OmniVision Technologies, Calavo Growers, Citigroup, JPMorgan Chase and Wells Fargohighlighted as Zacks Bull and Bear of the Day

 OmniVision Technologies, Calavo Growers, Citigroup, JPMorgan Chase and Wells
              Fargohighlighted as Zacks Bull and Bear of the Day

PR Newswire

CHICAGO, June 18, 2013

CHICAGO, June 18, 2013 /PRNewswire/ --Zacks Equity Research highlights
OmniVision Technologies (Nasdaq:OVTI-Free Report) as the Bull of the Day and
Calavo Growers (Nasdaq:CVGW-Free Report) as the Bear of the Day. In addition,
Zacks Equity Research provides analysis onthe Citigroup Inc. (NYSE:C-Free
Report), JPMorgan Chase & Co. (NYSE:JPM-Free Report) and Wells Fargo & Company
(NYSE:WFC-Free Report).


Here is a synopsis of all five stocks:

Bull of the Day:

OmniVision Technologies (Nasdaq:OVTI-Free Report) recently delivered its third
straight positive earnings surprise as it continues to benefit from growing
demand for smarthpones. Following the most recent beat, management provided
guidance above consensus, prompting analysts to raise their estimates
significantly higher.

This sent the stock to a Zacks Rank #1 (Strong Buy).

OmniVision Technologies, Inc. makes advanced digital imaging technologies for
consumer and commercial applications including mobile phones, tablets,
notebooks and webcams, entertainment devices, security and surveillance
systems, digital still and video cameras, automotive and medical imaging

The company is well-positioned to benefit from growing global demand for
smartphones, particularly in the emerging markets. It is headquartered in
Santa Clara, California and has a market cap of $1.0 billion.

OmniVision reported its fiscal 2013 fourth quarter results on May 30. The
company delivered earnings per share of 17 cents, beating the Zacks Consensus
Estimate of 9 cents. It was the company's third consecutive positive earnings

Bear of the Day:

Calavo Growers (Nasdaq:CVGW-Free Report) recently reported a big second
quarter earnings miss despite strong top-line growth thanks to a significant
decline in the gross profit margin.

This prompted analysts to revise their estimates lower going forward, sending
the stock to a Zacks Rank #5 (Strong Sell).

With shares trading at a lofty 20x forward earnings, investors should consider
waiting for earnings momentum to turn around before establishing a position

Calavo Growers, Inc. distributes avocados, prepared avocado products, and
other perishable food products to food distributors, produce wholesalers,
supermarkets, and restaurants. The company obtains avocados primarily from
California, Mexico, and Chile. It was founded in 1924 and has a market cap of
$401 million.

Calavo Growers reported its fiscal 2013 second quarter results on June 5.
Earnings per share came in at 19 cents, significantly below the Zacks
Consensus Estimate of 39 cents. It was the company's second straight earnings

Additional content:

Foreclosure Activity Up from April

Indicating a continuous strengthening of housing prices, the foreclosure
market report – released by RealtyTrac – depicted a marginal rise in overall
foreclosure activity in May 2013. According to this leading online marketplace
of foreclosure properties, foreclosure filings were up 2% from Apr 2013 but
down 28% from May 2012.

This brought the aggregate number of properties receiving default, auction or
repossession notices to 148,054. The primary reason for the monthly rise was
an increase in bank repossessions (REOs), which was up 11% from Apr 2013 but
down 29% from May 2012 with 38,946 properties in May.

In aggregate, 33 states reported a monthly rise in REO activity. Further, from
Apr 2013, REO activity rose 9% in non-judicial states and 13% in judicial

Additionally, Citigroup Inc. (NYSE:C-Free Report) was the lone mortgage
servicer – among the 5 banks involved in last year's national mortgage
settlement – to report lower repossessions in May. The other banks include
JPMorgan Chase & Co. (NYSE:JPM-Free Report) and Wells Fargo & Company
(NYSE:WFC-Free Report) recorded a rise in repossessions.

Moreover, foreclosure starts – default notices issued and foreclosure auctions
(depending on the state's foreclosure procedure) – jumped 4% from Apr 2013 but
declined 33% from May 2012 to 72,938 properties in the reported month.
Foreclosure starts increased in 26 states on a monthly basis, while 14 states
reported the rise on a yearly basis.

The foreclosure problem continued to shift toward judicial states. In the
reported month, Florida, Ohio, Maryland, South Carolina and Illinois had 5 of
the top 6 foreclosure rates countrywide. In the second position, Nevada was
top-ranked among the non-judicial states.

Rise in foreclosure activity is expected continue as mortgage servicers are
more confident of getting higher value for foreclosed properties, given the
increasing demand for these as well as rise in home prices. Further, according
to the S&P/Case-Shiller index of values in 20 cities, the U.S. home prices
rose almost 11% in the year through Mar 2013, marking the biggest yearly gain
since Apr 2006. However, foreclosure activity is expected to remain volatile,
as the processes being used for handling these differ from state to state.

Nevertheless, the stabilizing housing sector, increase in jobs, and low
mortgage rates will likely make homeowners avoid foreclosures. Additionally,
the rate at which properties are entering the foreclosure procedure is
expected to eventually slacken, leading to further rise in housing prices.

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