CHICAGO, June 17, 2011 /PRNewswire/ -- 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: AK Steel (NYSE: AKS),
Olympic Steel (Nasdaq: ZEUS), Universal Stainless &
Alloy (Nasdaq: USAP), Allegheny Technologies (NYSE: ATI)
and Citic Pacific (OTC: CTPCY)
(Logo: http://photos.prnewswire.com/prnh/20101027/ZIRLOGO)
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Here are highlights from Thursday's Analyst Blog:
Heavy Metal Earnings Surge
No less than five steel stocks currently carry the esteemed
Zacks #1 Rank (strong buy) this week. And four of the five have
been there for over a month.
In the list below, the first three are classified as standard
producers and occupy a Zacks Industry Rank of 163, near the bottom
of the Neutral category. The last two names are considered
"specialty" steel companies and their industry grouping holds the
26th spot, making it very worthy of attention.
AK Steel (NYSE: AKS): Zacks #1 Rank since April 1, largely because consensus earnings
estimates have risen in the last 90 days from $0.84 to $1.26 for this year, and from
$1.46 to $1.87 for 2012.
Olympic Steel (Nasdaq: ZEUS): Zacks #1 Rank since
May 10, due to analyst estimate
revisions in the last 60 days going from consensus $1.69 to $2.54 this year, and from $2.19 to $2.63 for 2012.
Universal Stainless & Alloy (Nasdaq: USAP): Zacks #1
Rank since April 29, on the heels of
estimate boosts in the last 60 days from $2.50 to $2.83 for this year, and from
$2.90 to $3.54 for 2012.
Allegheny Technologies (NYSE: ATI): Zacks #1 Rank since
April 29, based on analysts upping
their EPS projections in the last 60 days from $3.00 to $3.17 for this year, and from
$4.24 to $4.85 for 2012.
Citic Pacific (OTC: CTPCY): Zacks #1 Rank since
May 26, after upward estimate
revisions in the last 30 days took this year from $1.20 to $1.44 EPS and next year from
$1.44 to $1.73.
Two Caveats for #1 Steel Stocks
Before you rush into buying any of these names, let me highlight
two areas for further research. First, the Zacks Rank is designed
to be a short-term timing indicator, alerting you to
high-probability upside in stocks with upward earnings estimate
revisions in the last 60 days.
A few of these picks are getting "long in the tooth" and could
get knocked out of the #1 Rank if better stocks with new upward
revisions come along since we only focus on analyst estimates for
the last 60 days.
Second, milder economic data in the past two months has
definitely tilted the stock market downward as the "path of least
resistance," especially in a seasonally weak time of year. I wrote
about this on May 31 when the S&P
500 was at 1,345.
And if we needed confirmation that this slowdown could get more
serious, yesterday's surprisingly weak Empire State Manufacturing
Survey provided a wincing blow. As Steve
Reitmeister wrote in his daily market comment for Zacks
Premium Subscribers this morning:
"The -7.8 reading is only the second negative reading in 2
years. The last time was a little blip in November before jumping
back into positive territory. Is it the same this time around or
does it portend ill for the future? Add into the mix Greek riots
and, voila, we are back under Dow 12,000 once again."
The bottom line is that steel stocks are experiencing a strong
earnings recovery as the global economy continues the cyclical
expansion on the back of emerging markets growth. Keep your eye on
these names and their Zacks Rank as you may want to buy them at a
nice discount from where many were trading a month ago.
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