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Upgrades

Company

Ticker

Brokerage Firm

Ratings Change

Price Target

Nara Bancorp

NARA

FBR Capital

Mkt Perform » Outperform

$10

Sirius XM Radio

SIRI

Morgan Stanley

Overweight »Overweight

$2.60

Mosaic

MOS

Stifel Nicolaus

Hold »Buy

$77.50

Walt Disney

DIS

Stifel Nicolaus

Hold »Buy

$50

The holding company of Nara Bank reported net income available to common stockholders of $5.7 million, or $0.15 per diluted common share, for the first quarter 2011, compared to net loss available to common stockholders of ($3.6) million, or ($0.10) per diluted common share, for the first quarter 2010, and net income available to common stockholders of $5.0 million, or $0.13 per diluted common share, for the fourth quarter.

The firm recently announced plans for the strategic consolidation of three Southern California branches, to be implemented on completion of the proposed merger. In addition, Center Financial announced the planned consolidation of its Oakland Chinatown Branch on July 31.

Sirius XM, In a recent SEC filing, confirmed the delay of its base subscription price increase as part of the settlement of its class action suit. Furthermore, it will maintain the price of other programming packages as well as its Internet streaming services. Additionally, existing subscribers will be able to renew their subscription plans at current rates.

I think this settlement was a good thing for the company. I believe it is one of the best possible outcomes that could have developed. Now it is disappointing that Sirius may not be able to increase its base price in August as previously anticipated, but I still feel that $2 will be the increased amount when it's allowed to do so, with a Jan. 1, 2012 timeframe now more than likely.

The Mosaic Company announced last Thursday that a secondary offering of 100 million shares of its common stock -- related to Cargill, Incorporated's exchange of its approximately 64 percent interest in Mosaic with Cargill stockholders and certain debt holders -- has priced at a public offering price of $65 per share.

Disney Store plans to open its interactive concept stores in more than 40 locations in 2011, the company announced today at the Global Retail Real Estate Convention (RECon) in Las Vegas, NV. Building on the successful launch of an innovative design in 2010 and fueled by demand from retail property owners eager to bring the shopping destination to their centers, Disney Store will continue to expand its presence across the world. By the end of 2011, the specialty retailer will have 60 new concept stores in 16 major markets in North America and eight countries.

Downgrades

Company

Ticker

Brokerage Firm

Ratings Change

Price Target

LDK Solar

LDK

Auriga

Buy» Hold

$8

LDK was down 11.57%. LDK Solar Company, Ltd. manufactures multi-crystalline solar wafers. The company sells multi-crystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. Solar wafers are the principal raw material used to produce solar cells which convert sunlight into electricity.

Coverage Initiated

Company

Ticker

Brokerage Firm

Ratings Change

Price Target

Silicon Labs

SLAB

Needham

Buy

$0 » $51

Clean Harbors

CLH

Oppenheimer

Perform

$110

Insituform Tech

INSU

Oppenheimer

Perform

$28

Esco Tech

ESE

Oppenheimer

Outperform

$46

Tetra Tech

TTEK

Oppenheimer

Outperform

$30

Martin Midstream

MMLP

Robert W. Baird

Neutral

$39

Silicon Laboratories Inc. recently announced a major expansion of its timing IC portfolio in response to strong market demand for cost-effective, programmable timing devices. The company has added more than 100 clock generation and clock distribution products designed for cost-sensitive, high-volume consumer, enterprise, communications and embedded applications. The portfolio expansion, resulting from the company’s recent acquisition of SpectraLinear Inc., further establishes Silicon Labs as the industry’s most comprehensive timing IC supplier offering the broadest range of mixed-signal, low-jitter clocks, buffers and oscillators.

Clean Harbors, Inc.: As the leading provider of environmental, energy and industrial services and the largest hazardous waste disposal company in North America, Clean Harbors provides a broad range of hazardous and non-hazardous waste recycling, treatment and disposal, laboratory chemical packing and household hazardous waste management services. Its wide range of industrial and specialty services includes high-pressure and chemical cleaning, catalyst handling, tray tower services, decoking, and industrial lodging. Its energy services include oilfield, exploration and directional boring.

Insituform Technologies said Thursday it was awarded a $5.5 million contract from the Metropolitan St. Louis Sewer District. The contract calls for the company to install about 185,000 feet of pipe in residential and commercial areas throughout the city of St. Louis and St. Louis County. Work on the project is expected to begin this month and be completed next May. Chesterfield-based Insituform Technologies Inc. rehabs sewer and water pipelines.

Esco Technologies recently reported second-quarter profit more than doubled to $13.2 million, up from $6 million in the prior-year period. The company reported sales of $167 million, up 29 percent over $129 million a year earlier. In March, ESCO bought EMV Elektronische Messgerate Vertriebs, a German company that provides systems for testing electronic equipment.

Tetra Tech is a leading provider of consulting, engineering, program management, construction, and technical services addressing the resource management and infrastructure markets. The company supports government and commercial clients by providing innovative solutions focused on water, the environment, and energy. With approximately 12,000 employees worldwide, Tetra Tech’s capabilities span the entire project life cycle.

Martin Midstream Partners L.P. reported net income for the first quarter of 2011 of $7.1 million, or $0.30 per limited partner unit. This compared to net income for the first quarter of 2010 of $1.8 million, or $0.04 per limited partner unit. Revenues for the first quarter of 2011 were $283.0 million compared to $242.7 million for the first quarter of 2010.

For the quarter ended March 31, net income was negatively impacted by $0.5 million, or $0.02 per limited partner unit, in non-cash derivatives net losses from certain commodity and interest rate hedges that are subject to mark-to-market accounting.

Coverage Reit/Price Target Changed

Company

Ticker

Brokerage Firm

Ratings Change

Price Target

Foot Locker

FL

FBR Capital

Outperform

$24 » $28

Marvell

MRVL

FBR Capital

Outperform

$23 » $21

Gold Fields

GFI

HSBC Securities

Overweight

$23 » $25

Hibbett Sporting

HIBB

Longbow

Buy

$36 » $44

Foot Locker, Inc. is up +12.8%. The company blew past all estimates propelled by same-store sales, which were up 12.8% in the quarter. Revenue came in at $1.45 billion and earnings per share of $0.60 easily topped the $0.44 analysts expected.

Foot Locker, Inc. is primarily a mall-based athletic retailer that operates athletic retail stores in countries located in North America, Europe, and Australia. The company provides athletic footwear and apparel through its Foot Locker, Lady Foot Locker, Kids Foot Locker, and Champs Sports retail stores. Foot Locker also operates a direct-to-consumer channel, Footlocker.com/Eastbay.

Marvell Technology recently announced plans to invest $200 million in Israel to accelerate research and development of critical communications, mobile and system-on-chip technologies. The firm has a market cap of $9.14B. Target price at $21 vs. current price at $14.23 (implies a discount of 33.19%). Gross margin (TTM) at 62.02% vs. industry avg. of 58.87%. Operating margin (TTM) at 25.27% vs. industry avg. of 25.19%. Pretax margin (TTM) at 25.21% vs. industry avg. of 24.81%. PEG ratio at 0.71, and P/FCF ratio at 8.46. The stock has lost 19.11% over the last year.

Gold Fields Limited announced net earnings for the March 2011 quarter of R1,100 million compared with a loss of R777 million in the December 2010 quarter and earnings of R316 million in the March 2010 quarter. In US dollar terms net earnings for the March 2011 quarter were US$158 million, compared with a loss of US$106 million in the December 2010 quarter and earnings of US$44 million in the March 2010 quarter.

Hibbett Sports Inc. reported a 23 percent increase in profits for the quarter ended April 30. The sporting goods retailer recorded net income of $21.3 million for the quarter, compared to $17.3 million in the same quarter last year. Here were some other highlights from Hibbett’s quarterly report:

  • Hibbett’s net sales increased 10.4 percent for the quarter, while comparable store sales were up 6.8 percent.
  • The retailer opened eight new stores, expanded four high performing stores and closed seven underperforming stores bringing the store base to 799 in 26 states.
Source: Upgrades and Downgrades for May 23