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Zacks Bull and Bear of the Day Highlights: PerkinElmer, Hudson City Bancorp, KB Home, Family Dollar Stores and Shaw Communications

Zacks Investment Research, Inc., www.zacks.com. (PRNewsFoto/Zacks Investment Research) (PRNewsFoto/ZACKS INVESTMENT RESEARCH)

News provided by

Zacks Investment Research, Inc.

Jun 30, 2011, 09:30 ET

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CHICAGO, June 30, 2011 /PRNewswire/ -- Zacks Equity Research highlights: PerkinElmer, Inc. (NYSE: PKI) as the Bull of the Day and Hudson City Bancorp (Nasdaq: HCBK) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on KB Home (NYSE: KBH), Family Dollar Stores Inc. (NYSE: FDO) and Shaw Communications Inc. (NYSE: SJR).

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

(Logo: http://photos.prnewswire.com/prnh/20101027/ZIRLOGO)

Here is a synopsis of all five stocks:

Bull of the Day:

We upgrade our rating for PerkinElmer, Inc. (NYSE: PKI) to Outperform based on solid results and benefits from reorganization. First-quarter 2011 earnings per share of $0.34 surpassed the Zacks Consensus Estimate of $0.30. PerkinElmer is a leader in several life science segments. It has added new related areas as part of its reorganization and divested unrelated businesses. As a consequence, it has emerged as a higher-growth, higher-margin company.

Its operations, both sales and manufacturing, are diversified on a geographic basis. The company has implemented cost containment measures. Growing recurring revenue stream and operating margin expansion are its pillars of strength.

Based on the company's recent performance, we upgrade our rating on the stock to Outperform with a price target of $31, which is based on a P/E of approximately 18.6X our fiscal 2011 EPS estimate.

Bear of the Day:

We are downgrading our recommendation on Hudson City Bancorp (Nasdaq: HCBK) to Underperform. It reported a loss on a GAAP basis in the first quarter of 2011 for the completion of the balance sheet restructuring during the quarter. Lower interest and dividend income, and increased non-interest expense, were on the downside.

Going forward, the low interest rate environment would likely result in a compression of the net interest margin from its new higher level resulting from the restructuring transaction, and in combination with the reduction in the size of its balance sheet from the restructuring transaction, would lead to a reduction of net interest income.

While its strong business model and solid capital position would aid results, the dividend cut somewhat dampens investors appetite for the stock. Increase in FDIC insurance costs also remains an overhang.  .

Latest Posts on the Zacks Analyst Blog:

KB Home's Loss Widens

KB Home (NYSE: KBH) reported a net loss of $68.5 million or 89 cents per share in the second quarter of fiscal 2011, compared with a net loss of $30.7 million or 40 cents per share a year ago.

However, excluding inventory impairments and land option contract abandonment charges of $20.6 million and a loss of $14.6 million on loan guaranty related to the company's investment in South Edge, LLC, the adjusted net loss stood at $33.3 million or 43 cents per share, which is much wider than the Zacks Consensus Estimate of a loss of 32 cents per share.

Total revenue fell 27% to $271.7 million, mainly driven by a 28% decline in housing revenues to $270 million. The decrease in housing revenues reflected a 29% decrease in the number of homes delivered to 1,265 homes, partly offset by a 3% rise in average selling price to $213,400. However, quarterly revenues were higher than the Zacks Consensus Estimate of $266 million.

Meanwhile, net orders fell 11% to 1,998 homes from 2,244 homes a year ago. As a percentage of gross orders, the company's cancellation rate was 25% in the quarter compared with 24% in the prior-year period.

Family Dollar Misses, Earnings Up

Family Dollar Stores Inc. (NYSE: FDO) recently posted third-quarter 2011 results. The quarterly earnings of 91 cents a share missed the Zacks Consensus Estimate of 95 cents, but jumped 18.2% from 77 cents earned in the prior-year quarter due to healthy sales witnessed in the Consumable and Home Products categories.

However, the shares of Family Dollar dropped 3.3% or $1.76 to $51.26 in pre-market trading.

The company had earlier guided earnings in the range of 92 cents to 97 cents for the quarter under review. Management now expects fourth-quarter 2011 earnings between 62 cents and 70 cents, and fiscal 2011 earnings between $3.08 and $3.16. The current Zacks Consensus Estimates for the fourth quarter and fiscal 2011 are 65 cents and $3.15 per share.

We observe that Family Dollar's strategic initiatives to improve merchandising and store operations have helped grow the top and bottom lines.

The operator of self-service retail discount store chains posted a 7.8% increase in revenue to $2,153.4 million from the prior-year quarter, and reflected sales growth across Consumables categories (up 10.6%) and Home Products (up 8.2%) but sales declined at Seasonal and Electronics (down 0.4%) and Apparel and Accessories (down 1.1%). Total revenue also fell short of the Zacks Consensus Estimate of $2,166 million.

Shaw Communications Beats

Shaw Communications Inc. (NYSE: SJR) declared its third quarter 2011 financial results, which beat the Zacks Consensus Estimate.

In the reported quarter, the company laid off 550 employees including 150 managers. Although the business restructuring is estimated to cost between $29 million and $30.7 million, it will result in early cost savings of more than $50 million.

Second Quarter Results in Detail

Net income in the reported quarter was $209.5 million or 46 cents per share compared with a net income of $163.5 million or 38 cents per share in the prior-year quarter. Earnings per share (EPS) of 46 cents comfortably beat the Zacks Consensus Estimate of 40 cents per share.

Quarterly total revenue of approximately $1,327.6 million was up 36.1% year over year and was above the Zacks Consensus Estimate of $1,290 million. The year-over-year improvement was primarily attributable to the acquisition of the Shaw Media coupled with customer growth and rate increases in the Cable and Satellite segments.

Quarterly operating income before amortization was $598.9 million, up 33% year over year. Quarterly operating margin was 45.1% compared with 46.2% in the prior-year quarter. In the third quarter of 2011, Shaw Communications generated $379.4 million in cash from operations compared with $339.5 million in the year-ago quarter. Free cash flow in the reported quarter was approximately $250.1 million versus $155.9 million in the year-ago quarter.

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.

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=7158.

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD from MIT 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=4582.

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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.

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SOURCE Zacks Investment Research, Inc.

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