CHICAGO, Feb. 7, 2011 /PRNewswire/ -- Zacks.com Analyst
Blog features: McDonald (NYSE: MCD), Abercrombie &
Fitch (NYSE: ANF), Las Vegas Sands Corp. (NYSE: LVS),
Air Products & Chemicals Inc. (NYSE: APD) and Airgas
Inc. (NYSE: ARG).
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Here are highlights from Friday's Analyst Blog:
Employment Report In Depth
In the overall big picture, men have fared far worse than women
in this downturn. There are two possible reasons for that. The
first is that the industries that have been particularly hard-hit
in this downturn tend to be far more male-dominated than the
industries that have skated though this recession more or less
unscathed. The most glaring example of this would be the
construction industry versus the health care industry (more on the
industry breakdowns below).
The second explanation is that on average, women tend to still
be paid far less than men do, and employers might be more prone to
let their relatively high priced male employees go first before
their cheaper female employees. The industry effect is probably the
bigger one, but the two are not mutually exclusive and both might
be playing a role.
Teenage Demographic
Teens, regardless of gender have had a very hard time of it in
this recession. Just go to a McDonald's (NYSE: MCD) and you
will see this for yourself. Normally the blemishes you see on the
cashier's face is acne, not wrinkles and age spots as is the case
now. In January, the teen unemployment rate rose to 25.7% from
24.4% in December but it is down from 26.2% a year ago.
The deterioration from last month is not as bad it appears, but
the improvement from last year is a bit of an illusion. The
participation rate, rose to 34.6% from 34.3% in December, but was
35.3% a year ago. The percentage of teens that actually have a job
was just 25.7%, up from 25.6% in November but down from 20% a year
ago.
While for the most part the earnings from teen jobs tend to go
towards clothes from Abercrombie & Fitch (NYSE: ANF) and
other teen clothing stores, for many it is a significant part of
paying for college. Also, when teens work, they learn important job
skills such as the importance of actually showing up, and doing so
on time. The extremely low levels of teens working is not a good
sign for the future.
Las Vegas Sands EPS Beats, Stock Tumbles
Las Vegas Sands Corp. (NYSE: LVS) recorded adjusted
earnings of 42 cents per share in the
fourth quarter of 2010, beating the Zacks Consensus Estimate of
38 cents and 3
cents in the year-earlier quarter.
On a GAAP basis, the company reported net income of $273.0 million or 34
cents, compared with a loss of $113.9
million or 17 cents in the
year-ago quarter, primarily reflecting an rise in operating income
and decline in net interest expense.
Quarterly revenues climbed 56.9% year over year to $2.02 billion, but was below the Zacks Consensus
Estimate of $2.05 billion.
Consolidated adjusted property EBITDA (Earnings before interest,
taxes, depreciation and amortization) shot up 141.3% to
$738.9 million from the year-ago
quarter.
The company's results reflect strong performance at its
Macau business, outstanding
results at its new resort in Singapore and improvement at its Las Vegas business.
The company's full-year adjusted earnings per share were
98 cents per share versus
7 cents per share in full fiscal
2009. Revenues were $6.85 billion in
full fiscal 2010, representing a year-over-year growth of
50.2%.
Airgas Buyout Offer Extended
Air Products & Chemicals Inc. (NYSE: APD) continues
to court Airgas Inc. (NYSE: ARG) and has extended the
expiration date of its tender offer of $70 per share for all of Airgas' outstanding
common shares. Air Products in the hope to garner more shareholder
support for the takeover extended the expiration date from
February 4, 2011 to February 15, 2011.
Air Products stated that out of Airgas' 84.06 million shares
outstanding, 7.1 million shares had been validly tendered and not
withdrawn from the offer as of February 2,
2011.
In December last year, Airgas' board of directors had again
rejected Air Products' final offer of $70 per share. The current offer values the deal
at $5.9 billion excluding debt. The
board had stated that the offer price was inadequate and below
Airgas' current value, which it estimated at no less than
$78. Air Products had retaliated by
standing firm on $70 per share as its
"best and final offer", which was at a 61% premium to Airgas'
closing price of $43.53 as of
February 4, 2010, the day before it
first announced an offer to acquire Airgas.
The Airgas-Air Product imbroglio began in October 2009 when Air Products made an all-stock
proposal offer at an implied value of $60 per share. Since then Airgas' board has
continuously rejected all subsequent Air Products offers on the
premise that they highly undervalue the company and its future
prospects, including its industry leading position in the packaged
gas business, unrivaled platform and benefits expected from the
substantial, recent investments.
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