Texas Capital Bancshares’ (TCBI) third quarter earnings of 15 cents per share were down from the Zacks Consensus Estimate of 22 cents. The company had earned 27 cents in the year-ago quarter. Results reflected the elevated provisioning levels for loan losses due to the challenging economic conditions. However, the company posted meaningful growth in loan and [...]

(TCBI) Texas Capital Bancshares’ Report Misses Estimates

Prosperity Bancshares Inc. (PRSP), the parent company of Prosperity Bank, reported net income for the quarter ended Sep 30, 2009, of $29.3 million or 63 cents per common share, an increase of 89.8%, compared with the corresponding prior-year quarter. This was higher than the Zacks Consensus Estimate of 61 cents per share. Returns on average assets, [...]

(PRSP) Prosperity Bancshares Beats Consensus Estimates

Overall, we continue to maintain a negative outlook on both U.S. and non-U.S. Banks in the near-to-medium term. The new Financial Stability plan announced by the Treasury Secretary Tim Geithner fell short on the details and we think that the benefits, if any, will take a long time to come by. While the ...

Procter & Gamble's (PG) management is committed to a growth strategy based on driving volume through product innovation and increasing penetration into developing markets and expanding profitability by focusing on higher margin categories. The plan is meeting with success in terms of topline expansion, volume growth, and higher earnings. Though the Gillette acquisition was accretive to earnings in fiscal 2008, the gross margin was negatively impacted by increased commodity and energy costs. The Hold recommendation is maintained. Despite two periods of restructuring, Procter & Gamble has traded in a solid P/E multiple range of 17 to 25 over the last 15 years, reflecting the company's higher-than-average growth profile. We do not expect Procter & Gamble stock to outperform until the current impediments to margin improvement[More...]

Altera Corporation (ALTR) reported revenues of $360 million in Q2:FY2008, exceeding our estimate of $347 million, mainly due to growth in sales of new products. EPS of $0.32 beat our estimate of $0.26 and street consensus of $0.27. Gross margin improved to 67.1% from 65.1% generated in the previous quarter, mainly due to a reduction in material and logistics costs as well as sales strength from the Communication and Industrial end markets, which usually carry higher margins. Going forward, third quarter is a seasonally slow quarter for the company and management expects total revenue to remain flat or decline by 3% on a sequential basis. We have adjusted our FY2008 estimates and maintain our Buy rating. The primary theme to watch at Altera over the next 6-12 months is new product introductions and technology migrations. Altera is only beginning to ramp up 65nm products at [More...]