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Zacks Bull and Bear of the Day Highlights: Onyx Pharmaceuticals, Allegheny Technologies, CBRE Group, Staples and Jones Lang LaSalle

CHICAGO, Dec. 5, 2012 /PRNewswire/ -- Zacks Equity Research highlights Onyx Pharmaceuticals (Nasdaq: ONXX) as the Bull of the Day and Allegheny Technologies (NYSE: ATI) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on CBRE Group Inc. (NYSE: CBG), Staples, Inc. (Nasdaq: SPLS) and Jones Lang LaSalle Inc. (NYSE: JLL).

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Full analysis of all these stocks is available at http://at.zacks.com/?id=2678.

Here is a synopsis of all five stocks:

Bull of the Day:

We are upgrading Onyx Pharmaceuticals (Nasdaq: ONXX) to Outperform based on the company's strong third quarter results and improving prospects. Onyx reported solid third quarter results with revenues increasing 19.3% to $89.5 million, well above the Zacks Consensus Estimate of $81 million.

Third quarter 2012 loss of $0.89 per share was narrower than the Zacks Consensus Estimate of a loss of $1.08. Recently launched Kyprolis is off to a solid start and the strong ramp should continue.

Loss estimates for both 2012 and 2013 have gone down and the Zacks Rank has moved to #2 (short-term Buy rating) from 3 (short-term Hold rating). With two back-to-back product approvals to its credit, Onyx has successfully transformed itself from a one-product company to a multiple-product company.

Bear of the Day:

We are retaining our Underperform recommendation on Allegheny Technologies (NYSE: ATI) following its disappointing third quarter results. Both revenues and earnings missed Zacks Consensus Estimates. Profit tumbled year over year as sluggish economic conditions hurt demand for the company's products.

The company cut its sales forecast for 2012. While Allegheny is expected to continue benefiting from its new alloys/products and diversified global growth markets, it is contending with a soft economy and raw material cost pressures. Moreover, reduced raw material surcharges and low base prices for standard stainless products are affecting the results of the company's Flat-Rolled Products division.

Our long-term Underperform recommendation on the stock indicates that it will perform below the market. Our price target of $24 is based on 16x our fiscal 2012 earnings estimate.       

Latest Posts on the Zacks Analyst Blog:

CBRE Group Appoints New CEO

CBRE Group Inc. (NYSE: CBG), the world's largest commercial real estate services firm in terms of 2011 revenues, announced the retirement of its Chief Executive Officer (CEO), Brett White, on November 30, 2012. As previously announced, Robert E. Sulentic took over the reins on December 1, 2012.

Brett White had led CBRE Group as CEO since 2005. During his seven year tenure, he contributed towards growth of client services and global capabilities of the company. His major achievement includes the acquisition of 'ING Real Estate Investment Management' (ING REIM) business in 2011, a major revenue driver to date.  

CBRE Group has now completed the integration of the acquired business in its existing Global Investment Management (GIM) segment. Thus, we think that White has positioned the company as necessary to boost its long term strategy of providing premium client services, and thereby, enhance the global real estate services brand.

Robert E. Sulentic joined CBRE Group in 2006 with the acquisition of Trammell Crow Company, where he had served as CEO. He was appointed President of CBRE Group in 2009 and will retain his current position, along with the new responsibility.  Sulentic also joined the Board of Directors and Global Operating Committee of CBRE Group. Alongside, he is on the Board of Directors of an office product manufacturing retailer - Staples, Inc. (Nasdaq: SPLS).

We believe that Sulentic's vast know-how and expertise will prove beneficial for CBRE Group. We expect the company to reach new heights in terms of ongoing client services improvement and portfolio expansions.

As a point of reference, one of CBRE Group's peers – Jones Lang LaSalle Inc. (NYSE: JLL) – recently announced the transition of two senior executives. Peter Roberts, the current CEO of the Americas region, will move to the post of Chief Strategy Officer effective January 1, 2013. Concurrently, the company announced Lauralee Martin as his successor.

CBRE Group is the global market leader in commercial real estate brokerage and advisory services for property leasing and sales, forecasting, valuations, origination and servicing of commercial mortgage loans, as well as project and real estate investment management. The company's extensive knowledge of domestic and international real estate markets enables it to operate as a single-source provider of real estate solutions.

CBRE Group, however, reported relatively unimpressive results in the third quarter of 2012, with earnings missing the Zacks Consensus Estimate by 7 cents, as the sovereign debt crisis in Europe and a slow growth trajectory in Asia held back its momentum.

We have a long-term Neutral recommendation on CBRE Group. It carries a short-term Zacks #5 Rank (Strong Sell).

Get the full analysis of all these stocks by going to http://at.zacks.com/?id=2649.

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.

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