Zacks Analyst Blog Highlights: Microsoft, Amazon, Apple, Intel and Chevron Corporation - Press Releases
For Immediate Release
Chicago, IL – February 1, 2010 – 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: Microsoft (MSFT), Amazon (AMZN), Apple Inc. (AAPL), Intel (INTC) and Chevron Corporation (CVX).
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Here are highlights from Friday’s Analyst Blog:
Fastest Economic Growth in Years
While some folks think lightly of such inventory-led economic growth, it is nothing to scoff at. The slowdown in inventory liquidations at the start of the turnaround, as we saw this quarter, helps bring back production facilities to work, giving a shot in the arm to the rest of the consumer-centric economy. But it is true that we need other sectors to start taking the economic growth baton from inventory liquidation in the coming quarters.
We are seeing some early signs of that recovery. The all-important consumer spending has been up and signs of life are clearly visibile in industrial production numbers. Even the housing sector -- the epicenter of this downturn -- is showing some signs of economic growth.
We have seen ample evidence of this turnaround in every sector of the economy this earnings season, with company after company coming up with better-than-expected numbers. This morning, Microsoft (MSFT) came out with record revenue and provided a robust outlook, while last night Amazon (AMZN) reported impressive numbers. And Apple Inc. (AAPL) and Intel’s (INTC) record numbers just a few days back are still fresh in our memory. And it is not only about the tech sector -- we are seeing signs of stability in the banking sector as well, regulatory uncertainties notwithstanding.
All in all, we are increasingly getting more confident in our outlook for sustainable economic growth. We see enough signs of latent strength to help propel this economy on its own once the stimulus starts tapering off in the second half of the year.
Chevron Misses on Weak Refining
Chevron Corporation (CVX) posted weaker-than-expected fourth-quarter 2009 earnings, pulled down by sharply lower downstream results on the back of depressed refining margins. This was partially offset by higher commodity prices and growing production in its upstream segment.
Earnings per share (excluding foreign-currency effects) came in at $1.57, below the Zacks Consensus Estimate of $1.69. Compared to the fourth quarter of 2008, Chevron’s adjusted earnings per share fell 17.4% (from $1.90 to $1.57). However, quarterly revenue of $48.7 billion was up 7.7% from the year-earlier level, driven by robust E&P results.
Chevron’s quarterly miss didn’t come as a major surprise. Though there were no estimate revisions in either direction over the last 7 days, earnings estimates for the company have been trending slightly down over the past month, with the quarterly Zacks Consensus Estimate going down by a penny. Overall, 8 out of the 15 analysts covering the stock pulled back on fourth quarter projections during that time, while 3 raised their estimates.
With respect to earnings surprises, Chevron has had a bearish run over the last four quarters (including the quarter under discussion). This is the company’s 3rd negative surprise in the past 4 quarters.
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