NEW YORK (
) -TheStreet Ratings' stock model upgraded
to 'Buy' from 'Hold'. This $13.1 billion market capitalization cosmetics company doubled its second quarter net income to $167.6 million versus the second quarter last year.
TheStreet Ratings released rating changes on 31 additional U.S. common stocks for July 30, 2010. In total, just seven stocks were downgraded and 25 stocks have been upgraded by our stock model. The number of upgrades exceeding downgrades by more than a three-to-one margin today continues to speak well of second quarter earnings season as seen by our stock model results.
Quarterly revenue at Avon Products grew 8% to $2.7 billion, a pretty result compared to second quarter 2009. CEO, Andrea Jung is executing her global strategy to add & support more company representative in Latin America and Europe to the 6.2 million-strong sales force through additional advertising initiatives.
Another large company being upgraded by TheStreet Ratings' stock model is
, moves to 'Buy' from 'Hold'. This maker of industrial machinery tripled fiscal third quarter profit to $119.4 million over second quarter 2009 as the global recovery continues.
Lastly, Canadian precious metals miner,
Agnico Eagle Mines
, reported second quarter profits of $100.4 million, up 161% over second quarter 2009, on a double of gold production. Our stock model reflects the luster of these results with an upgrade to 'Buy' from 'Hold'.
-- Reported by Kevin Baker in Jupiter, Fla.
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Kevin Baker became the senior financial analyst for TheStreet Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.