.17, compared to the Zacks Consensus Estimate of $0.16 and the year-ago earnings of $0.43.

We have an Underperform rating on Conmed with a target price of $18.

Latest Posts on the Zacks Analyst Blog:

Caterpillar Tops Expectations

Caterpillar Inc. (CAT) reported third quarter earnings of 64 cents per share, well above the Zacks Consensus Estimate of 7 cents per share. The company’s better-than-expected performance was primarily driven by higher price realization, lower SG&A and R&D costs, and inventory decrement benefits.

However, on a year-over-year basis the company’s EPS declined 54.0%. Revenue in the quarter was down 43.8% to $7.3 billion from $13.0 billion posted last year. The sales decline in the quarter constituted lower machinery sales volume (-$4.2 billion), lower Engines sales volume (-$1.5 billion), negative impact of foreign currency translation (-$138 million), lower financial products revenue (-$118 million), partially offset by higher price realization (+$227 million).

Coca Cola Reports Modest Results

The Coca Cola Company (KO) reported modest results for the third quarter with earnings of 81 cents per share. Earnings were in-line with the Zacks Consensus Estimate and flat year-over-year.

Net operating revenues for the quarter declined 4% year-over-year, driven by a 6% negative impact from currency translation and a 1% adverse impact from a structural change. This was partially offset by 2% increase in concentrate sales and a 1% benefit from pricing and product mix.

Worldwide unit case volume increased 2% in the quarter, aided by a 4% improvement in international unit case volume and 2% growth in the Coca Cola trademark brand. The emerging markets of India and China grew an impressive 37% and 15%, respectively. In addition, strong unit case volume growth was observed in other key markets including Eurasia & Africa, Latin America and Pacific. Europe posted a 2% volume decline, while North American volume declined 4%.

Lockheed Demonstrates Strength

Before markets opened today, the Big Daddy among Defense contractors, Lockheed Martin Corporation (LMT), reported strong third quarter fiscal 2009 results and raised its fiscal outlook. In the reported quarter with EPS of $2.07, the company beat both the Zacks Consensus Estimate and the year-ago EPS of $1.83 and $1.92, respectively.

Net earnings rose to $797 million in the reported quarter compared to $782 million in the year-ago quarter. In a reversal of fortune, pension accounting adjustment negated $113 million from the quarter while in the year-ago quarter this adjustment had added $32 million to earnings. The spike in pension liability was due to the lower value of the company’s retiree fund.

Get the full analysis of all these stocks by going to http://at.zacks.com/?id=5507.

About the Bull and Bear of the Day

Every day, the analysts at Zacks Equity Research select two stocks that are likely to outperform (Bull) or underperform (Bear) the markets over the next 3-6 months.

About the Analyst Blog

Updated throughout every trading day, the Analyst Blog provides analysis from Zacks Equity Research about the latest news and events impacting stocks and the financial markets.

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 analyst 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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We are also optimistic about the joint venture between Jugos del Valle and the Coca-Cola company. The company has been successful in boosting its Brazilian business and the Oxxo stores continue to grow fast.

Our baseline outlook reflects continued economic growth in Latin America. We consider Latin America to be one of the most attractive areas for the beverage industry, due to positive demographics.Zacks Investment Research

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Here are highlights from Thursday's Analyst Blog:

Coca-Cola Gets Innocent

The Coca-Cola Company (KO) is investing £30 million ($44 million) for a minority stake of between 10% and 20% in Innocent Drinks, a U.K.-based maker of fruit smoothies. Innocent sells about 2 million smoothies a week and will use the proceeds to fund European expansion.

The company currently operates in 13 European countries and has revenues of £100 million ($148 million). In addition, Coca-Cola may be able to help Innocent Drinks distribute its products.

Buy-Rated ACOR Resubmits NDA

This morning, Acorda Therapeutics, Inc. (ACOR) announced it had resubmitted a New Drug Application (NDA) for Fampridine-SR to the U.S. FDA. Fampridine-SR is a novel therapy being developed to improve walking ability in people with multiple sclerosis (MS).

We remind investors that Acorda received a Refuse to File (RTF) letter for the Fampridine-SR NDA on March 30, 2009, which cited the need to correct "format issues" and requested additional supporting information on a fed/fasting study before the NDA could be accepted for review. Acorda management held subsequent discussions with the FDA, and now believes the filing this morning addresses all the outstanding issues with the RTF letter.

Royal Caribbean Up Sharply

Shares of Royal Caribbean (RCL) are trading sharply higher this morning after the company reported first-quarter results that exceeded Street expectations, and issued full-year earnings guidance above the current Street consensus estimate.

At first glance, these appear to be very strong numbers. Even after accounting for the reported upside to first quarter estimates, the company's full-year guidance implies earnings per share for the remainder of the year approximately $0.20 -- greater than the current Street consensus view.

UPS Down After Earnings Posted

Today, United Parcel Service, Inc. (UPS) posted 2009 first quarter diluted EPS of $0.52, down 40% year over year, and below the consensus of $0.56 and our estimate of $0.60, largely reflecting a worse-than expected decline in revenues from the weakening global economy.

Total revenues dropped 14% to $10.9 billion as consolidated average daily volume slumped 3.9% and average revenue per piece decreased 6.9% from changes in product mix, declining fuel surcharges and weight per package, and negative currency translation effects. The company's International Package and Supply Chain & Freight operations were particularly hard hit, with revenues off 19% and 20%, respectively.

Robert Half Facing Challenges

Robert Half International Inc. (RHI) reported first quarter results after the market close yesterday. Quarterly earnings declined 87% year-over-year to $0.06 per diluted share and were $0.02 below expectations.

The company's results are being impacted by global financial crisis, difficult labor markets and weakening economies as the company's clients became more cautious with their hiring actions throughout the quarter. Net operating service revenues declined 32.9% to $823 million with all segments reporting lower revenues.

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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.

Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today: http://at.zacks.com/?id=2677

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD in mathematics Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=4580.

Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

Contact:
Mark Vickery
Web Content Editor
312-265-9380
Visit: www.zacks.com