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DryShips Target Cut, Stays Afloat

Tags: drys
4 Dec 5:37am
Posted by ZacksResearch
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We are continuing our Hold on DryShips Inc. (DRYS), but cutting our target price to $4. In 2008's third quarter, DRYS posted diluted EPS before nonrecurring items of $3.53, up 49% year over year, but below our estimate due to higher-than-expected expense growth. Revenues increased 126% year over year to $317 million, largely due to a 41% rise in TCE [time charter equivalent] rates to $63,965 per day (from $45,525 per day) and a 19% increase in voyage days to 3,465 days, as well as the...
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WESCO Holding Its Position

Tags: wcc
4 Dec 5:11am
Posted by ZacksResearch
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WESCO International, Inc. (WCC) is one of the largest distributors of electrical products in the U.S. Both revenue and EPS exceeded consensus estimates in the last quarter. All the end markets continue to look challenging in 2008, and 2009 is likely to be worse. However, management initiatives could limit the downward pressure. We expect revenue to grow less than 3% in 2008, after four years of double-digit growth. We are reiterating our Hold rating on WCC shares. While management's e...
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Radio One to Fall Even Further

Tags: roiak
4 Dec 3:43am
Posted by ZacksResearch
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We maintain our Sell rating on Radio One, Inc. (ROIAK). In our view, the company's high leverage (6.6x) will hinder its acquisition activities in the near future, and thus its attempts to diversify into higher-growth areas. Moreover, in a period of declining earnings and cash flow, Radio One is nearing its covenant limits. The company is precariously close to its bank covenant limits, at a time when EBITDA is falling at an accelerating rate (down 25% in 3Q08). ROIAK's leverage was 7.2...
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Tenneco Still Under Big 3 Shadow

Tags: ten, gm, f
4 Dec 3:10am
Posted by ZacksResearch
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Tenneco, Inc. (TEN) headquartered in Lake Forest, Illinois, sells its products under brands including Monroe, Rancho, Clevite Elastomers, and Fric Rot ride control products and Walker, Fonos and Gillet emission control products. The company operates 80 manufacturing plants and 15 engineering facilities worldwide.Tenneco is witnessing revenue improvements and has been successful in its cost reduction efforts and restructuring activities. The company holds a leading position in nearly e...
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DOW Remains a Hold for Near Term

Tags: dow
4 Dec 2:44am
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The Dow Chemical Company (NCT) is the largest producer of plastics and second-leading chemical company in the world. Vertical integration keeps cost low. Stronger demand in Europe, Asia Pacific, Latin America, India, Middle East and Africa has more than offset the continued economic slowdown in North America. Moreover, price gains have largely offset significant increases in costs of feedstock and energy. The company's recently completed joint venture agreement with Petrochemical Indu...
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Zacks Investment Research is one of the most highly regarded firms in the investment industry. Our firm has long believed that that quantitative models (like the Zacks Rank) can predict stock prices more accurately than individual analysts. However we also recognize that models are most effective when they are employed by analysts who have deep fundamental knowledge of the company and its industry. Consequently Zacks Equity Research combines Zacks quantitative models with the insight provided by an experienced team of 50 analysts to create superior long term stock recommendations. Discover all their timely insight and recommendations daily on Zacks.com.

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