The Zacks Analyst Blog Highlights:The Charles Schwab, SunTrust Banks, Bank of America, The PNC Financial Services Group and

The Zacks Analyst Blog Highlights:The Charles Schwab, SunTrust Banks, Bank of
        America, The PNC Financial Services Group and Eastman Chemical

PR Newswire

CHICAGO, Aug. 2, 2012

CHICAGO, Aug. 2, 2012 /PRNewswire/ -- 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 The Charles Schwab Corporation
(NYSE:SCHW), SunTrust Banks Inc. (NYSE:STI), Bank of America Corporation
(NYSE:BAC), The PNC Financial Services Group Inc. (NYSE:PNC) and Eastman
Chemical Company (NYSE:EMN).

(Logo: http://photos.prnewswire.com/prnh/20101027/ZIRLOGO)

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Here are highlights from Wednesday's Analyst Blog:

Schwab to Redeem TruPS

The Charles Schwab Corporation (NYSE:SCHW) became the latest bank to announce
the redemption of trust preferred securities (TruPS). Schwab stated that it
would redeem all the Fixed to Floating Rate TruPS issued by the Schwab Capital
Trust I.

The redemption also involves common stock issued by the Schwab Capital Trust I
and held by the company. The overall redemption forms part of the company's
plan to redeem all the junior subordinated debt, which underlies the TruPS as
well.

Schwab's decision to redeem TruPS follows the announcement of new capital
rules by the Federal Reserve earlier this year. As per the new proposal,
beginning 2013, the TruPS issued prior to May 19, 2010 would not be considered
for the calculation of Tier 1 capital ratio.

The redemption price of the securities has been kept at 100% of the
liquidation amount of each of the trust preferred security along with all the
accumulated and unpaid distributions. The redemption is scheduled for August
31, 2012.

TruPS Redemption by Other Banks

During the first half of 2012, many banks have redeemed TruPS. Notable names
include SunTrust Banks Inc. (NYSE:STI), which redeemed TruPS worth
approximately $1.19 billion. Further, Bank of America Corporation (NYSE:BAC)
and The PNC Financial Services Group Inc. (NYSE:PNC) redeemed securities worth
$3.9 billion and $967.5 million, respectively.

Our Viewpoint

Redemption of TruPS is a strategic fit as a step like this provides banks with
the opportunity to bring down their interest expense. Moreover, this will help
in satisfying the regulatory norms since according to the Dodd-Frank Act, from
2013, banks will no longer be able to consider these securities as regulatory
capital.

Schwab currently retains a Zacks #3 Rank, which translates into a short-term
Hold rating. Considering the fundamentals, we also maintain a long-term
Neutral recommendation on the stock.

Eastman Chemical, Sinopec Join Forces

Eastman Chemical Company (NYSE:EMN) announced that it has collaborated with
Sinopec Yangzi Petrochemical Company Limited to build a hydrogenated
hydrocarbon resin plant in Nanjing, China. Both the companies will hold equal
share in the joint venture.

The facility is expected to be operational by the end of 2014 and will expand
Eastman's total capacity for hydrogenated resins by 50%. Once the plant
becomes operational, it is expected to produce 50,000 metric tons of Eastman's
Adhesives and Plasticizers segment's Regalite hydrocarbon resins.

Regalite is useful in making packaging and personal hygiene products,
including disposable diapers. The product is quite versatile and can be used
with a variety of polymers.

Eastman Chemical and Sinopec already have a joint venture for manufacturing
Eastman Eastotac resins in Nanjing. The existing facility will be expanded for
the new venture.

In July 2012, Eastman Chemical also took over Missouri-based chemical company
Solutia under a cash and stock deal worth roughly $4.8 billion (including
Solutia debt). The acquisition is expected to significantly accelerate the
company's growth and offer lucrative opportunities in Asia-Pacific.

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