CHICAGO, Nov. 5, 2014 /PRNewswire/ -- Zacks Equity Research highlights Affymetrix (Nasdaq:AFFX-Free Report) as the Bull of the Day and General Cable (NYSE:BGC-Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis onCitigroup Inc. (NYSE:C-Free Report), JPMorgan Chase & Co. (NYSE:JPM-Free Report) and Bank of America Corp. (NYSE:BAC-Free Report).
Here is a synopsis of all five stocks:
Headquartered in Santa Clara, California, Affymetrix (Nasdaq:AFFX-Free Report) is a leading provider of microarray-based products and services to the global research community. The company utilizes its DNA chip technology in areas of gene expression, analysis, and clinical application to help treat infectious diseases, cancer, and other ailments.
Affymetrix has 1,100 employees globally, manufacturing facilities in Ohio, California, Singapore and Austria, and a sales and distribution network across U.S., Latin America, Europe and Asia.
The company has two reportable operating segments: Affymetrix Core (72.2% of revenues in H1 2014) and eBioscience (27.4%).
AFFX reported its Q3 results on October 30. Total revenues increased by 8.4% to $87.1 million ahead of the Zacks Consensus Estimate of $84 million. The positive surprise was driven mainly by strength in the company's product portfolio and increased focus on high-growth markets.
Adjusted earnings for the quarter were $0.08 per share, compared to $0.05 per share in the previous year quarter and substantially ahead of the Zacks Consensus Estimate of $0.04 per share.
The company also upgraded its previously announced revenue and EBITDA guidance for FY 2014.They now expect to generate annual revenues of $345 million and adjusted EBITDA of approximately 17% of revenue.
After better than expected results and upgraded guidance, analysts have started to revise their earnings estimates for the company.
Headquartered in Highland Heights, Kentucky, General Cable (NYSE:BGC-Free Report) develops, designs, manufactures, markets and distributes copper, aluminum and fiber optic wire and cable products for energy, industrial, specialty and communications markets around the world.
During 2013, 43% of sales were in North America, 22% in Europe, 19% in Latin America, 10% in Asia and the remaining 6% in Africa.
On October 29, the company reported its third quarter results. Adjusted operating income for the quarter was $55 million or $0.30 per share, short of the Zacks Consensus Estimate of $0.39 per share. While the company's businesses in North America improved slightly, many other end markets remained under pressure.
For FY 2014, they now expect adjusted operating income to be in the range of $175 million to $190 million. The decrease from the earlier guidance reflected "the impact of an increasingly uncertain macro environment, uneven electrical infrastructure and construction investment throughout Latin America and ongoing challenges in Spain and Thailand."
Due to disappointing results and downgraded guidance, quarterly and annual estimates have been revised sharply downwards in the past few days by analysts.
Additional content:
Citigroup to Revamp Branches with Improvised Tech
In keeping with its restructuring moves, Citigroup Inc. (NYSE:C-Free Report) is set to remodel its U.S. branches with greater focus on technology while simultaneously reducing the size of the branch locations.
Per a Wall Street Journal release, Citigroup will set up "compact" branches, measuring between 600 to 1,200 square feet. Such branches will have three to four full-time employees. Notably, existing branches are more than twofold in size, measuring around 2,500 square feet with nine employees.
Focusing on technology, customers can enjoy better banking experience at these revamped bank branches. Touchscreen walls and online terminals would enable customers to scan through products. The better equipped technologies will also assist customers in smoothly availing banking services.
Jane Fraser, CEO of Citigroup's US Consumer & Commercial Banking has probably presented the upcoming course of actions in the related matter on Monday evening at Money20/20, a conference on digitization of payments.
Citigroup has shed a number of its U.S. locations to cover seven major cities including Boston, Chicago, Los Angeles and Miami. The release included some of Fraser's prepared remarks. Per a remark, "The last few years we have spent systematically shrinking our bricks and mortar presence to the right locations in the markets we want to win in, and, unlike our competitors, we are largely now done."
Notably, Citigroup intends to expand branch locations while maintaining a smaller size. In 2015, the company will increase branches to 59 from the current 54 locations in Miami. Also, the company will consider "mini" branches covering 500 square feet with one employee. Following its expansion in Miami, the bank will test its new branch model in New York and Los Angeles over the upcoming five years.
Branches are trending to be less important for banks as customers prefer to connect with banks though the Internet and mobile phones. Such modes of communication not only save time for a customer, avoiding physical visit to a branch, but also saves costs for a bank.
Processing a daily transaction becomes less expensive for banks compared with processing in a big set up with more staff. However, while ATMs and internet facilitates normal transactions including cash withdrawal and check depositing, banks prefer customers to visit branches for important transactions like availing loans.
Citigroup is not the only bank to emphasize on the importance of small banks equipped with upgraded technology. Other banking giants including JPMorgan Chase & Co. (NYSE:JPM-Free Report) and Bank of America Corp. (NYSE:BAC-Free Report) have tested similar moves.
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. Click here to subscribe to this free newsletter today.
About Zacks
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978. The later formation of the Zacks Rank, a proprietary stock picking system; 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.
Get the full Report on AFFX - FREE
Get the full Report on BGC - FREE
Get the full Report on C - FREE
Get the full Report on JPM - FREE
Get the full Report on BAC - FREE
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
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
[email protected]
http://www.zacks.com
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Logo - http://photos.prnewswire.com/prnh/20101027/ZIRLOGO
SOURCE Zacks Investment Research, Inc.
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article