For Immediate Release
Chicago, IL - March 28, 2012 - 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
Deutsche Bank Ag
(
DB
),
Bank of America Corp.
(
BAC
),
Citigroup Inc.
(
C
),
Wells Fargo & Co.
(
WFC
) and
Avnet, Inc.
(
AVT
).
Get the most recent insight from Zacks Equity Research with the
free Profit from the Pros newsletter:
http://at.zacks.com/?id=5513
Here are highlights from Tuesday's Analyst Blog:
Duetsche Bank Lawsuit Costs $32.5M
Deutsche Bank Ag
(
DB
) has resolved a lawsuit related to the mortgage backed securities
that were sold to investors prior to the U.S. Housing market
crisis, according to a Reuters report. The company is said to have
misled investors regarding the risk profile of these securities.
Deutsche Bank will pay $32.5 million for settling the lawsuit.
The settlement now awaits the approval of the U.S. District
Judge. Preliminary papers were filed in a federal court in New
York, yesterday. Notably, Massachusetts Bricklayers and Masons
Trust Funds is a lead plaintiff in this case.
The Accusation
Deutsche Bank is accused of making misstatements and omissions
in the offer document of these securities in 2006. These were made
with respect to the mortgage loans' underwriting and appraisal
practices. The mortgage loans were clubbed into securities and
retained in two trusts.
Investors were misled about the risk profile of the loans and
sold the securities as highly rated one. When the loans defaulted
and the securities lost value, the company made profit by using
credit-default swaps.
Our Take
We believe that though the lawsuit settlement is a dent on
Deutsche Bank's financials and its reputation, it also lessens the
company's litigation overhang.
Besides Deutsche Bank, a number of Wall Street majors such as
Bank of America Corp.
(
BAC
),
Citigroup Inc.
(
C
) and
Wells Fargo & Co.
(
WFC
) have faced lawsuits for their roles in mortgage-backed securities
offering. These companies have similarly gone through settlements
and paid millions for such act of misleading and misrepresentation
to investors.
Deutsche Bank currently retains a Zacks #3 Rank, which
translates into a short-term 'Hold' rating.
Avnet Acquires Ascendant Technology
Avnet, Inc.
(
AVT
) recently announced that the company will acquire Ascendant
Technology LLC in a move to accelerate its global solutions
distribution model.
Incorporated in 2003, Ascendant Technology provides IT services
with operations in North America, Europe, Brazil and India,
In particular, the company specializes in developing end-to-end
IBM solutions which enable organizations to optimize their
investments in information technology and thereby achieve the
desired business goals.
Generating revenues of $90 million, Avnet has supported large
and small businesses to develop and deploy e-Commerce, enterprise
portal and collaboration, web content management, infrastructure
automation and cloud computing solutions.
The company is expected to close the acquisition in the next 45
days. The acquisition will be integrated into the operations of
Avnet Technology Solutions.
Based in New York, Avnet is one of the world's largest
industrial distributors. The Technology Solutions segment from
Avnet focuses on the global value-added distribution of enterprise
computing servers and systems, software, storage, services and
complex solutions.
Companies like Avnet need to continuously make acquisitions to
grow its geographic footprint along with market coverage on a
global basis for electronic components and computer products and
solutions.
Want more from Zacks Equity Research? Subscribe to the free
Profit from the Pros newsletter:
http://at.zacks.com/?id=5515
.
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 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.
Zacks "Profit from the Pros" e-mail newsletter provides
highlights of the latest analysis from Zacks Equity Research.
Subscribe to this free newsletter today:
http://at.zacks.com/?id=5517
About Zacks
Zacks.com is a property of Zacks Investment Research, Inc.,
which was formed in 1978 by Leon Zacks. As a PhD from MIT Len knew
he could find patterns in stock market data that would lead to
superior investment results. Amongst his many accomplishments was
the formation of his proprietary stock picking system; the Zacks
Rank, which continues to outperform the market by nearly a 3 to 1
margin. The best way to unlock the profitable stock recommendations
and market insights of Zacks Investment Research is through our
free daily email newsletter; Profit from the Pros. In short, it's
your steady flow of Profitable ideas GUARANTEED to be worth your
time! Register for your free subscription to Profit from the Pros
at
http://at.zacks.com/?id=5518
.
Visit
http://www.zacks.com/performance
for information about the performance numbers displayed in this
press release.
Follow us on Twitter:
http://twitter.com/zacksresearch
Join us on Facebook:
http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts
Disclaimer: Past performance does not guarantee future results.
Investors should always research companies and securities before
making any investments. Nothing herein should be construed as an
offer or solicitation to buy or sell any security.
Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
support@zacks.com
http://www.zacks.com
AVNET (
AVT
): Free Stock Analysis Report
BANK OF AMER CP (
BAC
): Free Stock Analysis Report
CITIGROUP INC (
C
): Free Stock Analysis Report
DEUTSCHE BK AG (
DB
): Free Stock Analysis Report
WELLS FARGO-NEW (
WFC
): Free Stock Analysis Report
To read this article on Zacks.com click here.