Month: August 2011

Bank of America Corp. ( BAC ) is planning to retrench 3,500 workers this quarter as the company is fraught with its $1 trillion problem-loan portfolio. The ongoing economic and market instability further compounded the quandary […]

Par Pharmaceutical Companies Inc. ( PRX ) and Intellipharmaceutics International Inc. ( IPCI ) recently announced the expansion of their collaboration for the development and commercialization of additional strengths of their generic version of Focalin XR (dexmethylphenidate hydrochloride). […]

Aesthetic products company Syneron Medical ( ELOS ) has won the 510(k) clearance of the U.S. Food and Drug Administration (“FDA”) to market its new Tanda Luxe Light Emitting Diode (“LED”). The new skin rejuvenation system has been approved by the regulator for over-the-counter (“OTC”) treatment of periorbital (surrounding the eye) wrinkles, rhytides and fine lines […]

Gap Inc. ’s ( GPS ) second-quarter 2011 earnings of 35 cents per share declined 2.8% from last year’s 36 cents per share, but were a penny ahead of the Zacks Consensus Estimate. […]

Salesforce.com Inc. ( CRM ) reported second quarter fiscal 2012 adjusted net income of 6 cents per share, which was modestly ahead of the Zacks Consensus Estimate of 3 cents. […]

VeriFone Systems Inc. ( PAY ) recently completed the acquisition of Hypercom Corp., one of the company’s competitors. […]

Fastenal Co. ( FAST ) reported net sales of $222.3 million for July 2011, up 16.6% from $190.7 million, a year ago. […]

Terreno Realty Corporation ( TRNO ), a real estate investment trust (REIT), has recently provided an update of its second quarter 2011 investment activities that primarily delves on its acqusition spree. The continuous acquisition binge is part of the long-term strategy of the company to own functional and flexible buildings in infill locations that can be modified to accommodate single and multiple tenants at discounts to replacement cost. Terreno Realty acquired 5 industrial properties spanning approximately 400,000 square feet for an aggregate purchase price of $55.9 million, including the assumption of a mortgage loan of approximately $14.8 million with a fixed annual interest rate of 5.5%. […]

Recently, we downgraded Myriad Genetics ( MYGN ) to Neutral with a target price of $20.00. Myriad reported an EPS of 30 cents for the fourth quarter of fiscal 2011, beating the Zacks Consensus Estimate of 28 cents, but lower than the year-ago quarter’s adjusted EPS of 39 cents (after taking into account a one-time income tax benefit of $11.5 million). For fiscal 2011, the EPS came in at $1.10, surpassing the Zacks Consensus Estimate by a penny, although lower than the previous year’s adjusted EPS of $1.41 […]

Hersha Hospitality Trust ( HT ), a hotel real estate investment trust (REIT), has recently announced its plans to sell an assortment of 18 non-core assets as part of its portfolio repositioning and capital recycling program. The company has signed a definitive agreement with an affiliate of Starwood Capital Group – a privately held global investment firm, to execute the asset sale transaction for $155 million, including the assumption of mortgage debt associated with the properties. The asset sale will enable Hersha to reduce its consolidated mortgage debt by approximately $61.5 million and lower its proportionate share of unconsolidated mortgage debt by $18.3 million. […]

We are reaffirming our Neutral recommendation on BOK Financial Corporation ( BOKF ) following a detailed analysis of the company’s second quarter 2011 earnings results and the current economic environment. BOK Financial’s second quarter earnings came in at $69.0 million or $1.00 per share, beating the Zacks Consensus Estimate by 2 cents. The results also compared favorably with the prior-quarter earnings of $64.8 million or 94 cents per share and prior-year quarter earnings of $63.5 million or 93 cents per share […]