NEW YORK (
) -TheStreet Ratings' stock model downgraded
to 'Hold' from 'Buy'. Net income at this $8 billion market cap command and control communications company inched higher by just 1.3% to $228 million in the second quarter from the year earlier quarter.
TheStreet Ratings released rating changes on 23 additional U.S. common stocks for August 19, 2010. In total, nine stocks were downgraded and 15 stocks have been upgraded by our stock model.
Gross sales at L-3 Communications grew by an even slimmer margin than income edging higher by just under 1% to nearly $4 billion compared to second quarter 2009. In order to sustain growth, L-3 Communications is resorting to the potentially expensive prospect of acquiring smaller defense contractors.
Heading the other way, being upgraded to 'Buy' from 'Hold' is
(TW). This $3.5 billion market capitalization, professional services, improved its top-line revenue by 89% to $750 million in fiscal fourth quarter ending June 30 over the same quarter last year. Net income popped by 87% to a profit of $58 million over the same period.
-- 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.