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July 6, 2009
Share ThisChicago, IL - July 6, 2009 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: The Gap (GPS), Limited (LTD), J.C. Penney (JCP), Macy's (M) and ASM International (ASMI).
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Here are highlights from Friday's Analyst Blog:
Another Ugly Jobs Report
Even for those who still have a job, things are not good. Average hourly earnings were unchanged for the month, and with a lower workweek that means that average weekly earnings were down by $1.85. While that is not huge, it does mean that people are not going to be keeping up with inflation.
With less money in their pockets and a change in attitude that favors more savings at the margin, people are going to be shopping less. This seems to me likely to affect some of the mid-range stores more than the discounters or those involved in the carriage trade. I see the continued weak employment situation as a big negative for some of the mall occupants like The Gap (GPS), Limited (LTD) and the anchors like J.C. Penney (JCP) and Macy's (M).
ASM International Downgraded
S&P ratings lowered ASM International's (ASMI) long-term credit rating from BB- to B+. The rating revision hinges on the rating agency's expectation of a prolonged downturn for semiconductor equipment companies.
ASMI is an original equipment manufacturer (OEM) offering semiconductor manufacturing equipment used in the fabrication of integrated circuits (ICs). Its products are used in both the front and back-end segments of the semiconductor production process. The company was growing revenue and earnings nicely before 2008, but suffered a big setback during 2008 when its earnings declined nearly 70%. The company reported a loss in the first quarter.
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