• 8x8 Inc (EGHT)
• Advisory Board Co (ABCO)
• Agilent Technologies Inc (A)
• American Apparel Inc (APP)
• Amerco Inc (UHAL)
• Amerigon Inc (ARGN)
• AudioCodes Ltd (AUDC)
• Banco de Chile (BCH)
• Bancorp Inc (TBBK)
• Bare Escentuals Inc (BARE)
• Big 5 Sporting Goods Corp (BGFV)
• Black & Decker Corp (BDK)
• BP Prudhoe Bay Royalty Trust (BPT)
• Cantel Medical Corp (CMN)
• Clearwater Paper Corp (CLW)
• CNinsure Inc (CISG)
• Commerce Bancshares Inc (CBSH)
• Compellent Technologies Inc (CML)
• Ctrip.com International Ltd (CTRP)
• Domtar Corp (UFS)
• Dow Chemical Co (DOW)
• Finisar Corp (FNSR)
• Fossil Inc (FOSL)
• GAMCO Investors Inc (GBL)
• Gannett Co Inc (GCI)
• Genoptix Inc (GXDX)
• Goldman Sachs Group Inc (GS)
• Gulf Island Fabrication Inc (GIFI)
• Herbalife Ltd (HLF)
• Hertz Global Holdings Inc (HTZ)
• Hibbett Sports Inc (HIBB)
• Jarden Corp (JAH)
• Jinpan International Ltd (JST)
• Keynote Systems Inc (KEYN)
• Lubrizol Corp (LZ)
• Mercury Computer Systems Inc (MRCY)
• Meridian Interstate Bancorp Inc (EBSB)
• Micrus Endovascular Corp (MEND)
• National Grid PLC (NGG)
• NBTY Inc (NTY)
• Quanex Building Products Corp (NX)
• Quidel Corp (QDEL)
• Rentech Inc (RTK)
• Rewards Network Inc (DINE)
• Rocky Brands Inc (RCKY)
• Skechers U.S.A. Inc (SKX)
• Stanley Inc (SXE)
• Systemax Inc (SYX)
• Telecom Italia SpA (TI)
• Tupperware Brands Corp (TUP)
• Tween Brands Inc (TWB)
• Ultrapar Participacoes SA (UGP)
• Williams Partners LP (WPZ)
• Xilinx Inc (XLNX)

Chicago, IL – October 28, 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: DryShips, Inc. (DRYS), Capmark Financial Group Inc. (CPFNG), Citigroup Inc. (C), JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Tuesday’s AnalystBlog:

DryShips Beats, Results Hurt

DryShips, Inc.’s (DRYS) third-quarter earnings of 27 cents per share were 6 cents ahead of the Zacks Consensus Estimate. This excludes a loss of $39.3 million or 15 cents per share associated with the valuation of the company’s interest rate swaps. However, earnings were down substantially from $3.53 per share in the prior-year quarter.

GAAP net income for the quarter came in at $35.6 million or 12 cents per share, compared to $180.0 million, or $4.13 per share in the prior-year quarter.

The better-than-expected earnings were aided primarily by the performance of drilling and drybulk units at high utilization rates.

Capmark Seeks Bankruptcy Protection

Capmark Financial Group Inc. (CPFNG), one of the key commercial real-estate lenders in the U.S., along with some of its subsidiaries has filed Chapter 11 protection. The filing adds to the lingering concern that the commercial real-estate market is still struggling.

The company seeks to be allowed to continue to pay its vendors and salaries, and protect the businesses with its customers and partners.

Capmark was created in March 2006 through a leveraged buyout of the commercial real estate assets of General Motors' finance arm GMAC. Earlier this year also, the company had indicated that it might file for bankruptcy due to deteriorating conditions in the financial and commercial real estate markets and capital inadequacy.

Capmark is currently negotiating the terms of the bankruptcy with its creditors, which include Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) among others.

Capmark reported a hefty loss of $1.62 billion in the second quarter of 2009 and has ever since been trying to raise cash through targeted sales and plans to sell its mortgage and loan servicing business. Capmark listed $20.1 billion in assets and $21 billion in liabilities as of Jun 30, 2009 in the bankruptcy filing in U.S. Bankruptcy Court in Wilmington, Delaware.

Several funds, including Kohlberg Kravis Roberts & Co, Goldman Sachs Group Inc. (GS), Goldman Sachs Capital Partners and Five Mile Capital owned about 75.0% of shares in Capmark, while GMAC LLC owned 21.3%, and Capmark employees and directors owned the remainder.

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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=5517

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=5518.

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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.

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312-265-9380
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Bove of Rochdale Securities said earnings at Well Fargo (NYSE:WFC) were helped by mortgage-servicing fees rather than improving business trends, and trimmed his rating on the bank to “sell" from “hold."  However, Well Fargo and Morgan Stanley (NYSE:MS), which reported its first quarterly profit in a year, were behind the market’s strength earlier in the session.  Bove also cited accelerating loan losses at the firm for the downgrade.  After Bove’s cut, FBR slashed its rating on the firm to "underperform," questioning Well Fargo's earnings quality.

The Dow Jones industrial average fell below the psychologically important 10,000 level, declining 92.12 points, or 0.9%, to close at 9949.36.  Earlier in the session, the index had risen to as high as 10,119.47.  The broader S&P 500 index declined 9.66 points, or 0.9%, to 1081.40 and the tech-laden Nasdaq was off 12.74 points, or 0.6%, to 2150.73.  The Treasury’s 10-year note fell 12/32, to 101 31/32. The yield rose to 3.39%, from 3.34% late Tuesday.

Meanwhile, China said its economy grew 8.9% during the third quarter, up from 7.9% in the second quarter and 6.1% in the first.

Eight of the ten S&P500 sectors finished lower, led by declines in consumer services (-1.8%), financials (-1.8%), health care (-1.4%) and industrials (-0.9%). Utilities remained flat, and telecommunications edged up 0.01%.  Selling was broad-based.  The weakness in financial sector saw shares of JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC) and Goldman Sachs Group Inc. (NYSE:GS) each declining at least 2.9%.  Merck & Co. (NYSE:MRK) led the Dow average lower, declining 3.1% to $32.68. 

The greenback fell to fresh 12-month lows against a basket of currencies, falling through $1.50 against the euro for the first time in 14 months.  The greenback's fall sent crude prices higher, with prices touching an intraday high of $82 yesterday, its highest since October 9, 2008.  Government inventory figures showed a large drawdown in US gasoline stockpiles to 2.3 million barrels last week - more than the 800,000 anticipated.  Price cuts from Wal-Mart (NYSE:WMT) also dampened holiday sales hopes.  Wal-Mart declined 2.1% to $50.63.

Today's calendar covers another heavy dose of corporate reports including before-the-open releases from: 3M (NYSE:MMM), Black & Decker (NYSE:BDK), Bristol-Myers Squibb (NYSE:BMY), Dow Chemical (NYSE:DOW), McDonald's (NYSE:MCD), Schering-Plough (NYSE:SGP), and UPS (NYSE:UPS). Also reporting are American Express (NYSE:AXP), Amazon.com (NASDAQ:AMZN), and AT&T (NYSE:T).

Chicago, IL – October 16, 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: Goldman Sachs Group Inc. (GS), ASML Holding N.V. (ASML), Applied Materials (AMAT), KLA Tencor (KLAC) and Lam Research (LRCX).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Thursday’s Analyst Blog:

Goldman Beats Zacks Estimate

Goldman Sachs Group Inc.’s (GS) third quarter 2009 (ended Sept. 25, 2009) earnings of $5.25 per share were significantly ahead of the Zacks Consensus Estimate of $4.13.

Results reflected strong performance in the trading operations, which offset the decrease in investment banking division. The company also reported a drop in expenses on a sequential basis.

GAAP net income in the third quarter of 2009 was $3.0 billion or $5.25 per share compared to $2.7 billion or $4.93 per share in the prior quarter (ended June 26, 2009) and $0.8 billion or $1.81 per share in the prior-year quarter (ended Aug. 29, 2009).

ASML Reports Strong Quarter

ASML Holding N.V. (ASML) was the first of the capital equipment companies to report third quarter results. Judging from the 100.7% increase in revenue to €555.3 million, we feel more optimistic about Applied Materials (AMAT), KLA Tencor (KLAC), Lam Research (LRCX) and Tokyo Electron, the other big players in the space.

Although the year-over-year decline of 20.3% indicates that sales are still quite weak, performance is still significantly better than the 67.2% and 80.0% year-over-year declines in the preceding two quarters.

The strengthening markets are not so much a reflection of a recovery, according to management, as they are a result of new product introductions, leading to increased demand from memory and foundry customers in Asia.

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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=5517

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=5518.

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Contact:
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312-265-9380
Visit: www.zacks.com

The fund may invest up to 35% of total assets in securities of foreign issuers and non-dollar securities, including emerging market securities. As of April 2009, its portfolio turnover was 80%.

Ford Motor Co. (F), ACE Ltd. (ACE) and Goldman Sachs Group Inc. (GS) are among the fund’s key holdings.

Hartford Global Technology A (HGTAX) seeks long-term capital appreciation by investing in stocks of technology companies worldwide.

The fund uses bottom-up security selection based on fundamental research and valuation analysis to determine favorable investment opportunities not yet recognized by the market. It has an expense ratio of 0.98%.

The fund pays dividends and capital gains annually.

Hartford Global Financial Services A (HGFAX) was incepted in October 2000. The investment seeks long-term capital appreciation.

The fund normally invests at least 80% of total assets in equity securities of financial services companies worldwide. It may invest in banks, savings and loan associations, mortgage banking companies, insurance companies, securities brokers, asset management companies, leasing companies and consumer and industrial finance companies.

Mark T. Lynch has been lead manager at the fund since October 2005.

On Sep 16, the company reported earnings per share of 39 cents, or 3 cents higher, than the Zacks Consensus Estimate. This was a 5 cent improvement over the fourth quarter of the prior year.

Out of the company's two divisions, dressbarn and maurice stores, it was dressbarn that saw the better performance. Sales rose 6% to $253.7 million from $238.5 million in the fourth quarter of 2008. Same store sales jumped 4%.

Maurice stores grew sales by 1% to $145.2 million from $143.8 million a year ago. Same store sales fell 5% but new stores offset the decrease.

For the full fiscal year, comparable store sales were flat while net sales rose 3%.

The company is in the key value pricing end of the retail market. It is counting on the consumer's quest for value to continue to generate increased sales in fiscal 2010.

It also expects to complete the merger with Tween Brands which will give the company an entryway into the tween specialty retail market and expand its demographic reach.

Company Guided Under Analysts' View on 2010

Dress Barn provided its first look at fiscal 2010, forecasting earnings per share in the range of $1.10 to $1.20. This range does not include the Tween merger. The guidance will be updated after that transaction is completed.

The range was below the Zacks Consensus Estimate for the year which had called for $1.23. In the last week, the one covering analyst for the year lowered estimates to $1.20, or the high end of company's guidance range. The first quarter Zacks Consensus Estimate also fell by a penny to 31 cents.

Value Fundamentals

Dress Barn is now a Zacks #2 Rank (buy) stock. It is a little cheaper than when I last reviewed it in June. The company now trades at 13.9x forward earnings compared to 14.12 last June. It has a price-to-book ratio of 1.73. Dress Barn also has a solid 1-year return on equity of 11.4%.

Read the June 16 article.

Update to Previous Value Zacks Rank Buy Stocks

Casey's General Stores Inc. (CASY) saw same store sales rise 6.4% in the fiscal first quarter thanks to better gasoline margins. The company has surprised on estimates 2 out of the last 4 quarters by an average of 17.50%. CASY is trading with a forward P/E of 14.42. Read the full article.

Lincoln Educational Services Corporation (LINC) reported two record quarters in a row and raised guidance as its student population swelled. It has surprised on estimates 4 quarters in a row by an average of 125.28%. LINC is trading with a PEG ratio of just 0.90. Read the full article.

Goldman Sachs Group Inc. (GS) is hitting new 52-week highs but its stock remains cheap as earnings estimates rise. The company is trading at just 10.9x estimates. As trading revenues have soared, analysts expect year over year earnings growth of 261.78%. Read the full article.

Del Monte Foods Company (DLM) posted record first quarter earnings as sales rose 12%. The company has posted big surprises the last four quarters, averaging 246.91%. DLM is trading at 12.1x forward earnings. Read the full article.

Zacks Investment Research

The Goldman Sachs Group, Inc. (GS) has also recently pushed higher above a key level of short-term resistance above $168 that had kept shares at bay for the last 6 weeks. Shares of GS have been trending higher for the last 6 months, showing very little sign of slowing down. A new 52-week high has been set, but the 2-year high above $215 is still a distance off. Take a look.

Zacks Investment Research

Chicago, IL – September 14, 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: Citigroup Inc. (C), UBS AG (UBS), Credit Suisse Group AG (CS), Goldman Sachs Group Inc. (GS) and Bank of America Corporation (BAC).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Friday’s Analyst Blog:

Citgroup Wins Lawsuit Dismissal

Citigroup Inc.’s (C) officers and directors (including Chief Executive Officer Vikram Pandit) won the dismissal of a lawsuit claiming they breached their duty to the bank by manipulating the market for auction-rate securities (ARS).

On Sep 10, U.S. District Judge Laura Taylor Swain in New York dismissed the derivative lawsuit on procedural grounds because the plaintiffs failed to ask the bank to bring the case itself. She gave the plaintiffs an opportunity to file a new complaint.

In a derivative lawsuit, shareholders seek to recover damages from the company instead of being paid to individual shareholders. Damages would be sought from executives or board members. The judge's written ruling said the pension fund could file an amended complaint by Oct 1, but failure to do so would result in a judgment dismissing the complaint.

Plaintiffs led by the Louisiana Municipal Police Employees Retirement System claimed that Citigroup was exposed to billions of dollars in settlements, fines and lost business after the defendants rigged the market in ARS to hide the lack of liquidity. The defendants included board members Michael Armstrong and former Chairman Win Bischoff.

ARS are debt instruments whose rates are reset in periodic auctions. The credit crisis of 2007 put increasing pressure on the ARS market and by February 2008 the $330 billion market collapsed after brokerages stopped supporting the auctions.

A number of brokerage firms including Citigroup, UBS AG (UBS), Credit Suisse Group AG (CS), Goldman Sachs Group Inc. (GS) have already agreed to buy back tens of billions of dollars in securities from investors after investigators found they didn't properly inform clients about the risks, or that the market was crumbling, increasing their losses.

In Aug 2008, Citigroup was the first firm that agreed to buy $7.3 billion of the debt from individual investors and pay $100 million in fines. The bank also pledged to help 2,600 institutional customers unload $12 billion of securities. In Oct 2008, Bank of America Corporation (BAC) settled with regulators and agreed to buy back $4.5 billion in securities from its clients.

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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=5517

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=5518.

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

During the third quarter, the bank holding company issued 7.6 million common shares at an average price of $16.13 each, for gross proceeds of $123.5 million. During the second quarter, Zions issued common shares for gross proceeds of $126.5 million. Therefore, the cumulative offering totaled 16.8 common shares at an average price of $14.85 apiece. Net of commissions and fees, total proceeds were $245.7 million.

The registered sales took place through a previously announced common equity distribution program via Goldman Sachs Group Inc. (GS). Given the recent interest in current market prices, the common stock offering was completed earlier than expected.

Zions continues to suffer due to its significant exposure to the residential real estate markets. We are concerned about its commercial real estate (CRE) exposure. CRE represents over one-third of the company’s overall loan portfolio. Persistent weakness in residential development and construction activity in the southwest led to deterioration of credit metrics in the past several quarters. Given the sluggish economic conditions, we expect credit to worsen further across the industry in the coming quarters.

Based on our concerns of further credit deterioration in the upcoming quarters, particularly in the construction portfolio, we are maintaining our Underperform recommendation on the shares of Zions.

Chicago, IL – September 1, 2009 – Zacks Equity Research highlights CNOOC, Ltd. (CEO) as the Bull of the Day and China Eastern Airlines (CEA) the Bear of the Day. In addition, Zacks Equity Research provides analysis on Goldman Sachs Group Inc. (GS), Morgan Stanley (MS) and American Express Company (AXP).

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:

With favorable prospects for the resumption of China's economic growth and commodity prices off of their lows, CNOOC, Ltd. (CEO) ADSs are expected to maintain their recent impressive performance momentum.

This, coupled with the company's positive production-growth profile, exclusivity in the offshore China region and lucrative LNG investments, account for continued favorable view.

The company's low cost operating model is also a competitive advantage. With approximately ten new projects going on-stream this year, full-year volumes are expected to increase by roughly 15%, with oil and natural gas production in the first half having gone up by 15.2%.

Bear of the Day:

We are maintaining our Underperform rating on China Eastern Airlines (CEA). CEA reported 2009 first half earnings of RMB985 million, well above our estimate, reflecting a number of nonoperating items. These included gains of RMB831 million from an infrastructure levy refund and of RMB2,794 million on the fair value of fuel option contracts, partly offset by a RMB1,875 million decline in net exchange gains.

To shore up its balance sheet, China Eastern also announced the sale of up to RMB1.35 billion new A shares and 490 million new Hong Kong dollar-denominated H shares to parent, China Eastern Air Holding Co.

We continue to believe the fundamental outlook for airline carriers remains weak and a CEA/SAL tie-up will not change this. Both CEA and SAL shares are subject to special treatment, meaning that daily share price movements are limited to 5% on the Shanghai Stock Exchange. Moreover, the shares could be delisted should CEA and SAL continue to sustain losses in 2009.

Latest Posts on the Zacks Analyst Blog:

U.S. Profits from Bailed-Out Banks

The U.S. government has already retrieved about $4 billion in profits from 8 of the biggest banks that have fully repaid their obligations from the $700 billion Troubled Asset Relief Program (TARP).

The government has recorded profits of about $1.4 billion from its investment in Goldman Sachs Group Inc. (GS), $1.3 billion from Morgan Stanley (MS) and $414 million from American Express Company (AXP).

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.

Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today by visiting http://at.zacks.com/?id=5508.

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=5509.

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

Follow us on Twitter: http://twitter.com/zacksresearch

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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

Around 20 buyout firms have reviewed the books of Bellsystem24, but only four or five may submit formal bids next week due to the deal size. Besides Permira and Kohlberg Kravis Roberts & Co, potential bidders include CVC Capital and Bain Capital. Some other firms, though not actively working on the deal at present, may enter the race if invited to partner prominent bidders.

Japanese mega-banks, which include Mitsubishi UFJ Financial Group (MTU) and Mizuho Financial Group (MFG), which were hurt less by the global financial crisis, are willing to lend money.

At present, both KKR and Permira believe the $1.5 billion estimated valuation by Citigroup is too high, as there are concerns regarding the real value of the assets.

Nikko Citigroup, the Japanese investment banking arm of Citigroup, and Goldman Sachs Group Inc. (GS) are advisors for the transaction.

The move to sell Bellsystem24, valued at about $1.5 billion, comes as a part of the restructuring undertaken by Citigroup. The company aims at shedding a part of its operations that it considers non-core assets to bolster its capital base in the wake of the global credit crunch.

Earnings per share were 98 cents compared to analysts' estimates of 96 cents.

Revenue grew 6% to $491.3 million compared to the second quarter of 2008. Foreign currency translation negatively effected revenue by 4% in the quarter.

The company saw strength in the Worldwide V.A.C Therapy segment as revenue rose 3% to $349.4 million year over year.

Regenerative Medicine, or LifeCell, which accounts for 15% of total revenue, climbed 22% to $71.1 million on a pro forma basis. The company completed its acquisition of LifeCell in May 2008.

Sales of Strattice, its porcine-based regenerative tissue matrix which launched in Mar 2008, generated 31% of the total LifeCell sales in the quarter, up from 10% of the total in the year ago period.

Reaffirmed 2009 Guidance

The company reaffirmed prior 2009 earnings per share guidance in the range of $3.95 to $4.10.

Covering analysts responded by raising full-year consensus estimates by 15 cents to $3.97 per share to be in line with the company's forecast.

Third-quarter estimates fell, however, to 88 cents from $1.02 per share. in the last week even though 4 out of 8 covering analysts raised and 2 lowered during that period.

Value Fundamentals

Kinetic Concepts, which manufactures health care products for advanced wound care, negative pressure wound therapy and therapeutic support systems, was a Zacks #1 Rank (strong buy) stock when I last reviewed it on Jul 1. It is now a Zacks #2 Rank (buy) stock.

It is still cheap, trading at just 7.4x forward earnings.

Read the Jul 1 analysis.

Update to Previous Value Zacks Rank Buy Stocks

Goldman Sachs Group Inc. (GS), the global financial services firm, recently reported a much better than expected second quarter that surprised by 40.06%. While everyone is talking about the blow-out quarter, not many people realize that Goldman Sachs is a value stock and trades at just 10x forward earnings. Read the full article.

Tyco International Ltd. (TYC), the global manufacturer of various industrial products, has surprised on estimates the last four quarters by an average of 26.56%. It is expected to report third quarter results next week. Read the full article.

Mirant Corporation (MIR), the electricity provider, has surprised on estimates 3 out of the last 4 quarters by an average of 9.87%. The stock is cheap. MIR trades at just 5.4x forward earnings. Read the full article.

Western Digital Corporation (WDC), the hard drive manufacturer, is set to report fourth-quarter 2009 earnings next week. The company has surprised 6 consecutive quarters. Even though the stock has more than doubled since its March lows, it still isn't expensive. WDC trades at 13.9x forward earnings. Read the full article.

Zacks Investment Research

Chicago, IL – July 21, 2009 – Four free stock picks are being made available today on Zacks.com. The industry’s leading independent research firm highlights one Zacks #1 Rank Strong Buy or a Zacks #2 Rank Buy stock for each of the four main styles of investing: Aggressive Growth, Growth & Income, Momentum, and Value.

The four highlighted picks are: Longtop Financial Technologies, Ltd (LFT), National Semiconductor Corporation (NSM), Rovi Corp. (ROVI) and Goldman Sachs Group Inc. (GS).
    
Today, Zacks is promoting its ''Buy'' stock recommendations. Four daily picks are offered free at http://at.zacks.com/?id=5607

Zacks #1 Rank Stocks have nearly tripled the S&P 500 since 1988, producing an average annual return of +26%. Performance has been notable even during volatile and down times. For example, during the last bear market, 2000-2002, the market tumbled -37.6% – but Zacks #1 Rank stocks gained +43.8%.

Here is a summary of today's selected stocks that are now highly rated by Zacks:          
       
Aggressive Growth – Longtop Financial Technologies, Ltd (LFT)
Longtop Financial Technologies, Ltd topped analyst estimates and investors continue to flock to Chinese stocks.

Zacks Guide to Aggressive Growth Investing (free!): http://at.zacks.com/?id=4309

Growth & Income – National Semiconductor Corporation (NSM)
National Semiconductor Corporation is seeing bullish Street forecasts after posting fiscal fourth-quarter results. Analysts’ earnings estimates for the year ending May 2010 are up 192% over the past 2 months.

Zacks Guide to Growth & Income Investing (free!): http://at.zacks.com/?id=4310
  
Momentum – Rovi Corp. (ROVI)
Rovi Corp. is leveraging its progressive technology to score big revenue and share price gains. The company's stock price is up more than 200% in the last 6 months on strong earnings and bullish projections.

Zacks Guide to Momentum Investing (free!): http://at.zacks.com/?id=4311

Value – Goldman Sachs Group Inc. (GS)
Goldman Sachs Group Inc., the global financial services firm, recently reported a much better than expected second quarter that surprised by 40.06%. While everyone is talking about the blow-out quarter, not many people realize that Goldman Sachs is a value stock, trading at just 10x forward earnings.

Zacks Guide to Value Investing (free!): http://at.zacks.com/?id=4312

How to Regularly Access Picks from the Zacks Rank Discovery for Free:  http://at.zacks.com/?id=5607
 
Underlying the four free stock picks is a simple truth that first appeared in a Financial Analysts Journal article published in 1979. Leonard Zacks, a Ph.D. in Mathematics from M.I.T. found that "earnings estimate revisions are the most powerful force impacting stock prices."  Zacks #1 Rank is awarded to a stock when analysts sharply upgrade their estimates of what the company will earn.

Today, Zacks is promoting its stock recommendations by offering four daily picks free to those who register at http://at.zacks.com/?id=5607 

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Len Zacks. The company continually processes stock reports issued by 3,000 analysts from 150 brokerage firms.  It monitors more than 200,000 earnings estimates, looking for changes.

Then, when changes are discovered, they’re applied to help assign more than 4,400 stocks into five Zacks Rank categories: #1 Strong Buy, #2 Buy, #3 Hold, #4 Sell, and #5 Strong Sell. This proprietary stock-picking system continues to outperform the market by a nearly 3-to-1 margin. 
  
More Free Stock Picks

Each weekday, new Zacks #1 Rank or Zacks #2 Rank stock picks are released on the free email newsletter, Profit from the Pros. Investors are invited to register for their free subscription at http://at.zacks.com/?id=5642

Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.

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.

Zacks.com

Aggressive Growth Stocks:
Contact: Bill Wilton
Phone: 312-265-9277

or

Growth & Income Stocks:
Contact: Alex Kolb
Phone: 312-265-9149

or

Momentum Stocks:
Contact: Michael Vodicka
Phone: 312-265-9226

or

Value Stocks:
Contact: Tracey Ryniec
Phone: 312-265-9232

Email: pr@zacks.com
Visit: www.zacks.com

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

Chicago, IL – July 8, 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: Discover Financial Services (DFS), American Express Co. (AXP), Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Bank of New York Mellon Corp. (BK).
Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Tuesday’s Analyst Blog:

Discover Offers $500m in Stock

Discover Financial Services (DFS) announced a $500 million common stock offering late Monday.

The credit card issuer plans to use a portion of the proceeds to buy back preferred stock issued to the U.S. Treasury under the Capital Purchase Program. Earlier this year, Discover received $1.2 billion from the Treasury under the Troubled Asset Relief Program (TARP).

Discover said that the proceeds may also be utilized to boost the capital of subsidiary Discovery Bank as well as for investment in company’s businesses.

The company has granted the underwriters an option to buy up to 15% of the stock offering in case of over-allotments. Discover also stated that it plans to offer senior notes in the near future depending on market conditions.

Last month, the US treasury allowed 10 financial majors including American Express Co. (AXP), Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Bank of New York Mellon Corp. (BK) to repay $68 billion in TARP funds.

Want more from Zacks Equity Research? Subscribe to the free Profit from the Pros newsletter: http://at.zacks.com/?id=5515.

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=5517

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=5518.

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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:
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Visit: www.zacks.com

The credit card issuer plans to use a portion of the proceeds to buy back preferred stock issued to the U.S. Treasury under the Capital Purchase Program. Earlier this year, Discover received $1.2 billion from the Treasury under the Troubled Asset Relief Program (TARP).

Discover said that the proceeds may also be utilized to boost the capital of subsidiary Discovery Bank as well as for investment in company’s businesses.

The company has granted the underwriters an option to buy up to 15% of the stock offering in case of over-allotments. Discover also stated that it plans to offer senior notes in the near future depending on market conditions.

Last month, the US treasury allowed 10 financial majors including American Express Co. (AXP), Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Bank of New York Mellon Corp. (BK) to repay $68 billion in TARP funds.

Financial companies have been striving to pay back the funds as soon as possible in an effort to liberate themselves from stringent government regulations, particularly those related to executive compensation.

Meanwhile, Discover’s recent performance has been affected amid the economic downturn and rising levels of unemployment. The company’s net charge-off rate, which is the gross loan amount charged off as bad debt, for the fiscal second-quarter jumped 280 basis points year over year to 7.79%.

Advanced Auto Parts (AAP) recently touched and deflected off of its 52-week high on rising estimates and another strong quarter.

The company reported solid first-quarter results on May 20 that were better than expected. Sales were up 10% from last year to $1.68 billion. Income came in at $93.6 million, up from $82.1 million last year, producing earnings of $1.02, 12 cents ahead of the consensus estimate.

Same store commercial sales were up 17.5% from last year.

Estimates Headed Higher

Estimates continue to climb, with the current-year up 15 cents in the last 30 days to $2.96 per share. The next-year estimate is pegged at $3.27, a 10.5% growth projection.

The Chart

Shares of AAP have been on a big rally for most of the last 7 months, but recently pulled back a bit after hitting the 52-week high. Take a look below.

Last Week's Momentum Zacks Rank Buy Stocks

Sanderson Farms Inc. (SAFM) is benefiting from lower costs in its feed supplies, enabling the company to more than triple its second-quarter income from last year. Analysts are bullish, with the next-year estimate projecting 25% earnings growth. Read Full Article.

American Dairy Inc. (ADY) just received a big upgrade from the analyst community, with its next-year earnings growth projected at 34%. Read Full Article.

Ctrip.com International (CTRP) took a steep fall last year when the market weakened. But the company is once again on the upswing, with estimates and its share price rallying. Read Full Article.

Goldman Sachs Group, Inc. (GS) is surging on higher estimates, with the company's share price building on its already impressive gains from the last 7 months. Zacks Investment Research

The New York Times Co. (NYT) seems sickened with troubles at its Boston Globe unit. A day after its largest union filed with regulators to contest a 23% pay cut, the parent body reportedly initiated efforts to sell the 137-year-old newspaper.

The Boston Globe reported in its Wednesday edition that the Times Co. has hired investment bank Goldman Sachs Group Inc. to approach potential buyers for the struggling broadsheet and will seek bids through the next few weeks.

A representative of the Times Co. said, "Because we have achieved the $20 million in savings we needed, we do not foresee closure at this time and are focused on executing The Globe's turnaround plan."

The largest labor union Boston Newspaper Guild rejected $10 million in concessions aimed at cutting costs at the newspaper earlier this week. The Times Co. has however been able to get major concessions out of the remaining four unions in the last two weeks.

Despite a projected loss of $85 million in 2009, New England's largest selling newspaper still generates some cash. Now that the Times Co. has ruled out its closure, Boston Globe employees will heave a sigh of relief.

Chicago, IL - June 9, 2009 - Four free stock picks are being made available today on Zacks.com. The industry's leading independent research firm highlights one Zacks #1 Rank Strong Buy or a Zacks #2 Rank Buy stock for each of the four main styles of investing: Aggressive Growth, Growth & Income, Momentum, and Value.

The four highlighted picks are: Pennantpark Investment Corp. (PNNT), DeVry Inc. (DV), Goldman Sachs Group, Inc. (GS) and Sturm, Ruger & Company, Inc. (RGR).
    
Today, Zacks is promoting its ''Buy'' stock recommendations. Four daily picks are offered free at http://at.zacks.com/?id=88

Zacks #1 Rank Stocks have nearly tripled the S&P 500 since 1988, producing an average annual return of +28%. Performance has been notable even during volatile and down times. For example, during the last bear market, 2000-2002, the market tumbled -37.6% - but Zacks #1 Rank stocks gained +43.8%.

Here is a summary of today's selected stocks that are now highly rated by Zacks:          
       
Aggressive Growth - Pennantpark Investment Corp (PNNT)
Pennantpark Investment Corp. has been screaming over the past few months and another solid quarterly announcement added fuel to the fire.

Zacks Guide to Aggressive Growth Investing (free!): http://at.zacks.com/?id=4309

Growth & Income - DeVry Inc. (DV)
DeVry just announced that it will offer 500 scholarships to workers affected by recent layoffs as it replaces GM on the S&P 500. The company also recently declared a semi-annual dividend of 8 cents per share, which translates into an industry-leading yield of 0.35%.

Zacks Guide to Growth & Income Investing (free!): http://at.zacks.com/?id=4310
  
Momentum - Goldman Sachs Group, Inc. (GS)
Goldman Sachs Group is surging on higher estimates, with the company's share price building on its already impressive gains from the last 7 months.

Zacks Guide to Momentum Investing (free!): http://at.zacks.com/?id=4311

Value - Sturm, Ruger & Company, Inc. (RGR)
Sturm, Ruger & Company, the revolver manufacturer, saw firearms sales jump 55.5% in the first quarter as demand remains strong. The company has surprised on estimates the last 2 quarters. RGR trades with a forward P/E of 12.59 despite the stock nearly doubling since Feb 20.

Zacks Guide to Value Investing (free!): http://at.zacks.com/?id=4312

How to Regularly Access Picks from the Zacks Rank Discovery for Free:  http://at.zacks.com/?id=88
 
Underlying the four free stock picks is a simple truth that first appeared in a Financial Analysts Journal article published in 1979. Leonard Zacks, a Ph.D. in Mathematics from M.I.T. found that "earnings estimate revisions are the most powerful force impacting stock prices."  Zacks #1 Rank is awarded to a stock when analysts sharply upgrade their estimates of what the company will earn.

Today, Zacks is promoting its stock recommendations by offering four daily picks free to those who register at http://at.zacks.com/?id=88 

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Len Zacks. The company continually processes stock reports issued by 3,000 analysts from 150 brokerage firms.  It monitors more than 200,000 earnings estimates, looking for changes.

Then, when changes are discovered, they're applied to help assign more than 4,400 stocks into five Zacks Rank categories: #1 Strong Buy, #2 Buy, #3 Hold, #4 Sell, and #5 Strong Sell. This proprietary stock-picking system continues to outperform the market by a nearly 3-to-1 margin. 
  
More Free Stock Picks

Each weekday, new Zacks #1 Rank or Zacks #2 Rank stock picks are released on the free email newsletter, Profit from the Pros. Investors are invited to register for their free subscription at http://at.zacks.com/?id=91

Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.

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.

Zacks.com

Aggressive Growth Stocks:
Contact: Bill Wilton
Phone: 312-265-9277

or

Growth & Income Stocks:
Contact: Alex Kolb
Phone: 312-265-9149

or

Momentum Stocks:
Contact: Michael Vodicka
Phone: 312-265-9226

or

Value Stocks:
Contact: Tracey Ryniec
Phone: 312-265-9232

Email: pr@zacks.com
Visit: www.zacks.com

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

Company Description

Goldman Sachs in an investment bank that specializes in providing investment services like investment banking and money management. The company was founded in 1869 and has a market cap of $74 billion.

First-Quarter Results

Goldman's share price has been in rally mode for most of the last 7 months after bottoming out last November during the height of the financial crisis. The company's much better than expected first quarter results, reported on May 15, have given shares an extra boost.

Revenue was down from last year, coming in at $11.88 billion. Income however was actually up from last year, improving to $3.39 per share, far ahead of the consensus of $1.64.

Spreads Drive Trading Results

Goldman's results were helped by excellent results from its credit trading division, which benefited from unusually large spreads due to the market volatility.

Estimates Surge

With renewed optimism running through the economy and the financial sector, analyst have become very bullish on Goldman. The next-year estimate is surging, jumping to $11.51 per share from just $7.72 60 days ago. The next-year estimate is pegged at $13.11, a 14% earnings growth projection.

Valuations

In spite of the big run-up in the company's share price, it still looks reasonably valued due to higher estimates. Based upon the current-year estimate, this stock has a P/E multiple of just over 12X, in line with the overall market.

The Chart

As previously mentioned, shares of GS have been locked into a nice rally for the last 7 months, having received a nice boost in the last 3 months from a stronger overall market. Take a look at the nice run below.

Zacks Investment Research

• Alliant Techsystems Inc (ATK)
• American Financial Group (AFG)
• American Technology Corp (ATCO)
• Associated British Foods Plc (ASBFY)
• Bio-Reference Laboratories Inc (BRLI)
• Cantel Medical Corp (CMN)
• CapLease Inc (LSE)
• Check Point Software Technologies Ltd (CHKP)
• Forest Oil Corp (FST)
• G-III Apparel Group Ltd (GIII)
• Goldman Sachs Group Inc (GS)
• Henkel AG And Co KG (HENKY)
• Keppel Corporation Ltd (KPELY)
• Merge Healthcare Inc (MRGE)
• Orchids Paper Products Co (TIS)
• PennantPark Investment Corp (PNNT)
• Phillips-Van Heusen Corp (PVH)
• Raven Industries Inc (RAVN)
• Ross Stores Inc (ROST)
• Smart Balance Inc (SMBL)
• Tutor Perini Corp (TPC)
• Wal-mart de Mexico SAB de CV (WMMVY)

Whether it is merely temporary or a sign of something more durable it is hard to escape the fact that as the discourse on green shoots and second derivatives linger we might be entering a new leg of this crisis. Thus, there should be no mistake. We are very much still stuck in the mire and especially so in the context of the so-called developed OECD economies where it is difficult to see where any speedy recovery is going to come from. On the other hand the world is not made up entirely by the OECD edifice and it is exactly the potential for an asymmetric "recovery" and how global monetary policy might serve to transmit such a recovery which is the topic of this entry. In order to frame the discussion, it is worthwhile to go back to before the crisis where, most notably, the low interest rate environment in Japan was driving carry trading activity across the world with Australia, New Zealand, the Eurozone, the US as notable targets in the developed world edifice where also of course emerging markets were in the spotlight. Whether there are similarities with such historical flashbacks can be debated; but what is abundantly clear is that conditional on the return of some variant of an environment conductive to the carry trade something has also changed.

This change is most clearly expressed through the process by which the US Fed's credible commitment to maintain low rates may become the driving force for a search for yield and return (carry trade) in key emerging economies. In that light, my good friend Edward Hugh recently authored two extraordinarily important pieces and although it is hardly news that I plug Edward at this space I highly recommend you to have a look at these two. Nay, it is imperative that you read them.

The main thrust of the story is that after having observed green shoots throughout since February the carry trade wheel appears to be revving up again. Volatility have come down, risky assets have flown, money market rates in the G3 are beginning to behave, and reports have even come in that a seasoned carry trade veteran Miss Watanabe is once again dipping her toe although people close to the data also suggest that a lot of the effect from Miss Watanabe is clouded by Japanese corporates playing with transfer pricing.

[click on graphs for better viewing]

But, as noted, this time there is a twist. Sure, the BOJ is still running an almost open shop with respect to the provision of funding  to play the game but relative to the carry trade of old days, something has changed. Now, it is not the only the BOJ anymore but also the BOE, to a lesser extent the ECB, and most importantly the Fed who are forced to commit to very low levels of nominal interest rates in order to fight off deflation as well as to commit to the support of the restoration of a financial system which has been mortally wounded during the evolving crisis. In a world where uncertainty is high this is a prerequisite to avoid disaster, but in a world where sentiment suddenly shifts to the better it potentially becomes the underpinning factor for what some have dubbed the mother of all carry trades. It is of course this which we have been observing more than passing evidence of in the past weeks.

In a global macroeconomic context, this all goes back to the discussion of re-balancing and decoupling. In the most recent print edition The Economist calls it decoupling 2.0 and although I never liked the idea of decoupling as it was traditionally narrated with Europe or perhaps China taking over as the global supplier of net capacity (demand) it was also always going to be a very true narrative. To put it in other terms; the world decoupled a long time ago and it has long been clear that big emerging economies would rise to the scene to command a much larger relative position.

Besides this common ground, I have mainly had two gripes with the narrative. Firstly, the original idea that Europe and Japan would rise to the occasion to take over from the US was a mirage masked by the simple fact that the Fed reacted more quickly and swiftly to the incoming storm. Secondly, I have also been skeptical about the idea of China (and Russia even) providing demand through a more liberal policy towards the management of its capital account and currency. Essentially, Goldman Sachs' old conceptualization of the BRICs should be allowed to move into the eternal dust bin not only because there is a fundamental difference between China/Russia and Brazil/India, but also  because the emerging market edifice is much more diverse and important to be reduced to the whims of the punch line department at the world's biggest and arguably best investment bank. 

With these points on the table it is of course worthwhile to ask whether investors and other market participants are responding to this new narrative of vibrant growth in emerging markets and subsequent carry trade opportunities.

Even a modest glance over the recent news bulletins suggests almost a feeding frenzy as investors and their advisors scramble to exploit whatever window of opportunity that may have opened to make some easy money in an otherwise extraordinarily difficult environment. One notable example was in the context of the CEE economies where Deutche Bank recently suggested that investors borrow in Euros to buy the Ruble and the Forint. Of course, there are carry trades and then there is; well Russian roulette, and of all the potential punts out there this one would seem, to me, the equivalent of a trip to Las Vegas, playing on horses or another derivative of gambling. Apart from DB, Barclays have also picked up the baton with analyst Andrea Kiguel providing the main points that the Brazilian Real and Turkish Lira be the preferred targets of choice;

Brazil’s real, South Africa’s rand and Turkey’s lira offer the “largest upside” as investors return to the so-called carry trade, Barclays Plc said. A global pickup in investor demand for higher-yielding assets and signs the worst of the global recession is over “bode very well for the comeback of the emerging-market carry trade,” analysts including Andrea Kiguel in New York wrote in a report. The carry trade refers to the practice where investors borrow funds in a country with lower interest rates and then invest the money in nations where returns are higher.

Brazil’s real has gained 18 percent in the past three months against the U.S. dollar while Turkey’s lira has advanced 10 percent. South Africa’s rand is up 22 percent, the best performing emerging-market currency in the past three months. “As the decline of global risk aversion gives way to the re-pricing of U.S. dollar, we see potential for emerging-market foreign exchange to continue rallying,” analysts including Andrea Kiguel in New York wrote in a report.

The American Banks want to play ball too and emphasising the unusual and lingering low interest rate environment in Europe, Japan, and the US; JPMorgan and Goldman Sachs are hailing all systems go.

The carry trade is making a comeback after its longest losing streak in three decades.

Stimulus plans and near-zero interest rates in developed economies are boosting investor confidence in emerging markets and commodity-rich nations with interest rates as much as 12.9 percentage points higher. Using dollars, euros and yen to buy the currencies of Brazil, Hungary, Indonesia, South Africa, New Zealand and Australia earned 8 percent from March 20 to April 10, that trade’s biggest three-week gain since at least 1999, data compiled by Bloomberg show.

Goldman Sachs Group Inc., Insight Investment Management and Fischer Francis Trees & Watts have begun recommending carry trades, which lost favor last year as the worst financial crisis since the Great Depression drove investors to the relative safety of Treasuries. Now efforts to end the first global recession since World War II are sending money into stocks, emerging markets and commodities.

Speaking a language most investors can understand Bloomberg reports that a composite index constructed by ABN Ambro where the Euro, Yen, and USD are used to buy Turkish Lira, Brazilian Real, the Forint etc has so far earned an annualized 196 percent from March 2 to April 10. Such kind of rapid reversal of fundamentals can only be underpinned by a very strong dose of positive sentiment as the one we have been witnessing with all the talk about green shoots and second derivatives. As Macro Man points out the most recent survey on Global Funds Managers from Bank of America and Merril Lynch sported the biggest degree of optimism since 2004 and, naturally, a substantial re-allocation of assets towards emerging markets.

Now, this is of course all well and good but the underlying economic dynamics here are not as straight forward as they may seem. There are particularly two issues worth noting. 

On the one hand there is the simple issue of where all the liquidity provided by the BOJ, the ECB and the Fed is going. Only recently, the vice chairman of the Federal Reserve Donald Kohn pointed out that after getting a one trillion dollar boost from the Fed's purchase of treasuries and asset backed securities (most notably the MBS) the economy appeared to be on the mend. Leaving aside the question of whether the economy is actually on the mend or not the more fundamental question is the extent to which the Fed, the ECB and the BOJ can govern where exactly this "boost" is going and, of course, subject to what leverage multiple. This, I think, was what made Paul Krugman ever so timidly to venture the idea the perhaps some form of buy American/protectionism wasn't as bad as it was meant out to be. In a European context we can ask a similar question about whether all the liquidity provided by the ECB will simply move into the CEE to play the carry there and consequently further exacerbate the imbalances which have not been unwound yet.

On the other hand there is the receiving end where some emerging markets are already reeling under the prospects of sucking up the inflows. The first proverbial shot across the bow was fired by Henrique Meirelles who is in charge of the Brazilian central bank. Recently, he consequently pointed out that the central bank is standing ready to increase the purchases of USD in order to stem the unduly appreciation of the Real on the back of carry trade optimism and a resurgence of the upward trend in commodities which is a core driving force in the Brazilian case. But this runs much deeper than Meirelles recent comments. Going back to the last time, before the crisis, many emerging markets and commodity linked economies also squirmed under the pressure of inflows. Of course and undoubtedly much to the chagrin of many central bankers, raising rates to quell the inevitable inflation which comes on the back of hot money inflows only serves to worsen the problem. Thus, and with a number of central banks stuck at near 0 % in nominal interest rate, raising rates only intensifies the pressure. This was abundantly clear in economies such as Brazil, India, New Zealand, Australia, and most importantly in the CEE where many economies actually depegged with respect to the Euro because it was believed that the carry flows would lead to nominal appreciation which would choke off the inflation. The most ardent example of an attempt to halt the carry pressure was of course Thailand where capital controls on inflows were installed, not in order to to stem an outflow as originally described in the literature, but rather to avoid to much money coming in.

The key to understand this process is the nature of global monetary policy and the so-called credit channel. This is one of the reasons why I demand that you read Edward's posts linked above, but you could also go right to the source in the form of a paper by Danish economist Carsten Valgreen as well as my own account of said paper. The point is simply the extent to which economies can loose control over monetary policy and what this means. There is ample evidence I think that in a world where interest rate differentials of the current magnitude represent an inbuilt part of the edifice, there exist notable externalities from monetary policy. One aspect of this is created by the fact that some central banks basically have committed to a prolonged period of quantitative easing and another aspect is created by the fact that as the crisis ripples through, the world will be saddled with more economies than before dependent on exports to grow. These two facts taken together suggest that the pressure on those brave souls out there willing to stand up and run a deficit will also face what I have come to call a "turret ride" since when times are good the inflows may seem excessive only to retreat if the mood turns sour. As noted, following traditional convention hot money inflows can create investment bubbles and inflationary pressures (if you don't have the capacity) and the answer would be to raise rates, but if the low risk environment persists such policy measures will only intensify the pressure. I think that this aspect of the global economy is very important to take aboard.

Into the Light with Wings of Wax?

This may of course be much ado about nothing since in the current environment wreckers of havoc to the carry trade and any other kind of risk prone activity potentially lies around every corner. In this sense I agree with people closer to the market than myself. However, it is still worth paying attention to the way markets and investors are reacting and then to think about the consequences of the joint commitment by the big central banks to keep rates low. Clearly, such commitments are always subject to withdrawal if and when the respective central banks see it fit to suck back the liquidity, but so far that point is far into the horizon. This means that we are about to see just how much capacity there is to absorb the carry flows and where the money ultimately will flow. Some investors will certainly be flying equipped only with similar wings as Icarus while some again will be sporting a set of more durable wings. Whatever the future days and weeks will bring, I for one think it is fascinating to watch.

Goldman Sachs Group Inc. (NYSE:GS), which passed the government's stress test, said it plans to soon repay the $10 billion of bailout money. Nevertheless, banking analyst Meredith Whitney warned, "the recessionary environment is very difficult," due to problems looming with credit cards and mortgage originations.

Oil and gas shares rose 8.7% and basic materials were up 6.5% as investors began to bet on the early stages of improved spending by businesses.

Exxon Mobil Corp. (NYSE:XOM) and Schlumberger Ltd. (NYSE:SLB) led energy companies in the S&P 500 to an 8.5% advance. Exxon added 4.1% to $70.80 and Schlumberger gained 12% to $56.53.  El Paso Corp. (NYSE:EP) was the leading gainer in the group, rising 27% to $9.03, after the company reported better-than-expected profit on expanding lines and hedging correctly on energy prices.  General Motor (NYSE:GM) led the declining issues on the DJIA after reporting a huge first-quarter loss that pushed it closer towards bankruptcy.  McDonald's Corp. (NYSE:MCD) reported another month of impressive comparable sales with April recording a 6.9% jump in same-store sales.

A U.S. Labor Department report Friday said non-farm payrolls declined 539,000 in April, beating economists' projections for a decline of 600,000. Figures for March were revised to show a steeper decline of 699,000.  Unemployment rate rose to 8.9% from 8.5% in March.    

Fed Chairman Bernanke speaks tonight on the stress tests. On Wednesday, April retail sales are due for release, and are expected to have declined 0.1% following March's 0.2% drop. Although economists doubt the ongoing strength of the consumer, Friedman Billings, Ramsey on Friday lifted the price targets on several retailers including Abercrombie and Fitch (NYSE:ANF), Ann Taylor (NYSE:ANN), and Pacific Sunwear (NASDAQ:PSUN). On Friday consumer price numbers are expected to show annual headline numbers at their lowest since January 1955, off 0.6%, with core CPI up 1.8% on an annualized basis. Among key companies slated to release earnings are JC Penney (NYSE:JCP), Macy's (NYSE:M), Nordstrom (NYSE:JWN) and Wal-Mart (NYSE:WMT).

As the Federal Reserve prepares to officially disclose results of the stress tests to U.S. bank executives later today, about half of the largest financial firms subject to those checks are expected to be directed to bolster their capital positions to endure further losses.

While the exact number of banks falling short of regulatory criteria among the 19 lenders under review remains a matter of speculation, reports have indicated that Bank of America Corp. (BAC), Citigroup (C) and Wells Fargo & Co. (WFC) would possibly need fresh capital. The government is scheduled to discuss results from the stress tests publicly on May 7.

When the Obama administration announced the stress tests back in February, investors were concerned that the financial institutions failing to pass muster would be shut down or nationalized. However, regulatory authorities have assured shareholders that none of these banks would be allowed to fail and would have access to emergency government funds if required.

As the day for the final results drew closer, financial markets were hopeful that the capital shortfall at banks will be manageable. Shares of all three banks that are feared to need additional capital have tripled their value since early March.  

Administrators have pointed to various options that might help large banks to strengthen their balance sheets without seeking refuge of the Troubled Asset Relief Program. While some like Goldman Sachs Group Inc. are already resorting to new stock offerings, others may sell assets to raise capital. However, whether those assets will have to be sold at steep discounts remains unclear.  

Separately, private investors are expected to show renewed interest after reports that the financial downturn is finally easing. Banks also have the choice of meeting capital requirements by converting preferred shares issued to the government last fall into common stock.

A day before reporting its quarterly results, Goldman Sachs Group Inc. (GS) said it raised $5.5 billion in capital commitments from investors to start a fifth fund for buying private-equity investments on the secondary market.

According to The Wall Street Journal, GS Vintage Fund V is the largest secondary fund ever raised. Limited partners in the fund include existing and new institutional and private investors in the Americas, Europe, Asia and Australia.

Goldman has been looking to pay back the $10 billion in government aid it received last fall. The investment bank is scheduled to report its first-quarter results on Tuesday.

GS Vintage Fund V is expected to reap benefits as banks and institutional investors struggle to boost their liquidity position by selling assets in private equity businesses at steep discounts.

Goldman shares were up nearly 3% to $127.83 in morning trade on the New York Stock Exchange.

Daiwa Securities SMBC, which owns 29% of Sanyo, said on Tuesday that it has agreed to sell a 25% interest stake in the electronics manufacturer through a tender offer.

Earlier in December, Panasonic had agreed to purchase all the Sanyo shares from its three investors in a tender offer. Daiwa Securities SMBC Co., Goldman Sachs Group Inc. and Sumitomo Mitsui Banking Corp. have a stake of about 70% in Sanyo through preferred shares.

Shares of the Zacks #3 Rank ("Hold") company were up 1% in the afternoon trade.

Key Points:

• Early reports (26 total) are ugly with total net income off 79.7%
• All areas affected; 2009 and 2010 cuts both running more than 8:1 over increases
• Total net income in 2009, now expected to be below 2008
• P/Es based on 2009 estimates will prove to be to low as "E" plunges
• Financials expect high growth in fourth-quarter and 2009 due to easy comps
• Keep your eye on trends, not levels when it comes to Estimate Data
• Earnings Expectations are collapsing for both Q4 and 2009
• Revisions ratios switch to 2009 and 2010 from 2008 and 2009

Total Net Income Growth

• Total net income expected to fall 16.3% in fourth quarter from a year ago
• Negative year-over-year growth in Q4 now expected for 6 sectors
• Financials expect high growth due to easy comps
• Full-year net income in 2009 expected to be down 4.7% from 2007 levels
• Full-year total net income expected to be 0.2% lower in 2009 than in 2008. I suspect the actual decline will be much larger.
• Energy, Materials and Discretionary all expected to be down over 40% in Q4
• The current projections look extremely optimistic to me
• Early returns were very ugly. The 26 that have reported (November fiscal period ends) are down 79.7% in aggregate from a year ago (mostly Goldman Sachs Group, Inc. (GS) and Morgan Stanely (MS)). 87.3% lower than 3Q
• First peak at 2010 expectations looks for 19.0% growth over 2009

Total Net Income Growth (Reported)
Sector	Q2 '08 A	Q3 '08 A	Q4 '08 A	Q1 '09 E	2007 A	2008 A	2009 E	2010 E
Materials	-22.23%	-19.55%	113.28%	-50.00%	12.04%	-11.22%	-25.34%	9.79%
Industrial	9.65%	4.12%	0.53%	-10.82%	12.42%	5.46%	5.12%	8.20%
Cons. Stap.	-2.16%	20.04%	-1.50%	-23.95%	-0.14%	1.62%	-4.53%	7.66%
Technology	24.08%	26.50%	-8.36%	-15.67%	6.91%	15.22%	-2.35%	21.36%
Cons. Disc.	-32.12%	-45.92%	-9.71%	-67.56%	-18.48%	-70.11%	49.01%	43.99%
Financials	-11.57%	-14.28%	-2614.42%	-37.65%	-5.28%	-25.53%	5.14%	20.31%
S&P	-8.30%	-13.23%	-79.66%	-30.63%	-3.20%	-20.91%	5.21%	18.89%

Total Net Income (Reported)
Sector	Q4 '08	Q4 '07	Q3 '08	Q3 '07
Technology	$1,710	$1,866	$1,793	$1,417
Cons. Stap.	$1,623	$1,648	$1,528	$1,484
Cons. Disc.	$1,133	$1,255	$2,459	$2,090
Industrial	$565	$562	$463	$575
Materials	$546	$256	($20)	($101)
Financial	($4,477)	($178)	$2,450	$4,530
S&P	$1,100	$5,409	$8,673	$9,996

Total Net Income Growth (Not Reported)
Sector	Q2 '08 A	Q3 '08 A	Q4 '08 E	Q1 '09 E	2007 A	2008 E	2009 E	2010 E
Financials	-56.59%	-99.80%	197.88%	52.16%	-19.19%	-63.98%	82.96%	30.93%
Utilities	7.10%	-6.61%	26.52%	-9.98%	11.26%	3.65%	5.15%	11.15%
Health Care	8.84%	7.09%	7.85%	2.44%	19.76%	7.56%	7.04%	9.08%
Cons. Stap.	1.26%	14.19%	3.34%	7.38%	6.74%	11.39%	9.19%	6.68%
Telecom	-3.69%	-15.68%	-14.96%	-6.53%	17.16%	-4.87%	-0.25%	4.27%
Industrial	7.15%	1.65%	-29.72%	-2.68%	10.03%	2.61%	-9.07%	7.05%
Technology	15.85%	4.69%	-31.55%	-13.01%	14.94%	14.69%	-6.38%	15.11%
Energy	16.25%	56.60%	-41.16%	-34.82%	9.11%	19.71%	-28.88%	28.65%
Materials	3.39%	-0.96%	-42.39%	-40.69%	8.74%	-11.11%	-30.86%	34.19%
Cons. Disc.	-63.32%	-53.59%	-53.66%	-42.69%	1.05%	-47.35%	13.08%	71.79%
S&P	-11.11%	-12.55%	-14.25%	-9.18%	3.53%	-8.87%	-0.43%	19.04%

Total Net Income Growth (Combined)
Sector	Q2 '08 A	Q3 '08 A	Q4 '08 E	Q1 '09 E	2007 A	2008 E	2009 E	2010 E
Financials	-54.09%	-94.06%	137.31%	29.77%	-19.13%	-64.51%	80.40%	31.53%
Utilities	7.10%	-6.61%	26.52%	-9.98%	11.26%	3.65%	5.15%	11.15%
Health Care	8.84%	7.09%	7.85%	2.44%	19.76%	7.56%	7.04%	9.08%
Cons. Stap.	2.01%	13.34%	2.93%	5.82%	7.16%	10.85%	8.87%	6.73%
Telecom	-3.69%	-15.68%	-14.96%	-6.53%	17.16%	-4.87%	-0.25%	4.27%
Industrial	6.25%	1.11%	-29.02%	-3.76%	10.09%	2.22%	-9.48%	7.10%
Technology	16.57%	5.90%	-30.16%	-13.18%	14.43%	14.73%	-6.10%	15.50%
Materials	6.18%	0.25%	-35.61%	-32.83%	10.15%	-7.26%	-26.60%	32.20%
Energy	16.25%	56.60%	-41.16%	-34.82%	9.11%	19.71%	-28.88%	28.65%
Cons. Disc.	-58.72%	-43.68%	-49.92%	-40.29%	1.07%	-42.26%	9.34%	62.06%
S&P	-10.96%	-12.59%	-16.29%	-10.38%	3.20%	-9.43%	-0.21%	19.03%

Scorecard and Median EPS Growth Rates

• Median EPS growth of 26 firms reporting so far is -2.4%
• Surprise ratio is 1.88 and the median surprise is 1.8%; both are far below normal
• Remaining firms expected to be down 5.0% in Q4
• Six sectors expected to be negative for Q4, 7 negative for Q1
• Only Health Care, Staples and Utilities are expected to be positive for both quarters

Keep in mind that median growth rates are inherently equally weighted, so the growth rate for Cabot Oil & Gas Corporation (COG) is just as significant to the results for the Energy sector as the growth rate for Exxon Mobil Corporation (XOM).

Share repurchases were still very significant in the fourth quarter of last year and the first quarter of this year (the data is not out yet for the second quarter) and the reduction in share count also boosts EPS growth.

Currency translation gains will be less of a factor this quarter due to the rebound in the dollar. However, the strong overseas demand that the previously very weak dollar stimulated will still prove to be a boost to the earnings of many firms. The delay is because in the third quarter they will be shipping goods ordered previously. Given both the rebound in the dollar, and the very significant economic slowdown abroad, look for the export boom to fade in the fourth quarter and into 2009.

Fourth-Quarter Scorecard (Reported)
Sector	4Q '08 (A)	1Q '09 (E)	2008 (A)	2009 (E)	2010 (E)	% Reported	Median % Surprise	# Pos Surprise	# Neg Surprise	# Match
Materials	113.04%	25.14%	82.00%	21.70%	6.07%	3.45%	63.33%	1	0	0
Cons. Disc.	1.24%	-11.77%	4.99%	-3.56%	7.60%	10.00%	4.45%	7	0	1
Cons. Stap.	-0.53%	-2.80%	9.04%	5.94%	8.22%	15.00%	3.27%	5	1	0
Industrial	-4.36%	-33.14%	-5.25%	-17.46%	5.81%	3.39%	-7.28%	0	1	1
Tech	-15.54%	-23.08%	18.31%	-24.95%	57.12%	8.00%	-1.25%	2	3	1
Financial	-147.50%	-64.00%	-37.71%	51.26%	9.29%	3.70%	-235.71%	0	3	0
S&P 500	-2.39%	-10.77%	5.15%	-2.47%	9.29%	5.20%	1.76%	15	8	3

Fourth-Quarter EPS Growth (Yet-to-Report)
Sector	4Q '08 (E)	1Q '09 (E)	2008 (A)	2009 (E)	2010 (E)
Healthcare	7.71%	8.55%	12.33%	17.60%	12.03%
Utilities	3.76%	6.63%	3.92%	9.18%	9.95%
Cons. Stap.	3.35%	4.08%	9.28%	11.11%	9.20%
Telecom	0.00%	-4.35%	30.38%	-2.94%	4.36%
Energy	-3.13%	-18.84%	22.61%	12.83%	13.10%
Industrial	-7.69%	-5.88%	19.38%	16.92%	7.69%
Cons. Disc.	-11.36%	-12.98%	14.45%	8.89%	9.75%
Financial	-12.50%	-6.25%	11.52%	8.04%	15.13%
Tech	-12.90%	-6.33%	11.30%	19.13%	11.61%
Materials	-36.61%	-30.73%	23.08%	9.70%	16.76%
S&P 500	-5.88%	0.00%	13.33%	13.27%	11.26%

The Zacks Revisions Ratio: 2009

• Revisions ratio for full S&P 500 up to 0.12, from 0.08 last week
• All sectors have at least 3 cuts for every increase
• 5 sectors have at least 10 cuts for every increase
• 21% of all firms see mean estimate decline by more than 10%; 10.8% more than 20%
• Ratio of firms with rising to falling mean estimates is at 0.17 and is unchanged from last week
• Total number of revisions (4-week total) down to 1,909 from 1,953 (-2.3%)
• Increases up to 199 from 151 (+31.8%), cuts down to 1,710 from 1,802 (-5.1%)
• Near low of seasonal revisions activity

Stocks with Positive Revisions:

Best Buy (BBY) had 10 upward revisions and 2 cuts, resulting in a 3.4% increase in its consensus earnings estimate.

Darden Restaurants, Inc. (DRI) had 11 upward revisions and 2 cuts. These revisions caused a a 3.1% increase in the consensus earnings estimate.

General Mills (GIS) had 9 upward revisions and 2 cuts. The consensus earnings estimate is 0.8% higher.

Stocks with Negative Revision: (Most are highlighted as representative of their areas)

General Electric Company (GE) had 11 cuts and 0 increases resulting in a 12.5% drop in its consensus earnings estimate

National Semiconductor Corporation (NSM) had 14 cuts and no increases. The consensus earnings estimate plunged by 48.2% drop.

Regions Financial Corporation (RF) suffered 11 cuts and no increases. This caused a 65.9% decrease in the consensus earnings estimate

To help gauge the direction of the market, we take note of what analysts are thinking. By tallying their EPS changes, we can determine our "revisions ratio". This ratio simply divides the total number of positive estimate revisions by the total number of estimate cuts. Thus, a high ratio is a bullish indicator and a low ratio is bearish.

For the S&P 500 as a whole, a number below 0.80 or above 1.25 is generally significant. With smaller totals for any given sector than the S&P 500 over all, the ratio should be farther away from 1.0 to be truly significant. However, for the sake of consistency, we refer to readings above 1.25 as being in positive territory and below 0.80 as being in negative territory.

Avg. 4wk EPSChange (FY09)	Avg. 4wk EPS Change (FY09)	Revisions Ratio	Firms With FY09 EPS Increase	Firms With FY09 EPS Decrease
Consumer Staple	-1.17%	0.29	14	27
Consumer Disc	-4.59%	0.26	14	64
Telecom	-2.00%	0.17	2	7
Health Care	-0.95%	0.16	12	39
Energy	-9.12%	0.12	3	36
Financial Services	-9.33%	0.10	13	65
Utilities	-3.46%	0.10	4	30
Technology	-10.27%	0.06	10	63
Industrials	-6.06%	0.05	2	53
Materials	-13.86%	0.03	4	25
S&P 500	-6.43%	0.12	78	409

The Zacks Revisions Ratio: 2010

• Sample size of 2010 revisions is thin, but starting off weak
• Mean estimates to be affected by new estimates as much as revisions
• More than 3 cuts per increase for 9 sectors, more than 5 per increase in 6 sectors
• Just 1 estimate raised in Materials sector versus 34 cuts
• Just 1 Industrial increase versus 106 cuts
• Telecom the "best" at a 0.28 reading, but only 9 total revisions
• Ratio of rising to falling mean estimates steady at 0.24
• Total number of revisions 733: 86 up, 647 down
• Size of cuts horrific: 22.6% of all S&P firms 2010 estimates down more than 10% over last 4 weeks, 9.0% down more than 20%

  Avg. 4wk EPSChange (FY10)	Avg. 4wk EPS Change (FY10)	Revisions Ratio	Firms With FY10 EPS Increase	Firms With FY10 EPS Decrease
  Telecom	-3.85%	0.80	5	2
  Utilities	-2.61%	0.33	6	9
  Consumer Discr	-5.06%	0.25	13	52
  Consumer Staples	-1.71%	0.21	7	23
  Health Care	-0.99%	0.19	8	30
  Energy	-8.40%	0.18	2	32
  Financial Services	-9.18%	0.09	13	62
  Technology	-8.37%	0.09	16	51
  Materials	-10.59%	0.03	3	15
  Industrials	-9.63%	0.01	7	46
  S&P 500	-6.37%	0.13	80	322

  Neil Malkin contributed significantly to this report.

  Data in this report, unless stated otherwise, is through the close on Thursday, Jan 8, 2009

  
  "DRI" Free Stock Analysis: Buy? Sell? Hold?
  "GS" Free Stock Analysis: Buy? Sell? Hold?
  "BBY" Free Stock Analysis: Buy? Sell? Hold?
  "NSM" Free Stock Analysis: Buy? Sell? Hold?
  "GE" Free Stock Analysis: Buy? Sell? Hold?
  "GIS" Free Stock Analysis: Buy? Sell? Hold?
  "MS" Free Stock Analysis: Buy? Sell? Hold?
  "RF" Free Stock Analysis: Buy? Sell? Hold?
  "COG" Free Stock Analysis: Buy? Sell? Hold?
  "XOM" Free Stock Analysis: Buy? Sell? Hold?
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