Higher open today - From Briefing.com: 08:15 ET Genesis Microchip GNSS reaffirms revenue guidance (23.00) Announced late last night that it expects to meet revenue targets for the March and June quarters. Reports that revenues for the MarQ were approx. $56 mln (consensus $55.41 mln) and that it continues to target revenues in the June quarter to exceed $60 mln (consensus $61.58 mln). In the release, GNSS makes no comments on EPS or margins.
7:46AM KLA-Tencor estimates raised at Goldman Sachs (KLAC) 65.71: Goldman Sachs raises ests for KLAC ahead of its Q3 earnings report as a result of a recent uptick in order activity; the projected order increase leads firm to significantly raise CY03 EPS est to $1.85 from $1.25; price target is $83.
Zacks Issues Recommendations on 4 Stocks: ITW, MHK, CNXT, and KLAC
CHICAGO, April 5 /PRNewswire/ -- Zacks.com releases another list of stocks that are currently members of the coveted Zacks #1 Ranked list which has produced an average annual return of 34% since inception in 1980 and was up 18.7% in 2001. Among the #1 ranked stocks are the following companies: Illinois Tool Works Inc. (NYSE: ITW - news) and Mohawk Industries Inc. (NYSE: MHK - news). Further they announced #2 Rankings (Buy) on two other widely held stocks: Conexant Systems Inc. (Nasdaq: CNXT - news) and KLA-Tencor Corp. (Nasdaq: KLAC - news). To see the full Zacks #1 Ranked list or the rank for any other stock then visit zacksrank1.zacks.com .
(Photo: newscom.com )
Here is a synopsis of why these stocks were added to the Zacks #1 Ranked List:
Illinois Tool Works Inc. (NYSE: ITW - news): This cyclical company has seen a substantial improvement in sentiment surrounding its performance for 2002 as its short-cycle engineered products and international activities have begun to accelerate. The company confirmed guidance for the upper end of current estimates and recently analysts have submitted higher estimates to boot. These all bode well for ITW shares.
Mohawk Industries Inc. (NYSE: MHK - news): This flooring materials provider has benefited from record numbers of single family housing starts generating incredible sales improvements. Its carpet operations continue to drive growth, and it is increasingly penetrating the hard floor market. Mohawk growth prospects seem pretty attractive given that it has beaten the Street 23 out of the last 27 quarters.
Here is a synopsis of why these stocks have a Zacks Rank of 2 (Buy):
Conexant Systems Inc. (Nasdaq: CNXT - news): Conexant continues to roll out its chips for wireless infrastructure and set top boxes that are exciting industry analysts. The expert with the best track record of forecasting the company's performance is predicting substantially narrower losses than the rest of the pack for 2003. What does he know that the others don't?
KLA-Tencor Corp. (Nasdaq: KLAC - news): In spite of a capital spending drought, KLA-Tencor has beaten the Street 13 quarters in a row. The company and analysts are confident on the strong book-to-bill ratio, especially the one who is most often right on his earnings calls who sees quarterly upsides to the consensus for coming quarters.
To truly take advantage of the Zacks Rank, you need to first understand how it works. That's why we created the free special report; ``Zacks Rank Guide: Harnessing the Power of Earnings Estimate Revisions.'' Download your free copy now to prosper in the years to come. freezrguide.zacks.com
About the Zacks Rank
For over 20 years the Zacks Rank has proven that ``Earnings estimate revisions are the most powerful force impacting stock prices.'' Ranked stocks have generated an average annual return of +34.0% since inception in 1980 compared to the *S&P 500 return of only +14.7%. Plus this exclusive stock list generated a +18.7 in 2001 and +16.2% in 2000; a substantial return compared to the large losses suffered by most investors during that time frame.
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