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Zacks Bull and Bear of the Day Highlights: Amgen, Align Technology, Texas Instruments, Maxim Integrated Products and Intel

  Zacks Bull and Bear of the Day Highlights: Amgen, Align Technology, Texas
               Instruments, Maxim Integrated Products and Intel

PR Newswire

CHICAGO, Dec. 12, 2012

CHICAGO, Dec. 12, 2012 /PRNewswire/ --Zacks Equity Research highlights Amgen
Inc (Nasdaq:AMGN) as the Bull of the Day and Align Technology (Nasdaq:ALGN) as
the Bear of the Day. In addition, Zacks Equity Research provides analysis on
Texas Instruments (Nasdaq:TXN), Maxim Integrated Products, Inc (Nasdaq:MXIM)
and Intel Corp. (Nasdaq:INTC).

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

Full analysis of all these stocks is available at
http://at.zacks.com/?id=2678.

Here is a synopsis of all five stocks:

Bull of the Day:

Amgen Inc's (Nasdaq:AMGN) third quarter EPS of $1.66 per share was 23 cents
above the Zacks Consensus Estimate and 19.4% above the year-ago period. Higher
revenues, cost discipline and a lower share count contributed to the
year-over-year increase in earnings. Revenues increased 9.5% to $4,319
million, well above the Zacks Consensus Estimate of $4,199 million.

Amgen raised its guidance for 2012 again and now expects earnings in the range
of $6.50 - $6.60 per share on revenues of $17.2 billion - $17.3 billion.
Earlier, the company had guided towards earnings of $6.20 - $6.35 per share on
revenues of $16.9 - $17.2 billion.

Based on the company's performance so far this year and the upbeat guidance,
which should be easily achievable, we are upgrading Amgen to Outperform. Our
$106 price target is based on 15.6x our 2013 earnings estimate.

Bear of the Day:

Align Technology's (Nasdaq:ALGN) third quarter 2012 results were dismal with
the company reporting revenues and adjusted EPS of $136.5 million and $0.28,
both missing the Zacks Consensus Estimates of $140 million and $0.29,
respectively. In addition, given the weakness in dental technology sales and
the aftermath of Superstorm Sandy, the company now expects to reach just the
low end of its earlier-provided fourth quarter 2012 outlook.

The news of job cuts and higher management churn, accompanied with the
termination of the European distribution contract also add to our concern.
These factors led to a downward rally in the stock price that reached its
52-week low last week.

We also fail to see any major catalyst that could revive the shares.
Accordingly, we downgrade the stock and lower our revenues and EPS estimates
for fiscal 2012 and 2013. 

Latest Posts on the Zacks Analyst Blog:

Texas Instruments Lowers EPS Guidance

Recently, Texas Instruments (Nasdaq:TXN) or "TI" narrowed its revenue and
earnings expectations for the fourth quarter of 2012.

The chipmaker now expects sales of $2.89–$3.01 billion versus its previous
guidance of $2.83–$3.07 billion. The earnings outlook has also been trimmed to
5–9 cents from the previous guidance of 23–31 cents.

The current earnings guidance includes 21 cents of charges associated with
previously announced restructuring in the company's Wireless segment.

Recently, TI announced its restructuring program wherein the company plans to
cut 1,700 jobs worldwide in order to reduce operational costs, shut down its
wireless chip operations, and concentrate on embedded solutions like
automobiles, industrial and other non-consumer markets, which have a longer
life cycle. The company expects to incur total charges of approximately $325
million in the fourth quarter.

It is encouraging that despite the weak macro environment, the company has not
lowered the midpoint of the revenue guidance. With game consoles and e-books
doing well for TI, the company cited weakness in wireless infrastructure and
industrial markets.

In order to retain its position in the world, it is imperative that TI
continues to undertake various initiatives and develop new products, keeping
in mind the interest of the organization in both the long and short run. We
believe the restructuring action will bring in stability and steady earnings
growth in the near future.

Texas Instruments is one of the largest suppliers of analog and digital signal
processing (DSP) integrated circuits. In the third quarter, TI posted decent
numbers, with both revenue and earnings surpassing our expectations. The
company's compelling product line-up, increasing differentiation in its
business, restructuring activities and lower-cost 300mm capacity should drive
earnings in the longer term.

Currently, Texas Instruments has a Zacks #3 Rank (Hold). We note that its
rivals, including Maxim Integrated Products, Inc (Nasdaq:MXIM) and Intel Corp.
(Nasdaq:INTC) also carry a Zacks #3 Rank (Hold).

Get the full analysis of all these stocks by going to
http://at.zacks.com/?id=2649.

About the Bull and Bear of the Day

Every day, the analysts at Zacks Equity Research select two stocks that are
likely to outperform (Bull) or underperform (Bear) the markets over the next
3-6 months.

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