Zacks Analyst Blog Highlights: Journal Communications, United Technologies, Kinross Gold Corporation, Apple, Inc. and Hudson City Bancorp.

CHICAGO--(BUSINESS WIRE)--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: Journal Communications (NYSE: JRN), United Technologies (NYSE: UTX), Kinross Gold Corporation (NYSE: KGC), Apple, Inc. (NASDAQ: AAPL) and Hudson City Bancorp (NASDAQ: HCBK).

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Here are highlights from Thursday’s Analyst Blog:

Journal Comm Revenues Falling

Journal Communications (NYSE: JRN) is scheduled to report 4Q08 earnings on February 12th. We think the company will not likely meet the Consensus estimate of $0.15 – our estimate is $0.12 and the Street low is $0.11. JRN's free cash flow, which had been increasing as capital expenditures shrink faster than revenue and operating cash flow, is set to decline, in our opinion.

JRN's revenue decline accelerated faster-than-expected in October and November, a trend we think will likely continue as the recession deepens and political advertising evaporates.

United Technologies Reports

United Technologies (NYSE: UTX) reported Q4-08/2008 results. In Q4, EPS were $1.23 (our estimate) and revenues were $14.5 billion (our estimate was $14.3 billion). Free cash flow during Q4 was $1.6 billion and the Company repurchased $690 million worth of its stock. Overall, Q4 organic growth for UTX was 3%. Some items of note for Q4 during these unsettled economic times:

Otis new equipment orders were down 14%, but year-end backlog was still up by 9%; organic growth was 4%.

Kinross Does Well-Timed IPO

Kinross Gold Corporation (NYSE: KGC) will offer 20.9 million common shares at a price of US$17.25 per common share. The Company has also granted to the underwriters an over-allotment option, exercisable for a period of 30 days from the date of closing of the offering, to purchase up to an additional 3,135,000 common shares at the offering price. The gross proceeds of the offering will be approximately US$360.5 million (US$414.6 million if the over-allotment option is exercised in full).

Conclusion: Well-timed deal for Kinross. Why? Gold prices are weak due to a strengthening US$, low inflation, lower oil prices, lower interest rates and low growth. Emerging market growth is declining and central banks are selling to finance bailouts and deficits. New projects are being put on hold or canceled. Indian demand for jewelry (which consumes 45% of world gold production) is very weak.

Apple's Exceptional Quarter

Apple, Inc. (NASDAQ: AAPL) reported an exceptional quarter with record revenue ($10.17 B) and earnings ($1.61 B).

Computer revenue increased slightly, in contrast to industry-wide trends, due to the company's strength in laptops. Apple benefited from the industry trend towards laptops and away from desktops.

Hudson City More Stable Than Not

Prior to market open, Hudson City Bancorp (NASDAQ: HCBK) reported 4Q08 earnings of $0.25 per, a penny above our expectation and two pennies below consensus. Results again experienced strong lending revenues, even though provisioning level increased and other credit quality metrics expanded.

Despite stability in the EPS trends, we remain concerned as to the relationship of provisions and non-performing assets as well as the adverse trends with respect to credit quality metrics and regulatory capital ratios. We are fine-tuning our FY09E EPS to $1.10 per share and are installing our early FY10E EPS at $1.40 per share. The shares exhibited more than a 30% since our November 6, 2008 note.

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