For Immediate Release
Chicago, IL – June 19, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Research In Motion (RIMM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC) and U.S. Bancorp (USB).
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Here are highlights from Thursday’s Analyst Blog:
RIMM Overflows Expectations
Research In Motion (RIMM) reported revenue and earnings exceeding our estimates. Revenue for the first quarter of fiscal 2010 was $3.42 billion, compared to $3.46 billion in the previous quarter and $2.24 billion for the same period last year. Gross margin improved sequentially, from 40% last quarter to 43.6% just reported. Adjusted net income of $0.98/share was above our estimate of $0.88/share and 17% above $0.84/share reported for the same period last year.
The company maintains a solid balance sheet, with cash, cash equivalents and long-term investments of $2.42 billion and no debt, an increase of $180 million for the reporting period. RIMM shipped 7.8 million Blackberry wireless devices in the quarter, and the total subscriber accounts reached 28.5 million.
Green Shoots in the Bay Area?
The improvement can be attributed to buyers’ and investors’ willingness to step up to the place given the reduction in home prices over the past year, the relatively low interest rates, as well as various government and industry incentives. However, concerns remain that rising unemployment and the potential for a broadening of foreclosures could moderate or extinguish any expansion of the nascent recovery.
From the year-ago level, as would be expected, Napa County experienced the smallest price decline, down 17.6% to $350,000; San Francisco declined 19.6% to $682,000; Alameda County dropped 35.1% to $330,000; while Contra Costa County experienced the largest decline of 39.6% to $227,000.
Unfortunately, this potential “green shoot” may not have a significant impact for entities’ operations in the Bay Area, such as but not limited to Bank of America (BAC), Citigroup (C), Wells Fargo (WFC) and U.S. Bancorp (USB).
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