From the Wires
The Zacks Analyst Blog Highlights: U.S. Bancorp, Goldman Sachs Group, PNC Financial Services Group, Bank of America and Altera
By: PR Newswire
Dec. 6, 2012 09:30 AM
CHICAGO, Dec. 6, 2012 /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 U.S. Bancorp (NYSE:USB), Goldman Sachs Group Inc.'s (NYSE:GS), PNC Financial Services Group Inc. (NYSE:PNC), Bank of America Corp. (NYSE:BAC) and Altera Corporation (Nasdaq:ALTR).
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Here are highlights from Wednesday's Analyst Blog:
U.S. Bancorp to Up Repurchase Reserve
U.S.Bancorp (NYSE:USB) plans to boost its mortgage repurchase reserves in the fourth quarter of 2012. The decision comes on the heels of Freddie Mac's increase in its repurchase requests. The company conveyed this information to investors at Goldman Sachs Group Inc.'s (NYSE:GS) financial services conference yesterday, according to a Reuters report.
Altera Trims Outlook, Shares Fall
Chipmaker Altera Corporation (Nasdaq:ALTR) recently trimmed its revenue guidance for fourth quarter 2012 and updated its financial guidance for 2013.
Altera now expects revenue to be 8% to 10% lower than the third-quarter levels, compared to the previous guidance of down 6% to 10%.
This translates into revenues of $445.5 million – $465.3 million, down from the previous estimate of $455.4 million – $465.3 million.
The solid growth in new products will be more than offset by lower sales of the company's existing products.
Meanwhile, for 2013, gross margin is targeted around 69% – 70%. Research and Development is estimated at approximately $104 million, driven by increased variable compensation expense and stock-based compensation. SG&A is likely to come around $315 million on the back of variable compensation for bonus, sales commission and stock-based compensation.
Other Income/Expense is projected at $1 million. Tax rate is expected to be 13%. Capital expense is expected to be $65 million.
Earlier, Altera reported a net income of $157.5 million or 49 cents per share in the third quarter of 2012, easily beating the Zacks Consensus Estimate of 46 cents per share.
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About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
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