For Immediate Release
Chicago, IL – January 19, 2010 – Zacks Equity Research highlights Applied Materials (AMAT) as the Bull of the Day and Jacobs Engineering Group Inc. (JEC) the Bear of the Day. In addition, Zacks Equity Research provides analysis on MGM Mirage (MGM), Las Vegas Sands (LVS) and Wynn Resorts (WYNN).
Full analysis of all these stocks is available at http://at.zacks.com/?id=5506
Here is a synopsis of all five stocks:
Applied Materials (AMAT) is one of the world’s largest suppliers of fabrication equipment to semiconductor, LCD and solar PV cell manufacturers. Applied’s leading market position, strength in China, improving trends across all served end markets, innovative R&D capabilities, management execution and solid financials makes us optimistic about the stock.
Although the solar business remains a drag on results, the situation may turn around in 2010. The nature of the company’s business necessitates a huge cost structure and customer concentration, which should not be a problem in the current market environment.
Consequently, we are initiating coverage of AMAT shares with an Outperform rating.
Jacobs Engineering Group Inc. (JEC) is one of the leading providers of professional, technical, and construction services to industrial, commercial and governmental clients. Jacobs’ ongoing acquisition strategy will help it to strengthen its position in the future.
However, the very cyclical nature of its business, as well as its heavy dependence on third parties, is discouraging. The company also faces immense risks as it operates in a highly-competitive environment.
Thus, we maintain our Underperform rating on the stock.
Latest Posts on the Zacks Analyst Blog:
MGM Mirage Plans Macau IPO
MGM Mirage (MGM) is marching ahead with its Hong Kong initial public offering (IPO) plan. According to the South China Morning Post, the company is planning to raise approximately $1 billion through the listing of its Macau property.
MGM Grand Macao, a joint venture between MGM Mirage and Pansy Ho, the daughter of Macau casino magnate Stanley Ho, is looking out for banks for this IPO.
Macau has become an attractive destination for casino companies. MGM follows casino operators such as Las Vegas Sands (LVS) and Wynn Resorts (WYNN), both of whom have accomplished IPOs of their Macau properties in 2009 and are investing billions in expansion there. Wynn Resorts raised $1.63 billion in October last year through the Hong Kong listing of its Macao unit. In November, Las Vegas Sands’ Sands China raised $2.5 billion in its IPO.
Macau is the only Chinese city where gambling is legal. It has survived the economic downturn relatively well, generating HK$105.6 billion ($13.5 billion) of gross gaming revenue in 2008. This is more than double the revenue generated by the Las Vegas strip. In Oct. 2009, Macau casino revenues were a record high $1.6 billion, up 42% from the year-ago quarter.
Friendly gaming policies from the local government and a slackening of visa restrictions by Beijing to allow more mainland tourists to visit Macau have helped the gaming industry in Macau to achieve record earnings.
Get the full analysis of all these stocks by going to http://at.zacks.com/?id=5507.
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