• 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 22, 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: Morgan Stanley (MS), Goldman Sachs (GS), St. Jude Medical, Inc. (STJ), Medtronic Inc. (MDT) and Boston Scientific Corporation (BSX).

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 Wednesday’s AnalystBlog:

Morgan Stanley Finally Profits

Morgan Stanley (MS) reported third-quarter 2009 income of $498 million this morning or 38 cents per share, compared with a loss of $159 million or $1.37 per share in the prior quarter and an income of $7.7 billion, or $7.38 per share a year ago. The results were much ahead of the Zacks Consensus Estimate of 30 cents per share.

The results marked the first quarter of income in a year’s time. Results were aided by robust underwriting revenues in the investment banking operation resulting from higher levels of market activity, strong growth in fixed income sales and trading, commodities, prime brokerage and wealth management business, which offset losses in commercial real estate.

Unlike the preceding qaurters, the results were in line with strong results from competitors like Goldman Sachs (GS), which has been grabbing market share after the financial crisis.

St. Jude Beats Zacks Estimate

St. Jude Medical, Inc. (STJ) today reported financial results for the third quarter of 2009 before the market opened. Earnings per share came in at 59 cents, compared to the Zacks Consensus Estimate of 58 cents and the year-ago earnings of 54 cents.

Net sales in the reported quarter increased 7% year over year to approximately $1.2 billion. Excluding an unfavorable foreign exchange translation (FX), net sales increased 10% year over year. Growth was witnessed across all the business segments. However, the company’s domestic revenues were below expectation primarily due to lack of purchase of cardiac rhythm management (CRM) devices by roughly 50 hospitals in the U.S.

St. Jude’s cash and cash equivalents stood at approximately $798.3 million at the end of the reported quarter. The company ended the quarter with an outstanding debt of roughly $2.0 billion.

St. Jude has provided earnings per share guidance for the fourth quarter and full fiscal 2009. For the fourth quarter, earnings per share are expected between 61 and 63 cents. For full fiscal 2009, earnings per share are expected between $2.41 and $2.43.

St. Jude is a leading medical devices manufacturer that designs, manufactures and distributes medical devices to treat cardiovascular and neurological conditions.

Presently, St. Jude Medical holds the #2 market position for ICDs and pacemakers behind Medtronic Inc. (MDT) but ahead of Boston Scientific Corporation (BSX). This segment is the company’s largest in terms of revenues. St. Jude also holds the #2 market position behind Medtronic in neuromodulation.

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.

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

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Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts

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
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Visit: www.zacks.com

3rd-Quarter Results

Revenue was up 10% from last quarter and more than double last year's at $12.4 billion. Earnings also came in strong at $5.25 per share, $1.12 ahead of the Zacks Consensus Estimate. Goldman has beat in each of the last 2 quarters by an average of 34%.

Strength in the company's trading division, with revenues totaling $10 billion helped make up for a 38% decline in Goldman's investment banking division. The company also noted that its Tier 1 capital ratio, a key regulatory financial metric, increased to 14.5% from 13.8%.

Estimates and Valuation

Based on the current-year estimate of $17.70, shares of GS trade with a P/E of 10X, a discount to the overall market.

The Chart

Shares of Goldman have been posting big gains since bottoming out in November of last year. Take a look at the smooth trend higher in the chart below.

Last Week's Momentum Zacks Rank Buy Stocks

Target Corp. (TGT) is jumping higher as the company benefits from its value oriented consumer approach and a resurgence in consumer confidence. Read Full Article.

Legg Mason, Inc. (LM) is surging ahead of its Q3 results set to be delivered on Oct 22, helped by rising estimates and a financial sector recovery. Read Full Article.

E-House China Holdings Ltd. (EJ) has beat in each of the last 4 quarters by an average of 46% and recently projected 100% Q3 sales growth from last year. Read Full Article.

TransMontaigne Partners LP (TLP) has been a steady player over the last year in a very volatile environment, surprising and beating in each of the last 4 quarters by an average of 11 cents, or 24%. Read Full Article. Zacks Investment Research

Gains in commodity prices helped some mid-session buying in energy and material shares but the overall weakness in financial and healthcare stocks kept sentiment in check.  Shares of UnitedHealth Group Inc. (NYSE:UNH) and Aetna Inc. (NYSE:AET) fell more than 3% as the Senate Finance Committee approved an $829 billion plan to overhaul the U.S. health system.  Johnson & Johnson (NYSE:JNJ) fell 2.4% after the company reported revenue that was below the Street expectations.  However, the company reported higher quarterly earnings, helped by cost-cutting measures and a one-time tax benefit; Johnson &Johnson also raised its full-year guidance.  Nevertheless, shares of the company led the decliners on the DJIA.

The Dow Jones industrial average, which traded 70 points lower in the morning, recovered some ground to close at 9871.06, off 0.2% or 14.74 points, its first decline in four sessions.  The S&P500 retreated 0.3% from a new 2009 high set on Monday.  The tech-heavy NASDAQ, however, finished the day virtually unchanged.  On the NYSE, 1.14 billion shares exchanged hands with decliners ahead of advancing shares by a three-to-two margin.

After Whitney’s downgrade, shares of Goldman Sachs (NYSE:GS) fell 1.5%, with Bank of America (NYSE:BAC) easing 1.2%, and Morgan Stanley (NYSE:MS) down 2.0%.

However, after the close, Intel's (NASDAQ:INTC), a DJIA component, results offered to ease some worries.  The company reported third-quarter earnings of 33 cents a share, versus Zacks estimates of 27 cents a share; the company reported revenues of $9.4 billion that was off 8.1% from last year, but bettered Zacks estimates of $9.0 billion.

CSX (NYSE:CSX), joining Intel (NASDAQ:INTC) in painting an upbeat picture.  The company announced third quarter earnings of 74 cents a share, down from 94 cents a year ago, but above Zacks estimates of 71 cents a share as revenues of $2.36 billion bettered estimates of $2.33 billion.

This morning, however, JP Morgan’s (NYSE:JPM) results showed an upside surprise as losses from the firm’s credit cards and other consumer loans businesses were offset by strong underwriting revenues.  Third quarter results were well ahead of Zacks estimates at 82 cents and were sharply up from last year's 9 cents a share.

The US dollar remained under pressure, falling to a fresh 14-month low yesterday.  Strong demand for $30 billion in 3-month and $30 billion in 6-month notes helped support Treasury prices.  Gold prices jumped $7.50 to $1073 and crude prices hit $74.

Companies reporting their results include: Abbott (NYSE:ABT), WW Grainger (NYSE:GWW), Host Hotels and Resorts (NYSE:HST) and Xilinx (NASDAQ:XLNX).

The Dow Jones industrial average, which rose as high as 9931.82 points in the morning, gained 20 points to close at 9885.80.  The broad S&P 500 index rose 4.70 points, or 0.44%, to close at 1,076.19 and the tech-heavy Nasdaq ended the day little changed.  Bond markets were closed for the Columbus Day holiday.  On the New York Stock Exchange, 16 stocks were higher in price for every 14 that fell.

Eight of the ten S&P500 sectors finished higher in yesterday's session. Oil and gas shares led the gainers, adding 1.2% following a 2.1% rise in crude prices to $73.55, its highest since August 24.  DJIA components Chevron (NYSE:CVX) and ExxonMobil (NYSE:XOM) rose 1.3% and 1.2%, respectively.

Meanwhile, equity prices appear to be taking into consideration upside surprises in last quarter's numbers.  The National Association for Business Economics' survey of its members showed majority believed the recovery has begun, but concerns remain over federal debt and rising unemployment.  Nevertheless, the greenback’s decline is expected to help results of multinational firms with significant overseas exposure.

Also, news emerging from the geopolitical front appears to be less motivating as the head of Homeland Security noted Al-Qaeda members likely within US borders and North Korea reportedly shot off five missiles off its east coast; the reports said the country is preparing to fire more.  Although stocks have had their steepest rally in more than 70 years, doubts remain over an exit strategy from simulative policies amid increasing unemployment levels and housing worries.

Black & Decker (NYSE:BDK) jumped 7.6% Monday after the company's raised its third quarter earnings guidance to 91 cents a share from 35- 45 cents a share on better-than-expected sales, operating margins and tax rate. UBS (NYSE:UBS) downgraded SanDisk (NASDAQ:SNDK) shares to "sell" from "neutral," on concerns of peaking chip demand leaving little scope for price increases.  Ford (NYSE:F) shares jumped 7% after the automaker reported that European sales jumped 12% on strong sales of its subcompact models Ka and Fiesta. Google (NASDAQ:GOOG) shares rose 1.5% after Goldman Sachs (NYSE:GS) raised its price and earnings target, saying the firm will benefit from next year's recovery in online activity.

Financial shares continued their upward run, adding 0.7%.  A number of banks report their earnings in the coming sessions, including JP Morgan (NYSE:JPM), Goldman Sachs (NYSE:GS) and Citigroup (NYSE:C).  According to analyst Dick Bove, large-cap banks are expected to perform well, helped by strong trading activity, but Bove noted regional banks could be under pressure due to commercial real estate losses. 

Meanwhile, shares of Deutsche Bank (NYSE:DB) fell 1.6% yesterday after the company’s CEO Ackermann’s comments raised concerns of a capital raising.  This morning influential analyst Meredith Whitney took a cautious stance on Goldman Sachs (NYSE:GS) and lowered her rating on the bank to "neutral" from "buy" with a $186 price target. 

Today's list of releases includes quarterly earnings reports from companies such as Altera (NASDAQ:ALTR), CSX (NYSE:CSX), Intel (NASDAQ:INTC), and Johnson & Johnson (NYSE:JNJ).

After a two-week selloff, fueled in part by concerns that the seven-month old rally had gotten ahead of any economic recovery, stocks got a boost last week following better-than-estimated economic numbers and Alcoa’s (NYSE:AA) surprise quarterly profit.  That helped investors set aside worries and extend the rally.  Meanwhile, White House economic adviser Lawrence Summers reiterated the Obama administration’s commitment to a strong dollar, citing recent comments by U.S. Treasury Secretary Timothy Geithner.

This morning’s stock futures show markets are headed for a higher opening as the busy week of earnings commences. Ahead of the market's open, Dow Jones industrial average futures are up 59 points, or 0.6%, to 9,866.  Standard & Poor's 500 index futures gained 7.30 points, or 0.7%, to 1,075.40, while Nasdaq 100 index futures rose 11 points, or 0.6%, to 1,736.50.

On Friday, the Dow Jones industrial average rose 78 points, or 0.8%, to 9,864.94 -- its highest closing level in a year.  The S&P 500 index gained 6 points, or 0.6%, to 1,071.49 and the Nasdaq climbed 15 points, or 0.7%, to 2,139.28.  On the New York Stock Exchange, advancing issues beat those that declined in price by a three-to-two margin.  For the week, the DJIA rose 4% and the S&P 500 index gained 4.5% - their best performance since July.  The Nasdaq advanced 4.5% during the week.

Last week's rally saw all but one of the S&P500 industry sector recording gains.  Only telecommunications shares failed to advance, and fell 5.9%, following AT&T's (NYSE:T) announcement that it plans to allow internet-based phone calls on phones including Apple's (NASDAQ:AAPL) iPhones.  The gains last week were led by basic materials (+8.4%), oil and gas (+7.6%), financials (+6.3%), industrials (+5.0%), tech (+4.9%), consumer services (+4.5%), consumer goods as well as utilities (+2.9%), and health care (+2.7%).  Financials rose after a Goldman Sachs (NYSE:GS) report recommended large-cap banks. Gains in industrial shares were helped by last week’s fall in dollar and Caterpillar's (NYSE:CAT) announcement that it plans to hike prices globally in 2010.  Retail shares rose after firms reported better-than-expected comparable monthly sales numbers.

This week sees the release of the first big batch of third-quarter earnings.  Companies reporting their numbers include Johnson & Johnson (NYSE:JNJ), Intel (NASDAQ:INTC), JP Morgan (NYSE:JPM), Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), Nokia (NYSE:NOK), Google (NASDAQ:GOOG), IBM (NYSE:IBM), Bank of America (NYSE:BAC), and General Electric (NYSE:GE).

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.

The greenback remained near its year lows against a basket of currencies while gold prices eased a little to settle at $995.30.  Crude prices were slightly up ahead of the September OPEC meeting.

The Dow Jones industrial average, which rose as much as 80 points earlier in the session, pared some gains to close at 9,547.22, up 49.88 points.  The broad S&P 500 index advanced 7.98 points, or 0.78%, to close at 1,033.37, its best finish so far this year, and the tech-heavy NASDAQ rose 22.62 points, or 1.11%, to close at 2,060.39.  On the NYSE, volume was a moderate 1.24 billion shares as advancing stocks outpaced those that fell seven to three.

Even as unemployment levels continuing to remain vexing, the Fed’s Beige Book revealed “signs of improvements" in 11 of the 12 districts.  Meanwhile, OPEC also exited its monthly meeting with soothing words, leaving production levels unchanged, and asserting current prices were within their desirable range.  Nevertheless, fears of a jobless recovery have given rise to worries that the economic recovery might be reversed after inventory builds and government assistance end.

Apple (NASDAQ:AAPL) shares declined even as CEO Steve Jobs made a much-awaited comeback after his almost six-month long medical leave.  The company announced the launch of new products and slashed prices of existing iPod Touch models.  SanDisk (NASDAQ:SNDK) jumped 6.1% to $19.32, its highest close in 11 months; Palm (NASDAQ:PALM) shares declined more than 8.7% after the company announced the launch of its Palm Pixi phones.  The stock was downgraded by Credit Suisse to “neutral" from “outperform."   

Among the S&P500 industry groups, nine recorded gains with industrials (+1.5%) and financials (+1.4%) topping the list.  Among the industrial conglomerates, General Electric (NYSE:GE) advanced 2.6% to $14.87, its highest level since January and Illinois Tool Works (NYSE:ITW) jumped 5% to $43.93.  Goldman (NYSE:GS) raised Illinois Tool Works (NYSE:ITW) to “conviction buy" from “neutral."  Caterpillar (NYSE:CAT) rose 3.1% to $48.41.  GE also benefited from an analyst upgrade from JP Morgan (NYSE:JPM), and a hiked price target from Goldman Sachs (NYSE:GS).  Boeing (NYSE:BA) shares added 2.1% following the firm's projection of a return to growth in global air traffic next year.  United Technologies (NYSE:UTX), which rose 1.4%, was also upgraded by Goldman Sachs (NYSE:GS).  3M (NYSE:MMM) rose 2.1%

• Talbots (NYSE:TLB) reported an adjusted fiscal second quarter loss of 33 cents a share, versus estimates of a 52 cents per share loss on revenues of $304.6 million, versus estimates of $309.34 million.  The firm said it sees third quarter losses of 24-30 cents a share, ex-items

• JP Morgan (NYSE:JPM) upgraded UPS (NYSE:UPS) to "overweight" from "neutral" and raised the price target on the firm to $70 from $57

• Goldman Sachs (NYSE:GS) downgraded DuPont (NYSE:DD) on valuation concerns with a price target of $32

• Goldman Sachs (NYSE:GS) upped Illinois Tool Works (NYSE:ITW) and added the firm to its Conviction Buy List with a $55 price target

• Palm (NASDAQ:PALM) cut prices on its Pre smartphone, introducing a cheaper and thinner model, "Pixi"

• Apple's (NASDAQ:AAPL) San Francisco event is expected to see a fresh iPod launch, new iTune offerings, an Apple TV tune-up, with hopes of a Steve Jobs appearance

Chicago, IL – September 2, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Bank of America Corporation (BAC), Morgan Stanley (MS), Bank of New York Mellon Corporation (BK), Goldman Sachs (GS) and U.S. Bancorp (USB).

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:

BofA to Repay TARP (in Part)

Bank of America Corporation (BAC) intends to pay back some of the bailout money it has received from the government in its participation of the Troubled Asset Relief Program (TARP).

The government is also pushing the bank to pay at least $500 million to conclude a tentative pact in which the government agreed to share losses on certain BofA assets.

The completion of the payments would enable BofA to reduce a part of the government's involvement in its affairs.

Some of the large financial firms that have already repaid government fund are Morgan Stanley (MS), Bank of New York Mellon Corporation (BK), Goldman Sachs (GS) and U.S. Bancorp (USB).

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.

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

Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts

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

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

Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts

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

Chicago, IL – September 1, 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: American International Group (AIG), Citigroup (C), Morgan Stanley (MS), Bank of New York Mellon Corporation (BK) and Goldman Sachs (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 Monday’s Analyst Blog:

Moody’s Confident About U.S.

According to the nonpartisan Congressional Budget Office, the U.S. government and the Federal Reserve have injected about $12 trillion to revive the economy and credit markets. As a result, the budget deficit is expected to reach $1.6 trillion this year and $1.4 trillion next year. In its mid-year economic review, the Office of Management and Budget increased its estimate of the 10-year deficit by almost $2 trillion from the previous level to $9.05 trillion.

The U.S. government has also invested hundreds of billions of dollars to rescue many financial institutions including American International Group (AIG) and Citigroup (C) as part of its goal to stimulate the economy. These spending programs have also increased debt.

Most banks still have short-term debt guaranteed by the government. However, some large financial firms have repaid the government funds, including Morgan Stanley (MS), Bank of New York Mellon Corporation (BK) and Goldman Sachs (GS), among others. The repayment of government money can be viewed as a sign of recovery of the institutions as well as the economy.

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

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With this repurchase, Northern Trust has paid a total of nearly $1.71 billion to the Treasury under TARP. This includes repurchase of preferred stock issued to the government and preferred dividends. According to the bank, the total payments represent a 14% annualized return on investment to the US taxpayers.

The $700 billion bailout program was launched by the federal government to help revive deteriorating credit markets during the height of the financial crisis. The government provided capital to institutions in exchange of preferred stock and warrants to purchase common shares.

Most banks still have short-term debt guaranteed by the government. However, some large financial firms that have redeemed warrants issued under the TARP include Morgan Stanley (MS), Bank of New York Mellon Corp. (BK), Goldman Sachs (GS), U.S. Bancorp (USB), American Express Co. (AXP), BB&T Corp. (BBT) and State Street Corp. (STT).

Although Northern Trust has been healthy with respect to its balance sheet, we think there is limited room for improving its results in the near future as the market turmoil is expected to persist for a while. The shape of its bottom line will depend on near-term economic trends.

However, repayment of TARP money will bring some relief on the preferred dividend payment front. We expect the company to emerge from this testing environment and become more competitive in the long run.

The inquiry is in an effort to change the debate to focus on health insurers rather than focusing on the solutions to health care concerns. There was also dispute over the creation of a government-run health system along private insurers. The Democrats are trying to examine whether business practices of the industry oppose Obama’s proposal for a public health insurance plan.

The US House Energy and Commerce Committee chairman Henry Waxman sent letters to 52 insurance companies on Monday, asking them to provide details on CEO pay, profit and other data by next month. These include American International Group Inc. (AIG), Hartford Financial Services (HIG), Aetna Inc. (AET), Aflac Inc. (AFL), Humana Inc. (HUM) and Cigna Corp. (CI).

Banks and Wall Street investment firms have also faced criticism over executive pay and bonuses and corporate spending in the light of government bailouts. Even though some large financial firms have redeemed warrants issued under Troubled Asset Relief Program, most of them still have short-term debt guaranteed by the government. Thus, Bank of America (BAC), Goldman Sachs (GS) and JP Morgan Chase & Co. (JPM) were targeted by various political and media groups.

Chicago, IL – August 7, 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: Ford (F), Toyota (TM), Honda (HMC), American International Group (AIG) and Goldman Sachs (GS).

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Here are highlights from Thursday’s Analyst Blog:

“Cash for Clunkers" Continues

Not a complete answer to our dependency on imported oil, but not exactly a drop in the bucket, either. If the second installment works just as well, we up to a cumulative savings of 675 million gallons fewer of gasoline burned.

This is in addition to the benefit of actually putting auto workers (and suppliers) back to work, and car dealers being actually able to sell some cars and keep their employees. As a result, some of the spending will come back to the government in the form of the income taxes these workers pay.

Keep in mind that it will also result in smaller losses at General Motors and Chrysler, and we the taxpayers have rather substantial equity interests in those firms.

As a result of the program, Ford (F) actually posted a year-over-year increase in sales in July (2.2%) its first increase since 2007. Yes, three of the top five models sold under the program were made by Toyota (TM), but two of those are built in America, as are the other two -- one from Honda (HMC) and the other from Ford.

Traditionally, increased sales of durable goods like autos are one of the key engines to power the economy out of a recession (housing is the other traditional engine). The pick up in the sales rate to 11 million from down close to 9 million is a very significant move.

Granted, it is still well below the 16 million rate we were averaging a few years ago, but it is highly unlikely we will get back to those levels for a long, long time. The American consumer simply has far too much debt and needs to rebuild his or her balance sheet. The option of tapping the equity in the house to get a new SUV is simply no longer available.

Still, relative to the rest of the money that has been thrown around trying to stabilize the economy and the banking system, the $3 billion spent on the two installments of the plan is chump change. It is, for example, only 25% of what passed through American International Group (AIG) to pay in full the credit default swaps of Goldman Sachs (GS).

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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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Net revenues for the quarter were $5.4 billion, compared with $6.1 billion in the second-quarter 2008. The consensus estimate called for a loss of 49 cents per share.

The results were in contrast to very strong results from competitors like Goldman Sachs (GS) and JP Morgan (JPM), which have adopted a more aggressive approach and have been gabbing market share after the financial crisis.

The results were negatively affected by a $2.3 billion, or $1.32 per diluted share, accounting charge related to the tightening of its credit spreads (improving credit worthiness) and an $850 million or 74 cents per diluted share, negative adjustment related to TARP repayment.

Investment banking delivered strong results with underwriting revenues up 19% year-over-year to $855 million. There were strong gains in both equity and debt underwriting. During the quarter, many companies (mostly financial companies) have tapped equity and debt markets to raise capital, which helped the results of Morgan Stanley and its competitors.

The company also saw improvements in prime brokerage, cash equities as well as in investment grade and distressed debt trading and in wealth management. However, there was weakness in other key areas of fixed income trading and in asset management.

The company recorded $700 million in charges related to losses on its investments in real estate. It's exposure to the Commercial Real Sector, which is deteriorating rapidly, will remain a cause for concern in the coming quarters.

Chicago, IL – July 21, 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 (GS), JP Morgan (JPM), AIG (AIG), Bank of America (BAC) and Citigroup (C).

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Here are highlights from Monday’s Analyst Blog:

Do We Cheer Banks’ Earnings?

It appears that the divide in the banking landscape between the “haves" and “have-nots" is increasing. Even among the big banks, there is now a clear two-tier system.

On one hand, we have Goldman Sachs (GS) and JP Morgan (JPM), which delivered record profits from their trading and investment banking revenues. There is no doubt that these two managed their affairs well, have increased their market share after the collapse of Lehman and Bear Stearns and also have benefitted tremendously from the various programs by the Treasury and the regulators. And, we should not forget the generous AIG (AIG) payout to Goldman.

On the other hand, the second-quarter profits of Bank of America (BAC) and Citigroup (C) were reliant on several one-time gains, resulting from asset sales etc, while weaknesses in some businesses and continued credit deterioration showed that there is more pain to come.

Bank of America’s credit-card unit lost $1.6 billion amid rising delinquencies, compared with a year-ago profit of $582 million. Its home-loan and insurance unit lost $725 million. The bank reported $8.7 billion in credit losses, up from $3.6 billion in the year-ago quarter. Its nonperforming loans jumped to 3.3%, up from 1.1% a year ago.

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Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

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
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Chicago, IL – July 21, 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: Morgan Stanley (MS), American Express (AXP), U.S. Bancorp (USB), Goldman Sachs (GS) and JP Morgan (JPM).

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Here are highlights from Monday’s Analyst Blog:

3 Things to Watch This Week

1. Reaction to Bank Earnings - Nearly 1 out every 4 reports will be from the financial sector. Many of these are well-known firms such as Morgan Stanley (MS), American Express (AXP) and U.S. Bancorp (USB).

Big positive surprises from Goldman Sachs (GS) and JP Morgan (JPM) did not move the market last week, and if bank earnings are met again with apathy this week the market will have a hard time sustaining its rally.

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Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

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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Chicago, IL – July 20, 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: Bank of America (BAC), Goldman Sachs (GS), JP Morgan (JPM), Biogen Idec (BIIB) and Acorda Therapeutics (ACOR).

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Here are highlights from Friday’s Analyst Blog:

BofA “Beats," But…

Bank of America (BAC) reported its 2Q09 income at $3.22 billion, or $0.33 per share, down from $3.41 billion, or $0.72 per share, a year earlier. The results were down 5.5% on higher merger charges and credit costs, but were ahead of analysts' expectations of $0.28 per share.

We may add that the analysts’ estimates ranged from a loss of 11 cents per share to a profit of 70 cents per share, and with so many one-time items it is difficult to conclude which items were included or excluded in the estimates and whether the results actually exceeded the expectations.

Results were driven by strong performance in the wholesale capital markets and home loans businesses, gains on the sale of China Construction Bank shares and the sale of the company's merchant processing business to a joint venture, but were partly offset by high credit costs, and a special FDIC assessment.

During the current year, banks have seen record revenues from trading actives, as we saw in the recent results of Goldman Sachs (GS) and JP Morgan (JPM) and also from the ongoing boom in mortgage financing. For BAC, sales and trading revenue rose to a record $6.7 billion during the quarter. The bank funded $110.6 billion in first mortgages, of which approximately 29% were for purchases and rest for refinancing.

Biogen Beats Consensus

Yesterday, Biogen Idec (BIIB) reported financial results for the second quarter of 2009. Non-GAAP diluted earnings per share (EPS) came in at $0.75, beating the consensus estimate of $0.68. EPS declined on a y-o-y basis due to a $110 million charge (EPS impact of $0.32) taken by Biogen related to its recently signed deal with Acorda Therapeutics (ACOR). GAAP EPS, which includes stock-based compensation and amortization of intangibles, declined 30% to $0.49.

Although EPS declined from the year-ago quarter, revenues jumped 10% to 1,093.3 million, slightly above ours and the Street’s estimate of $1.07 billion. Avonex and Tysabri were the primary growth drivers.

Avonex sales increased 12% to $591.2 million (U.S. sales increased 20%; ex-U.S. sales increased 2%). New long-term efficacy data and increased promotional efforts should drive Avonex sales going forward.

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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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Visit: www.zacks.com 

On Friday, US stocks registered their fourth-straight week of declines as a dip in consumer confidence and Chevron’s (NYSE:CVX) bleak profit outlook highlighted concerns about the health of the global economy.  The Dow Jones Industrial Average lost 37 points, or 0.4%. Tech-heavy Nasdaq rose 3 points or 0.2% and the S&P 500 index eased 3 points or 0.4%.  Volume remained light with only 922 million shares trading and advancing issues ahead of decliners by a narrow margin.  For the week, the Dow slipped 1.6%, the S&P 500 fell 1.9% and the Nasdaq declined 2.3%.       

Although Alcoa (NYSE:AA) launched second-quarter earnings season with a smaller-than-expected loss, Chevron’s (NYSE:CVX) profit warning heightened concerns about second-quarter earnings and investors sold off stocks.  Crude prices continued their decline, remaining near $60 level.  Exxon Mobil Corp. (NYSE:XOM) slid 4.9%. 

Among the S&P 500 industry groups, telecom companies were the worst performers.  AT&T (NYSE:T) fell 4.7% to $23.44, and Verizon Communications Inc. (NYSE:VZ) declined 5.2% to $28.62 after Sanford C. Bernstein & Co. cut profit estimates for these companies, citing declining revenue from corporate customers.  Technology stocks got a boost after Goldman Sachs upgraded the U.S. hardware and software sectors to "attractive" from "neutral," citing potential growth in demand from businesses.  Goldman (NYSE:GS) also raised its price target on Apple Inc (NASDAQ:AAPL) to $160 from $145.  Apple rose 1.6% to $138.52.

Among the financials, results are expected from Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC), Citigroup (NYSE:C) and JP Morgan (NYSE:JPM).  Analysts expected Goldman Sachs (NYSE:GS) to report second-quarter profit of more than $2 billion on strength in the firms' bond, currency and commodity trading operations.  Among the technology companies due to report their earnings are: Intel (NASDAQ:INTC), Google (NASDAQ:GOOG), Nokia (NYSE:NOK) and IBM (NYSE:IBM).  Also among the key companies reporting this week are: Johnson & Johnson (NYSE:JNJ), General Electric (NYSE:GE), CSX (NYSE:CSX), and Abbott Labs (NYSE:ABT). S&P500 second quarter earnings are projected to have declined 35% in the quarter, compared with a 33% first quarter drop.

The Dow Jones industrial average rose 44.13 points, or 0.5%, to 8,324.87, and the broader Standard & Poor's 500 index edged up 2.30 points, or 0.3%, to 898.72. The technology-laden Nasdaq declined 9.12 points, or 0.5%, to 1,787.40.  Among DJIA components, 19 closed higher while six of the ten S&P 500 industry groups advanced.  On the New York Stock Exchange, declining issues beat advancing ones by a three-to-two margin.

Among DJIA components, American Express (NYSE:AXP), up 5.6% and Merck (NYSE:MRK), up 3.3% led on the upside.  American Express gained after Stifel Nicolaus upgraded its rating on the firm (NYSE:AXP), noting the company the best positioned of credit-card issuers to endure the regulatory changes, advising as well that worries of bad debt are easing.  Dupont (NYSE:DD) shares added 2.2% and Proctor & Gamble (NYSE:PG) gained 2.1% on their safety play appeal.  However, as commodities declined, Alcoa (NYSE:AA) slid 6.1% ahead of its quarterly post after the markets closed Wednesday.

Bank of America (NYSE:BAC) shares declined 3.9% following a Credit Suisse (NYSE:CS) report that warned of worse-than-expected loan losses likely impacting the company's second-quarter results. Nevertheless, financials rose 1% with Bank of NY Mellon (NYSE:BK) adding 2.9%, Goldman Sachs (NYSE:GS) gaining 2.1% and JP Morgan (NYSE:JPM) rising 1% on news that Moody's (NYSE:MCO) may lift its rating on Brazil debt, lowering banks' exposure risk.  FedEx (NYSE:FDX) gained 3.2% to $56.04 after head of the company's international business said he saw signs of an economic rebound in the second half of the year.

Amid lingering worries about the pace of an economic recovery, commodity and material issues proved to be a drag as crude prices plunged to a five-week low of $64.05 after hitting an eight-month high of above $73 per barrel last week.  Among the ten S&P500 industry groupings, basic material shares fell 1.9% and oil and gas declined 1.3%. Technology shares eased 0.5%, as Apple (NASDAQ:AAPL) fell 1.0% and Microsoft (NASDAQ:MSFT) edged 0.7% lower, even as chipmaker Samsung projected a fivefold profit increase for the quarter.  A bullish report on semiconductors was also issued this morning, as Bank of America/Merrill (NYSE:BAC) upped its ratings on the sector, estimating 21% 2010 revenue gains versus 14%, and upgrading Intel (NASDAQ:INTC), Marvell (NASDAQ:MRVL) and LSI (NYSE:LSI) to "buy" and Maxim Integrated Products (NASDAQ:MXIM) and National Semiconductor (NYSE:NSM) to "neutral."  Sprint Nextel (NYSE:S) jumped 3.5% after receiving a ratings upgrade on strength of its Boost prepaid mobile telephone contracts.

Remarks from Obama advisor Tyson who noted a second stimulus package should be planned "on a contingency basis," and aimed at infrastructure investment may underscore remarks from Vice President Joe Biden Sunday complaining of a worse-than-anticipated economic legacy from ex-President Bush as well as the possibility of a second stimulus.

Chicago, IL - July 2, 2009 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Goldman Sachs (GS), JP Morgan (JPM), BB&T (BBT), US Bancorp (USB) and Morgan Stanley (MS).

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Here are highlights from Wednesday's Analyst Blog:

SEC Approves "Say on Pay" Rule

The disclosure of the executive compensation was last approved by the SEC in 2006. That move required companies to disclose their executives' pay and perks in greater detail, and required noting the date of stock option grants. The SEC is now seeking to improve the reporting of stock and option awards.

One of the reasons for the financial crisis was the executive compensation structure that encouraged excessive risk-taking. The Obama Administration is trying to revamp compensation policies of financial firms as a part of the broader regulatory reforms package.

Restrictions on executive compensation have been the main reasons behind the repayment of TARP money by some of the major banks like Goldman Sachs (GS), JP Morgan (JPM), BB&T (BBT), US Bancorp (USB) and Morgan Stanley (MS).

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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.

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

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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

Chicago, IL - June 22, 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: Dell (DELL), WellPoint, Inc. (WLP), Goldman Sachs (GS), Morgan Stanley (MS) and UAL Corporation (UAUA).

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Here are highlights from Friday's Analyst Blog:

WellPoint Gets Tech Savvy with Dell

Dell (DELL) announced that WellPoint, Inc. (WLP) has signed a five-year outsourcing agreement for field support and help desk services through Dell Global Services.

Dell will provide technical support to nearly all WellPoint employees in more than 200 U.S. locations as well as its mobile work force. WellPoint employees can now experience a consistent support program across all locations while Dell resolves technical issues in a timely manner.

We remain positive with management's efforts to increase operational efficiencies, which include outsourcing as in the case of the Dell deal and divestment of non-core division as in the recent sale of its PBM division to Express Scripts the second-largest pharmacy benefits manager in the U.S. based on prescriptions.

The Fed's New Power

There were several steps the Fed could have taken to have prevented the crisis or at least greatly minimized its impact. Not all of them require remarkable 20/20 hindsight.

On the other hand, the Fed does have considerable expertise in these matters, and proper supervision of banks is closely tied to monetary policy. The Fed already has some expertise in dealing with non-commercial banks -- for example the investment banks that are also primary dealers in government securities, such as Goldman Sachs (GS) and Morgan Stanley (MS). As both a plus and a minus, of all the regulatory agencies the Fed is the most independent and the least susceptible to political interference (and oversight).

Taking UAL to Lower Atmosphere

We are significantly reducing our estimates on UAL Corporation ([UAUA], United or UAL) to a per share loss of $8.05 from a loss of $1.50 for 2009 and to a loss of $1.50 from earnings of $1.75 for 2010 .

We have lowered our revenue estimates following UAL's recent investor update on June 17, in which UAL estimated that second quarter mainline revenue passenger miles are expected to fall 11.7-12.7% and mainline unit revenue should drop 20.1-21.1%, while mainline unit operating costs excluding certain items will decline about 19.8-20.1%.

On a more positive note, at the end of the second quarter, UAL expects to be in full compliance with credit facility covenants, and increased its total cash balance during the quarter by $100 million to $2.8 billion.

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About Zacks Equity Research

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Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

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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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Chicago, IL - June 22, 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: Dell (DELL), WellPoint, Inc. (WLP), Goldman Sachs (GS), Morgan Stanley (MS) and UAL Corporation (UAUA).

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Here are highlights from Friday's Analyst Blog:

WellPoint Gets Tech Savvy with Dell

Dell (DELL) announced that WellPoint, Inc. (WLP) has signed a five-year outsourcing agreement for field support and help desk services through Dell Global Services.

Dell will provide technical support to nearly all WellPoint employees in more than 200 U.S. locations as well as its mobile work force. WellPoint employees can now experience a consistent support program across all locations while Dell resolves technical issues in a timely manner.

We remain positive with management's efforts to increase operational efficiencies, which include outsourcing as in the case of the Dell deal and divestment of non-core division as in the recent sale of its PBM division to Express Scripts the second-largest pharmacy benefits manager in the U.S. based on prescriptions.

The Fed's New Power

There were several steps the Fed could have taken to have prevented the crisis or at least greatly minimized its impact. Not all of them require remarkable 20/20 hindsight.

On the other hand, the Fed does have considerable expertise in these matters, and proper supervision of banks is closely tied to monetary policy. The Fed already has some expertise in dealing with non-commercial banks -- for example the investment banks that are also primary dealers in government securities, such as Goldman Sachs (GS) and Morgan Stanley (MS). As both a plus and a minus, of all the regulatory agencies the Fed is the most independent and the least susceptible to political interference (and oversight).

Taking UAL to Lower Atmosphere

We are significantly reducing our estimates on UAL Corporation ([UAUA], United or UAL) to a per share loss of $8.05 from a loss of $1.50 for 2009 and to a loss of $1.50 from earnings of $1.75 for 2010 .

We have lowered our revenue estimates following UAL's recent investor update on June 17, in which UAL estimated that second quarter mainline revenue passenger miles are expected to fall 11.7-12.7% and mainline unit revenue should drop 20.1-21.1%, while mainline unit operating costs excluding certain items will decline about 19.8-20.1%.

On a more positive note, at the end of the second quarter, UAL expects to be in full compliance with credit facility covenants, and increased its total cash balance during the quarter by $100 million to $2.8 billion.

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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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312-265-9380
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However, at yesterday's congressional hearings the topic that drew the most fire was the idea of making the Fed the "systemic risk regulator." Clearly there is a need for such a regulator, so in my mind, doing nothing would be the worst possible option.

Then again, is putting the Fed in charge the right answer? As I see it there are four possible answers.

• 1) Put the Fed in charge
• 2) Form a new agency with those powers
• 3) Give those powers to another existing agency, for example the FDIC or the Comptroller of the Currency
• Have a committee of regulators do the job

There were several steps the Fed could have taken to have prevented the crisis or at least greatly minimized its impact.  Not all of them require remarkable 20/20 hindsight.  

On the other hand, the Fed does have considerable expertise in these matters, and proper supervision of banks is closely tied to monetary policy. The Fed already has some expertise in dealing with non-commercial banks -- for example the investment banks that are also primary dealers in government securities, such as Goldman Sachs (GS) and Morgan Stanley (MS). As both a plus and a minus, of all the regulatory agencies the Fed is the most independent and the least susceptible to political interference (and oversight).

Forming a new agency would take time to get it up and running, and would probably lead to turf battles between it and the existing and remaining bank supervisory role of the Fed. A reasonable case could be made for putting the FDIC in charge, and in the post mortem of the crisis, the FDIC will probably be regarded as the regulator that did the best job (talk about damning with feint praise).

However, the systemic risk regulator will have to deal with financial institutions that are not depository institutions, like banks or thrifts. The FDIC has no particular experience or expertise in dealing with them -- ditto for the Comptroller of the Currency. And the FDIC sort of has its hands full at the moment as it is.

Leaving it to a committee would simply defuse responsibility and accountability, and aside from doing nothing is the least appealing option.

Thus, I do come down on the side of giving the job to the Fed (but could be persuaded to give the job the FDIC). However, I would like to see it accompanied by several major changes at the Fed. The Fed is currently owned by the banks, (literally, not just figuratively) and they get to pick the regional presidents and make up the boards of directors.

This is an obvious conflict of interest. As part of the reform, the regional presidents should be appointed by the President and confirmed by the Senate. The term in office could be set so it is different from the presidential cycle.

The boards should include non-bank directors. There is also a bill moving through Congress to audit the Fed. This should be passed and the audits done, and released in an annual report to the public (and Congress).

* Chrysler announced its plans to reopen seven assembly lines

* E*Trade (NASDAQ:ETFC) announced plans to raise $400 million in a common stock offering and exchange $1 billion outstanding debt

* AutoZone (NYSE:AZO) said its board authorized a $500 million share repurchase program

* Wachovia raised its quarterly earnings expectations for Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS), while dropping same for JP Morgan (NYSE:JPM) and Morgan Stanley (NYSE:MS)

* A Lions Gate Entertainment (NYSE:LGF) filing with the SEC revealed investor Carl Icahn raised his holdings in the company

* Watson Pharmaceuticals (NYSE:WPI) agreed to buy privately-held Arrow Group in a $1.75 billion deal

Pre-market futures suggest a flat opening as traders look for concrete signs of an economic recovery, amid fears of increased government interventions and a crushed economic rebound.

Commodities and financial shares led the decliners yesterday, but healthcare stocks rose after Democratic leaders began working on a healthcare overhaul that would make it mandatory for all Americans to have health insurance coverage.  Shares traded in a narrow range, swinging between gains and losses.  Among S&P industry groups, financials led the declining issues with a 2.2% fall.  Oil and basic materials both recorded a 1.6% fall.  Stocks of consumer services companies gained 1.1%, with drug retailers rising 2.3%.

Among financial sector issues, Bank of America (NYSE:BAC) fell 3.4%, Citigroup (NYSE:C) plunged 5.2% and Wells Fargo (NYSE:WFC) recording a 5.4% decline.  JP Morgan (NYSE:JPM), Goldman Sachs (NYSE:GS), State Street (NYSE:STT) and Morgan Stanley (NYSE:MS) repaid funds borrowed under the government's TARP program.  The Obama Administration's proposed plan for a major financial system overhaul to counter the "cascade of mistakes and missed opportunities of the past decade," however, could not boost sentiments, even as $68 billion of TARP funds were repaid on Wednesday.  S&P, on its part, cited less favorable conditions industry-wide and greater volatility in financial markets for its decision to lower ratings on banks. Banks mentioned included Regions Financial (NYSE:RF), Wells Fargo (NYSE:WFC), Capitol One Financial (NYSE:COF) and PNC (NYSE:PNC).

Technology stocks, nevertheless, showed some resistance, riding high on a number of analyst upgrades and a better-than-expected forecast from Adobe Systems (NASDAQ:ADBE). Merrill/BoA upended its rating on Texas Instruments (NYSE:TXN) from "underperform" to its US I Focus List with a $27 target, noting its expected margin expansion even as the firm faces only modest cyclical recovery prospects. Qualcomm (NASDAQ:QCOM) rose after Goldman Sachs (NYSE:GS) added the firm to its conviction buy list, citing a raised global handset forecast along with an undervalued royalty business.

Chevron (NYSE:CVX) shares declined 1.5% after weekly crude stockpiles showed a larger-than-expected decline of 3.87 million barrels.

Among corporate releases slated for today are JM Smucker (NYSE:SJM) and Discover Financial Services (NYSE:DFS); Research in Motion (NASDAQ:RIMM) is expected to report results after today's close. Treasury Secretary Geithner is scheduled to testify in a House committee hearing on financial regulation. Jefferies' Healthcare Conference continues for its third and final session.

Chicago, IL - June 18, 2009 - Zacks Equity Research highlights Walter Energy (WLT) as the Bull of the Day and Patterson-UTI (PTEN) the Bear of the Day. In addition, Zacks Equity Research provides analysis on Goldman Sachs (GS), JP Morgan Chase (JPM) and AIG (AIG).

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 are reiterating our Buy recommendation on Walter Energy (WLT), and are raising our target price to $39.00 per share from $32.00 per share.

Although the weak steel market will adversely impact earnings in 2009, it will still realize favorable margins relative to other domestic coal producers, as it produces some of highest quality low-vol. met coal in the world.

We believe that the company's shift to a pure-play natural resource/energy increases shareholder value as we are bullish on the long-term coal supply and demand story.

Bear of the Day:

Our continued Sell recommendation on Patterson-UTI (PTEN) shares reflects our expectation of a sustained softness in onshore drilling activities, resulting from a combination of commodity-price weakness, too much natural gas supply and recession-hit demand, particularly in the industrial sector.

Patterson-UTI remains particularly vulnerable to this weak macro environment given its lack of contract coverage and heavy spot market exposure.

While the company remains in strong financial health, its recent decision to cut its quarterly dividend by 69% is a prudent move to conserve capital.

Latest Posts on the Zacks Analyst Blog:

Obama's Regulatory Reform Plan

The plan greatly extends the supervisory powers of the Federal Reserve as it would become a consolidated supervisor over all large financial institutions such as Goldman Sachs (GS), JP Morgan Chase (JPM), AIG (AIG), etc., whose problems pose potential risks to the economic system. However, the Fed would be required to receive approval from the Treasury for emergency lending under "unusual and exigent" circumstances.

The proposal will most likely be debated strongly as many critics of the Fed argue that its loose monetary policy and failure to exercise the existing powers over banks ultimately led to the current crisis.

In order to fill in regulatory gaps and coordinate with the various agencies, the plan would create a council of regulators headed by the Treasury Secretary.

The plan also requires all hedge funds and private equity funds to register with the SEC and open their books to regulators.

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.

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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

The administration has focused on five key areas for reform, which we have highlighted below along with the important actions proposed in those areas:

1) Promoting Robust Supervision and Regulation

• Raising capital and liquidity requirements
• Supervision by the Fed for all "too big to fail" firms
• Establishing a council of regulators for better coordination
• New National Supervisor to supervise all federally chartered banks
• Registration of hedge funds with the SEC
• Enhanced oversight of insurers

• Enhanced regulation of securitization markets
• Stronger regulation of credit-rating agencies
• Regulation of all OTC derivatives
• Payment & Settlement systems to be overseen by the Fed

• Establishing a new Consumer Financial Protection Agency

• Resolution mechanism for the orderly resolution of "too big to fail" financial companies
• Improving  accountability of Fed's emergency lending powers

The plan greatly extends the supervisory powers of the Federal Reserve as it would become a consolidated supervisor over all large financial institutions such as Goldman Sachs (GS), JP Morgan Chase (JPM), AIG (AIG), etc., whose problems pose potential risks to the economic system. However, the Fed would be required to receive approval from the Treasury for emergency lending under "unusual and exigent" circumstances.

The proposal will most likely be debated strongly as many critics of the Fed argue that its loose monetary policy and failure to exercise the existing powers over banks ultimately led to the current crisis.

In order to fill in regulatory gaps and coordinate with the various agencies, the plan would create a council of regulators headed by the Treasury Secretary.

The plan also requires all hedge funds and private equity funds to register with the SEC and open their books to regulators.

Some of the existing regulatory agencies' powers to oversee mortgages, credit cards and other kinds of consumer debt are proposed to be given to a new regulator, called the Consumer Financial Protection Agency.

The Office of Thrift Supervision will be merged into the Office of the Comptroller of the Currency, to create a single agency to supervise all banks with national charters.

The plan would impose tighter rules for securitization. It would also require the companies that issue mortgages to retain at least 5% of them on their books to discourage companies from marketing unsuitable loans.

The proposal also mentions that Treasury will work with other agencies to determine the future role of GSEs, Fannie Mae (FNM) and Freddie Mac (FRE) and a report will be presented at the time of 2011 budget release.

The administration has focused on five key areas for reform, which we have highlighted below along with the important actions proposed in those areas:

1) Promoting Robust Supervision and Regulation

• Raising capital and liquidity requirements
• Supervision by the Fed for all "too big to fail" firms
• Establishing a council of regulators for better coordination
• New National Supervisor to supervise all federally chartered banks
• Registration of hedge funds with the SEC
• Enhanced oversight of insurers

• Enhanced regulation of securitization markets
• Stronger regulation of credit-rating agencies
• Regulation of all OTC derivatives
• Payment & Settlement systems to be overseen by the Fed

• Establishing a new Consumer Financial Protection Agency

• Resolution mechanism for the orderly resolution of "too big to fail" financial companies
• Improving  accountability of Fed's emergency lending powers

The plan greatly extends the supervisory powers of the Federal Reserve as it would become a consolidated supervisor over all large financial institutions such as Goldman Sachs (GS), JP Morgan Chase (JPM), AIG (AIG), etc., whose problems pose potential risks to the economic system. However, the Fed would be required to receive approval from the Treasury for emergency lending under "unusual and exigent" circumstances.

The proposal will most likely be debated strongly as many critics of the Fed argue that its loose monetary policy and failure to exercise the existing powers over banks ultimately led to the current crisis.

In order to fill in regulatory gaps and coordinate with the various agencies, the plan would create a council of regulators headed by the Treasury Secretary.

The plan also requires all hedge funds and private equity funds to register with the SEC and open their books to regulators.

Some of the existing regulatory agencies' powers to oversee mortgages, credit cards and other kinds of consumer debt are proposed to be given to a new regulator, called the Consumer Financial Protection Agency.

The Office of Thrift Supervision will be merged into the Office of the Comptroller of the Currency, to create a single agency to supervise all banks with national charters.

The plan would impose tighter rules for securitization. It would also require the companies that issue mortgages to retain at least 5% of them on their books to discourage companies from marketing unsuitable loans.

The proposal also mentions that Treasury will work with other agencies to determine the future role of GSEs, Fannie Mae (FNM) and Freddie Mac (FRE) and a report will be presented at the time of 2011 budget release.

From 2004 through the 3rd quarter of 2007, corporate America enjoyed one of the most robust periods of profitability ever. This should have left it in very good shape financially when the downturn occurred. However, this has not been the case. Every time you open the paper it seems like there is another company on the ropes and potentially looking for a bailout.

So where did all the money go? Well, last week Standard & Poor's came out with their quarterly tabulation of dividends and share buybacks for S&P 500 firms. It's clear all the money went back to the shareholders in either dividends or share repurchase. Given that dividends cause a taxable event in the year they are paid -- but share repurchase payouts are not triggered until the stock is sold -- buybacks do have the advantage. Other than that, they are economically equivalent.

They also prevent dilution from occurring due to lavish stock option awards to executives. Further, it is common for executives to be benchmarked by compensation consultants on the basis of EPS growth and ROE [return on equity]. If you shrink the denominator, the value goes up. Share buybacks shrink shares outstanding and, unless done at less-than-book value, also shrink shareholders equity per share.

The 3rd quarter was the 6th straight quarter where cash returned to shareholders in the form of dividends and buybacks exceeded operating earnings. Since most extraordinary items are negative items ("one time" charge-offs), operating earnings almost always exceed reported earnings. Thus, the payout on reported earnings is far above 100%.

These write-offs, while not indicative of how the company fared during the quarter being reported upon, should not simply be dismissed. Generally they are the corporate world's equivalent to Emily Latella: "Those earnings we reported last year or three years ago -- NEVER MIND." Thus over longer periods of time, the reported earnings are more realistic than the operating earnings, even if the operating earnings are a more accurate reflection of corporate health during any given reporting period.

Cash paid to shareholders, either in the form of a dividend check, or in the form of shrinking shares outstanding to help EPS grow, is not cash available to strengthen a balance sheet by paying down debt. It is cash that is not available to put into building new factories, or invest in new more efficient and productive machines. It is cash that is not available to put into R&D to develop new innovative products.

Corporations have started to pull back from their share buyback programs (now that stock prices are about 40% off their highs).  In the 3rd quarter of 2008, companies shelled out 47.8% less to buy back their own stock than they did in the 3rd quarter of 2007.  Dividends were virtually unchanged from a year ago. That is another advantage of buybacks -- it is easier to cut back on them quietly than it is to cut dividends.  Still, in the 3rd quarter, buybacks alone exceeded reported earnings.

It is also noteworthy that two of the top 10 firms in total cash spent on buybacks over the last four years were Goldman Sachs (GS) which spent a total of $26.5 billion, and Bank of America (BAC) which spent a total of $25.5 billion. Both are still paying common dividends as well, even as the Federal government pours money in on extremely generous (aka "giveaway") terms to help shore up their balance sheets.

General Electric (GE) which recently got a Federal backstop on its debt was also on the list having spent $29.6 billion over the last four years. Ford (F) and General Motors (GM) are not on the top-10 list.

                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

S&P 500 Total Earnings, Dividends and Share Buybacks
Quarter	Operating Earnings	Reported Earnings	Dividends	Buybacks	Dividends+ Buybacks	Operating Earnings PO	Reported Earnings PO
3Q08	$142.90	$86.16	$61.44	$89.71	$151.15	105.77%	175.43%
2Q08	$148.43	$112.12	$61.94	$87.91	$149.85	100.96%	133.65%
1Q08	$144.63	$135.24	$61.72	$113.90	$175.62	121.43%	129.86%
4Q07	$133.38	$68.53	$67.09	$141.71	$208.80	156.55%	304.68%
3Q07	$184.13	$133.66	$61.21	$171.95	$233.16	126.63%	174.44%
2Q07	$213.65	$194.30	$59.76	$157.76	$217.52	101.81%	111.95%
1Q07	$200.23	$190.75	$58.53	$117.70	$176.23	88.01%	92.39%
4Q06	$197.35	$181.65	$61.79	$105.18	$166.97	84.61%	91.92%
3Q06	$207.22	$193.19	$55.07	$109.81	$164.88	79.57%	85.35%
Totals	$1,571.92	$1,295.60	$548.55	$1,095.63	$1,644.18	104.60%	126.90%

                                                                                                

 Data from:http://www2.standardandpoors.com/spf/pdf/index/121008_500_BUYBACK.pdf

Read the full analyst report on F

Read the full analyst report on GM