From the Wires
Zacks Sell List Highlights: Allegheny Technologies, PetroLogistics, Monro Muffler Brake and Stryker
By: PR Newswire
Nov. 6, 2012 09:30 AM
CHICAGO, Nov. 6, 2012 /PRNewswire/ -- Zacks.com releases details on a group of stocks that are currently members of the exclusive Zacks #5 Rank List – Stocks to Sell Now. These stocks are currently rated as a Zacks Rank #5 (Strong Sell): Allegheny Technologies Incorporated (NYSE:ATI) and PetroLogistics LP (NYSE:PDH). Further, Zacks announced #4 Rankings (Sell) on two other widely held stocks: Monro Muffler Brake Inc (NASDAQ:MNRO) and Stryker Corporation (NYSE:SYK).
Since inception in 1988, the S&P 500 has outperformed the Zacks #5 Rank List of Stocks to Sell Now by 80% annually (+2% vs. +10%). While the rest of Wall Street continued to tout stocks during the market declines of the last few years, Zacks told investors which stocks to sell or avoid.
Allegheny Technologies Incorporated (NYSE:ATI) announced third -quarter profit of 32 cents per share on October 24 which came behind the Zacks Consensus Estimate by 7 cents. The diluted earnings per share also fell by 49.2% on a year-over-year basis. The Zacks Consensus Estimate for the current year slipped 34 cents per share to $1.59 in the last 30 days. Next year's estimate also dipped 68 cents per share to $2.27 per share in that time span.
PetroLogistics LP (NYSE:PDH) posted a third -quarter profit of 20 cents per share on October 24, which came in 3 cent wider than the average forecast. The Zacks Consensus Estimate for 2012 fell to a profit of 99 cents per share from $1.01 over the past month with 1 out of 3 covering analysts slashed forecasts. Next year's forecasts slipped 3 cents to $1.36 per share in the same time span.
Here is a synopsis of why MNRO and SYK have a Zacks Rank of 4 (Sell) and should also most likely be sold or avoided for the next one to three months. Note that a #4 Sell rating is applied to 15% of all the stocks ranked by Zacks;
Monro Muffler Brake Inc (NASDAQ:MNRO) second-quarter profit of 36 cents per share, posted on October 25, lagged analysts projections by nearly 2.70%. For 2012, the Zacks Consensus Estimate moved down 11 cent in the last 30 days as 6 out of the 6 covering analysts cut back on forecasts. The forecast for next year slid 9 cents to $1.92 per share in the same time span.
Stryker Corporation (NYSE:SYK) reported a third-quarter profit of 97 cents per share on October 17, that fell 1.02% short of the Zacks Consensus Estimate. The full-year average forecast is currently pegged at $4.05 per share, compared with the last 30 days projection of $4.09. Next year's forecast dropped 14 cents per share in the same period.
About the Zacks Rank
Since 1988, the Zacks Rank has proven that "Earnings estimate revisions are the most powerful force impacting stock prices." Since inception in 1988, #1 Rank Stocks have generated an average annual return of +28%. During the 2000-2002 bear market, Zacks #1 Rank stocks gained +43.8%, while the S&P 500 tumbled -37.6%. Also note that the Zacks Rank system has just as many Strong Sell recommendations (Rank #5) as Strong Buy recommendations (Rank #1). Since 1988, Zacks Rank #5 stocks have significantly underperformed the S&P 500 (2.8% versus +9.7%). Thus, the Zacks Rank system allows investors to truly manage portfolio trading effectively.
Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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SOURCE Zacks Investment Research, Inc.
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