NEW YORK (
) -TheStreet Ratings' stock model upgraded
to 'Buy' from 'Hold'. Net income at this $26 billion market cap express package delivery company increased in its fiscal fourth quarter ending May 31 to $419 million compared to a loss of $876 million in the year earlier quarter.
TheStreet Ratings released rating changes on 13 additional U.S. common stocks for August 16, 2010. In total, just two stocks were downgraded and 12 stocks have been upgraded by our stock model. The number of upgrades exceeding downgrades by a six-to-one margin today continues the bullish trend coming from our model's analysis of second quarter earnings.
Gross sales at FedEx added 20.1% to $9.4 billion in fiscal fourth second quarter of 2009 compare to the year earlier quarter. Deliveries of packages and freight are a bellwether of economic growth and FedEx may be leading the way to recovery.
Another large company being upgraded to 'Buy' from 'Hold' is
. This $10 billion market capitalization, scientific instrument company, improved its top-line revenue by 30.9% to $1.4 billion in fiscal third quarter over the same quarter last year. Net income of $205 million was the company's best quarter since the fourth quarter of 2008. The positive outlook for increased demand for scientific instruments adds to earnings estimates tracked by our stock model.
-- 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.