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H&E Equipment Services, General Electric, Apple, Pandora and Alphabet as Zacks Bull and Bear of the Day
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For Immediate Release
Chicago, IL – December 11, 2017 – Zacks Equity Research highlights H&E Equipment Services (HEES - Free Report) as the Bull of the Day and General Electric (GE - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Apple (AAPL - Free Report) , Pandora and Alphabet (GOOGL - Free Report) .
Headquartered in Baton Rouge, Louisiana, H&E Equipment Services is one of the largest integrated equipment services companies in the U.S., focused on heavy construction and industrial equipment. It was formed in 2002 through the merger of H&E and ICM.
The company rents, sells and provides parts and service support for four core categories of specialized equipment: 1) hi-lift or aerial platform equipment, 2) cranes, 3) earthmoving equipment, and 4) industrial lift trucks.
Favorable Industry Trends
Manufacturing has been a bright spot of late, in the US as well as globally. November jobs report revealed a strong rise in manufacturing and construction hiring. Manufacturing unemployment is now a record low levels.
With improving economic growth, businesses have stepped up their capital spending, including on heavy equipment.
“Manufacturing—Construction & Mining” is currently ranked 2 out of 265 Zacks Industries (top 1%). Trump's trillion-dollar infrastructure plan, expected to be launched next year, will also benefit the industry.
While hurricanes impacted construction activity in the short-term, in the longer-term the company will benefit from post-hurricane rebuilding effort.
Impressive Third Quarter Results
Third quarter total revenues increased 5.9% or $14.5 million to $259.2 million. Margins improved to 36.3% from 36% a year ago.
Adjusted income increased to $27.1 million or $0.76 per share from $11.7 million or $0.33 per share a year ago. EPS beat the Zacks Consensus Estimate of $0.39 by 95%.
Rental revenues increased 6.0%, new equipment sales 9.3% and used equipment sales increased 7.9%.“Our rental business performed extremely well during the third quarter, capitalizing on the strong broad-based demand in the non-residential construction markets we serve,” said the CEO.
Rising Estimates
After strong results, analysts have raised estimates for the company. Zacks Consensus Estimates for the current and next year are $1.61 per share and $1.54 per share, up from $1.12 and 1.30 respectively, before the results. The company has beaten in three out of last four quarters, with an average quarterly surprise of 35%.
The Bottom Line
HEES is a Zacks Rank #1 (Strong Buy) stock, with Style Score of “A” for Value as well as VGM. Further, it has a very juicy dividend yield of 3%.
The stock is up about 60% this year but is currently trading at a reasonable valuation of 22.8 times forward earnings, in-line with the industry. Additionally, given expected EPS growth of 15.55% over the next 3-5 years, it looks attractive at current valuation.
General Electric is one of the largest and the most diversified technology and financial services companies in the world. Its products and services range from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, and industrial products.
Lackluster Results
The company reported adjusted earnings of 29 cents per share, missing the Zacks Consensus Estimate of 50 cents by 41%. Revenues were however ahead of our estimate.
The company also significantly lowered its guidance for FY2017. It currently anticipates operating earnings within $1.05–$1.10 per share, significantly down from earlier guidance of $1.60-$1.70.
For 2018, the company now expects adjusted earnings of $1 to $1.07 per share.
Falling Estimates
Analysts have lowered their estimates for the company after weak earnings and updated guidance. Zacks Consensus Estimates for the current and the next fiscal year have plunged to $1.06 per share and $1.04 per share from $1.56 and $1.66 respectively, 60 days back.
Reorganization: Dividend Cut and Lay-offs
The company deferred its dividend decision for 2H, while announcing earnings results, leading many analysts to believe that a dividend cut was coming soon considering company’s cash flow position.
Last month, the company slashed its dividend by 50% “to align to GE’s cash flow generation.”
Last week, GE announced 12,000 job cuts in its power division, citing numerous problems such as overcapacity, lower utilization, and overall growth in renewables. The company expects these challenges to continue. These lay-offs will happen over the next 18 months.
These are a part of broader restructuring plans under the new CEO. It remains to be seen whether these plans would put the company back on growth path.
The Bottom Line
GE shares are down 44% year-to-date while many other industrial stocks have surged this year. Recently Moody cut the company’s long-term credit rating, due to “severe deterioration” in company’s segment financial performance.
The stock has fallen to a Zacks Rank #5 (Strong Sell) after results as analysts continue to slash their estimates. Investors should avoid the stock for the time being.
Additional content:
Spotify to Go Public Without IPO
Launched in 2008 by entrepreneurs Daniel Ek and Martin Lorentzon, Stockholm, Sweden-based Spotify is one of the most popular streaming services on the market today. With its desktop and mobile app version, the company allows users to search or browse, for free, through its extensive music library. Spotify also offers a “Premium” subscription for $9.99 per month that removes advertisements and lets users download music to listen to offline.
Competition
Spotify recently announced that it now has 140 million monthly active users, with 60 million paying for the service. This achievement has cemented its status as the biggest subscription music service by user count, and the leader in the increasingly crowded music streaming industry.
Arguably Spotify’s biggest market rival is Apple’s Apple Music. Launched in 2015, Apple Music is a streaming music service based on Beats Music, which has drawn listeners with playlists made by experts, not algorithms. The service is also known for its collaborations with high-profile musicians like Drake and Taylor Swift. It costs $9.99 per month, and users can download music from an extensive digital library, just like Spotify. Apple Music offers listeners a free, three-month initial trial.
There’s also Tidal, the Scandinavian streaming service that rapper and mogul Jay-Z scooped up back in 2015 for $56 million. It has a similar price of $9.99 per month for normal streaming, while also offering a $19.99 per month option that includes high-fidelity sound quality. Like Apple Music, Tidal is known for its partnerships with big music names. Rihanna, Beyoncé, and Kanye West all exclusively debuted their latest albums on Tidal before a wider release.
Other top rivals include Rdio, which provides access to online radio stations, with different levels of on-demand access, for $3.99 to $9.99 per month; Pandora, one of the original internet radio companies, recently debuted Pandora Premium, a $9.99 per month streaming music service; Rhapsody, the original streaming music subscription service, has been around since 2001, and is available for $9.99 per month; and Alphabet’s Google Play Music, which offers online music storage and a streaming service for $9.99 per month.
Controversies
Despite its popularity, Spotify tends to draw out negative publicity, mainly over debates about its free advertising-supported service. This service allows people who are prepared to sit through occasional ads to listen to songs for free on demand. Music labels—Spotify is in compliance with Sony , EMI, Warner Music Group, and Universal, among others—understandably dislike the free service because it dismantles album sales, and pays less in royalties than the subscription does.
We all remember Spotify’s battle with Taylor Swift. The popstar withdrew her entire catalog from the service because she “didn’t like the way it felt. I think there should be an inherent value placed on art,” she said in an interview with Time. Swift’s music, however, did find its way backto the platform in June, just in time for Katy Perry’s new album and her highly-anticipated sixth album Reputation (though the official reason was in celebration of 1989 selling over 10 million copies worldwide).
Other musicians did follow in her original footsteps. Icelandic singer Björk made her album Vulnicura unavailable on Spotify and other streaming services, though her back catalogue remained available. And in 2015, British songstress Adele similarly restricted her Grammy-winning album 25 from all streaming services—however, you can currently listen to it on Spotify, along with her other albums, 19 and 21—on its release date, telling Time that “I believe music should be an event.”
Last year, Spotify was embroiled in issues surrounding its updated Terms and Conditions of Use, where in a blog post, the company’s user communications manager Candace Katz explains “We may ask for customer permission to collect information from new sources, such as address book, location, and sensor data [and photos, voice controls, and contacts] from the mobile device to improve the customer experience and inform product decisions."
This unexpectedly caused an uproar, with many calling Spotify’s new privacy policy “eerie” and “creepy” and pledging to unsubscribe from the service. The backlash was bad enough that CEO Ek wrote another blog post, aptly called “SORRY” in order to explain that users don’t have to share this information if they don’t want to. “We will ask for your express permission before accessing any of this data – and we will only use it for specific purposes that will allow you to customize your Spotify experience.”
An IPO on the Horizon?
Over the past few years or so, Spotify has been on the hunt for new funding. The company closed funding rounds in 2012 and 2013, raising $100 million and $250 million, respectively.
In 2016, Spotify completed a whopping $526 million round of funding, putting it at a valuation of roughly $8.5 billion, a move that showed investors its desire for expansion and new forms of content—a few months before this funding round, Spotify announced its plan to add videos and podcasts from partners like ESPN, NBC, Comedy Central, and Condé Nast.
And last year, the company raised $1 billion in convertible debt on the promise that its new investors will receive a 30% discount on shares when it files for an IPO. Spotify will have to pay 5% annual interest on the debt, however, and 1% more every six months, up to a total of 10%, until it goes public.
This decision to raise money through convertible debt was a smart move, as Spotify was able to maintain its high valuation without diluting its existing shareholders. It suggested the company was seriously thinking about an IPO, since the latest round of funding encourages Spotify to go public sooner rather than later.
There were then reports that Spotify was going to delay its IPO to 2018, with sources saying the company wanted to use the time to “build a better balance sheet and work on shifting its business model to improve its margins.” But in reality, the delay was likely linked to Spotify’s inability to finalize new licensing deals with big record labels like Universal, Sony, and Warner, whom control 80% of recorded music.
Spotify, however, has reportedly decided to not even carry out an IPO at all. Instead, the company is gearing up for a direct listing, which would have Spotify simply register its shares on a public exchange and let them trade freely. This move eliminates the need for a Wall Street bank or broker to underwrite an IPO and the fees associated with the process. Spotify would also avoid those “lock-up” periods where insiders are not allowed to sell stock for months after a company IPOs; shares of Snap hit an all-time lowduring its post-IPO lock-up.
A direct listing is highly unusual, and Spotify would miss out on potentially hundreds of millions of dollars in proceeds from a regular IPO. But if the move turns out to be successful for the streaming giant, we could see other tech startups following in Spotify’s footsteps.
There’s no doubt about Spotify’s rapid growth and universal reach. However, investors should be aware that the company still remains unprofitable, mostly because of the fees paid to music labels; Spotify supposedly pays a royalty rate of 55% of its sales, but is fighting to pay less. Nevertheless, its impressive valuation, most recently reportedat $16 billion, and popularity will work in Spotify’s favor when its public debut arrives.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius. Click for details >>
About the Bull and Bear of the Day
Every day, the analysts at Zacks Equity Research select two stocks that are likely to outperform (Bull) or underperform (Bear) the markets over the next 3-6 months.
About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous analyst coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Strong Stocks that Should Be in the News
Many are little publicized and fly under the Wall Street radar. They're virtually unknown to the general public. Yet today's 220 Zacks Rank #1 "Strong Buys" were generated by the stock-picking system that has more than doubled the market from 1988 through 2016. Its average gain has been a stellar +25% per year. See these high-potential stocks free >>.
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit http://www.zacks.com/performancefor information about the performance numbers displayed in this press release.
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H&E Equipment Services, General Electric, Apple, Pandora and Alphabet as Zacks Bull and Bear of the Day
For Immediate Release
Chicago, IL – December 11, 2017 – Zacks Equity Research highlights H&E Equipment Services (HEES - Free Report) as the Bull of the Day and General Electric (GE - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Apple (AAPL - Free Report) , Pandora and Alphabet (GOOGL - Free Report) .
Here is a synopsis of all five stocks:
Bull of the Day:
Headquartered in Baton Rouge, Louisiana, H&E Equipment Services is one of the largest integrated equipment services companies in the U.S., focused on heavy construction and industrial equipment. It was formed in 2002 through the merger of H&E and ICM.
The company rents, sells and provides parts and service support for four core categories of specialized equipment: 1) hi-lift or aerial platform equipment, 2) cranes, 3) earthmoving equipment, and 4) industrial lift trucks.
Favorable Industry Trends
Manufacturing has been a bright spot of late, in the US as well as globally. November jobs report revealed a strong rise in manufacturing and construction hiring. Manufacturing unemployment is now a record low levels.
With improving economic growth, businesses have stepped up their capital spending, including on heavy equipment.
“Manufacturing—Construction & Mining” is currently ranked 2 out of 265 Zacks Industries (top 1%). Trump's trillion-dollar infrastructure plan, expected to be launched next year, will also benefit the industry.
While hurricanes impacted construction activity in the short-term, in the longer-term the company will benefit from post-hurricane rebuilding effort.
Impressive Third Quarter Results
Third quarter total revenues increased 5.9% or $14.5 million to $259.2 million. Margins improved to 36.3% from 36% a year ago.
Adjusted income increased to $27.1 million or $0.76 per share from $11.7 million or $0.33 per share a year ago. EPS beat the Zacks Consensus Estimate of $0.39 by 95%.
Rental revenues increased 6.0%, new equipment sales 9.3% and used equipment sales increased 7.9%.“Our rental business performed extremely well during the third quarter, capitalizing on the strong broad-based demand in the non-residential construction markets we serve,” said the CEO.
Rising Estimates
After strong results, analysts have raised estimates for the company. Zacks Consensus Estimates for the current and next year are $1.61 per share and $1.54 per share, up from $1.12 and 1.30 respectively, before the results. The company has beaten in three out of last four quarters, with an average quarterly surprise of 35%.
The Bottom Line
HEES is a Zacks Rank #1 (Strong Buy) stock, with Style Score of “A” for Value as well as VGM. Further, it has a very juicy dividend yield of 3%.
The stock is up about 60% this year but is currently trading at a reasonable valuation of 22.8 times forward earnings, in-line with the industry. Additionally, given expected EPS growth of 15.55% over the next 3-5 years, it looks attractive at current valuation.
Bear of the Day:
General Electric is one of the largest and the most diversified technology and financial services companies in the world. Its products and services range from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, and industrial products.
Lackluster Results
The company reported adjusted earnings of 29 cents per share, missing the Zacks Consensus Estimate of 50 cents by 41%. Revenues were however ahead of our estimate.
The company also significantly lowered its guidance for FY2017. It currently anticipates operating earnings within $1.05–$1.10 per share, significantly down from earlier guidance of $1.60-$1.70.
For 2018, the company now expects adjusted earnings of $1 to $1.07 per share.
Falling Estimates
Analysts have lowered their estimates for the company after weak earnings and updated guidance. Zacks Consensus Estimates for the current and the next fiscal year have plunged to $1.06 per share and $1.04 per share from $1.56 and $1.66 respectively, 60 days back.
Reorganization: Dividend Cut and Lay-offs
The company deferred its dividend decision for 2H, while announcing earnings results, leading many analysts to believe that a dividend cut was coming soon considering company’s cash flow position.
Last month, the company slashed its dividend by 50% “to align to GE’s cash flow generation.”
Last week, GE announced 12,000 job cuts in its power division, citing numerous problems such as overcapacity, lower utilization, and overall growth in renewables. The company expects these challenges to continue. These lay-offs will happen over the next 18 months.
These are a part of broader restructuring plans under the new CEO. It remains to be seen whether these plans would put the company back on growth path.
The Bottom Line
GE shares are down 44% year-to-date while many other industrial stocks have surged this year. Recently Moody cut the company’s long-term credit rating, due to “severe deterioration” in company’s segment financial performance.
The stock has fallen to a Zacks Rank #5 (Strong Sell) after results as analysts continue to slash their estimates. Investors should avoid the stock for the time being.
Additional content:
Spotify to Go Public Without IPO
Launched in 2008 by entrepreneurs Daniel Ek and Martin Lorentzon, Stockholm, Sweden-based Spotify is one of the most popular streaming services on the market today. With its desktop and mobile app version, the company allows users to search or browse, for free, through its extensive music library. Spotify also offers a “Premium” subscription for $9.99 per month that removes advertisements and lets users download music to listen to offline.
Competition
Spotify recently announced that it now has 140 million monthly active users, with 60 million paying for the service. This achievement has cemented its status as the biggest subscription music service by user count, and the leader in the increasingly crowded music streaming industry.
Arguably Spotify’s biggest market rival is Apple’s Apple Music. Launched in 2015, Apple Music is a streaming music service based on Beats Music, which has drawn listeners with playlists made by experts, not algorithms. The service is also known for its collaborations with high-profile musicians like Drake and Taylor Swift. It costs $9.99 per month, and users can download music from an extensive digital library, just like Spotify. Apple Music offers listeners a free, three-month initial trial.
There’s also Tidal, the Scandinavian streaming service that rapper and mogul Jay-Z scooped up back in 2015 for $56 million. It has a similar price of $9.99 per month for normal streaming, while also offering a $19.99 per month option that includes high-fidelity sound quality. Like Apple Music, Tidal is known for its partnerships with big music names. Rihanna, Beyoncé, and Kanye West all exclusively debuted their latest albums on Tidal before a wider release.
Other top rivals include Rdio, which provides access to online radio stations, with different levels of on-demand access, for $3.99 to $9.99 per month; Pandora, one of the original internet radio companies, recently debuted Pandora Premium, a $9.99 per month streaming music service; Rhapsody, the original streaming music subscription service, has been around since 2001, and is available for $9.99 per month; and Alphabet’s Google Play Music, which offers online music storage and a streaming service for $9.99 per month.
Controversies
Despite its popularity, Spotify tends to draw out negative publicity, mainly over debates about its free advertising-supported service. This service allows people who are prepared to sit through occasional ads to listen to songs for free on demand. Music labels—Spotify is in compliance with Sony , EMI, Warner Music Group, and Universal, among others—understandably dislike the free service because it dismantles album sales, and pays less in royalties than the subscription does.
We all remember Spotify’s battle with Taylor Swift. The popstar withdrew her entire catalog from the service because she “didn’t like the way it felt. I think there should be an inherent value placed on art,” she said in an interview with Time. Swift’s music, however, did find its way backto the platform in June, just in time for Katy Perry’s new album and her highly-anticipated sixth album Reputation (though the official reason was in celebration of 1989 selling over 10 million copies worldwide).
Other musicians did follow in her original footsteps. Icelandic singer Björk made her album Vulnicura unavailable on Spotify and other streaming services, though her back catalogue remained available. And in 2015, British songstress Adele similarly restricted her Grammy-winning album 25 from all streaming services—however, you can currently listen to it on Spotify, along with her other albums, 19 and 21—on its release date, telling Time that “I believe music should be an event.”
Last year, Spotify was embroiled in issues surrounding its updated Terms and Conditions of Use, where in a blog post, the company’s user communications manager Candace Katz explains “We may ask for customer permission to collect information from new sources, such as address book, location, and sensor data [and photos, voice controls, and contacts] from the mobile device to improve the customer experience and inform product decisions."
This unexpectedly caused an uproar, with many calling Spotify’s new privacy policy “eerie” and “creepy” and pledging to unsubscribe from the service. The backlash was bad enough that CEO Ek wrote another blog post, aptly called “SORRY” in order to explain that users don’t have to share this information if they don’t want to. “We will ask for your express permission before accessing any of this data – and we will only use it for specific purposes that will allow you to customize your Spotify experience.”
An IPO on the Horizon?
Over the past few years or so, Spotify has been on the hunt for new funding. The company closed funding rounds in 2012 and 2013, raising $100 million and $250 million, respectively.
In 2016, Spotify completed a whopping $526 million round of funding, putting it at a valuation of roughly $8.5 billion, a move that showed investors its desire for expansion and new forms of content—a few months before this funding round, Spotify announced its plan to add videos and podcasts from partners like ESPN, NBC, Comedy Central, and Condé Nast.
And last year, the company raised $1 billion in convertible debt on the promise that its new investors will receive a 30% discount on shares when it files for an IPO. Spotify will have to pay 5% annual interest on the debt, however, and 1% more every six months, up to a total of 10%, until it goes public.
This decision to raise money through convertible debt was a smart move, as Spotify was able to maintain its high valuation without diluting its existing shareholders. It suggested the company was seriously thinking about an IPO, since the latest round of funding encourages Spotify to go public sooner rather than later.
There were then reports that Spotify was going to delay its IPO to 2018, with sources saying the company wanted to use the time to “build a better balance sheet and work on shifting its business model to improve its margins.” But in reality, the delay was likely linked to Spotify’s inability to finalize new licensing deals with big record labels like Universal, Sony, and Warner, whom control 80% of recorded music.
Spotify, however, has reportedly decided to not even carry out an IPO at all. Instead, the company is gearing up for a direct listing, which would have Spotify simply register its shares on a public exchange and let them trade freely. This move eliminates the need for a Wall Street bank or broker to underwrite an IPO and the fees associated with the process. Spotify would also avoid those “lock-up” periods where insiders are not allowed to sell stock for months after a company IPOs; shares of Snap hit an all-time lowduring its post-IPO lock-up.
A direct listing is highly unusual, and Spotify would miss out on potentially hundreds of millions of dollars in proceeds from a regular IPO. But if the move turns out to be successful for the streaming giant, we could see other tech startups following in Spotify’s footsteps.
There’s no doubt about Spotify’s rapid growth and universal reach. However, investors should be aware that the company still remains unprofitable, mostly because of the fees paid to music labels; Spotify supposedly pays a royalty rate of 55% of its sales, but is fighting to pay less. Nevertheless, its impressive valuation, most recently reportedat $16 billion, and popularity will work in Spotify’s favor when its public debut arrives.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius. Click for details >>
About the Bull and Bear of the Day
Every day, the analysts at Zacks Equity Research select two stocks that are likely to outperform (Bull) or underperform (Bear) the markets over the next 3-6 months.
About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous analyst coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Strong Stocks that Should Be in the News
Many are little publicized and fly under the Wall Street radar. They're virtually unknown to the general public. Yet today's 220 Zacks Rank #1 "Strong Buys" were generated by the stock-picking system that has more than doubled the market from 1988 through 2016. Its average gain has been a stellar +25% per year. See these high-potential stocks free >>.
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit http://www.zacks.com/performancefor information about the performance numbers displayed in this press release.