Zacks #1 Rank Top Performers: ASM International, GMX Resources, Metalico, Massey Energy and Olympic Steel

Business Wire, June 24, 2008

CHICAGO -- Zacks.com announces the latest list of top performing Zacks #1 Rank ("strong buy") stocks. The stocks on the prestigious list with the highest returns last week were ASM International N.V. (NASDAQ: ASMI), GMX Resources, Inc. (NASDAQ: GMXR), Metalico, Inc. (AMEX: MEA), Massey Energy Company (NYSE: MEE) and Olympic Steel, Inc. (NASDAQ: ZEUS). Each of these stocks easily outperformed the S&P 500.

Stocks ranked #1 (Strong Buy) by Zacks have produced an average annual return of +32% since inception in 1988. During the 2000-2002 bear market, Zacks #1 Rank stocks gained 43.8% while the S&P 500 tumbled 37.6%. To learn more about the Zacks Rank, go to http://at.zacks.com/?id=3172.

Here is a synopsis of the last week's best performing Zacks #1 Rank stocks.

ASM International N.V. (NASDAQ: ASMI) received an offer for all of its Front-End activities early last week, which it promptly rejected on Friday. The offer from Applied Materials and Francisco Partners was valued at up to $800 million. The chip-equipment manufacturer stated that the offer "significantly undervalues the Front-End business and fails to reflect its future prospects."

Shares of ASMI advanced 18.8% last week, which made it one of the top-performing Zacks #1 Rank companies. Earnings estimates for this year are up 32.7% in two months and 14.5% in 30 days. Furthermore, next year's expectations are currently about 42.5% higher than this year's. The company will report its second-quarter results in late July. For its first quarter, ASMI announced earnings per share that topped the consensus by almost 18%.

GMX Resources, Inc. (NASDAQ: GMXR) is making its second appearance on the Zacks #1 Rank Top Performers List for this month, and its third appearance in the past four weeks. Over the past seven trading days, earnings estimates for this year have increased 5.2%, while expectations for the second quarter are up 19.6%. The past two months have seen advances of 50% and almost 112%, respectively. In addition, analysts currently expect next year's earnings per share to improve approximately 38% from the present year.

Shares of this 'Pure Play' exploration and production company rose 16.6% last week, securing a spot on the Zacks #1 Rank Top Performers List. On Jun 17, the company announced a pair of agreements with a private company to purchase land in Harrison County, East Texas and Caddo Parish North Louisiana. GMXR called the acquisitions a significant growth opportunity, especially as it prepares its accelerated drilling plans for the 'Haynesville'/Bossier Shale. The company also increased in its credit facility and announced a preferred dividend.

Metalico, Inc. (AMEX: MEA) gained approximately 12% last week, which was enough to place it on the Zacks #1 Rank Top Performers List. MEA is a holding company with operations in ferrous and non-ferrous scrap metal recycling, as well as fabrication of lead-based products. The company continues to benefit from rising commodity prices.

Its first quarter - reported in late April - turned out to be the best in its history. Earnings per share of 20 cents advanced year over year from 12 cents and eclipsed the consensus by almost 54%. Sales soared 230% to $170.5 million from $51.8 million.

Shares of Massey Energy Company (NYSE: MEE) advanced 9.2% for the week ended Jun 20, marking its third consecutive appearance near the top of the Zacks #1 Rank Top Performers List. Earnings estimates for this year are up about 21% over the past two months, as the company has been able to capitalize on rising coal prices. The company entered this week on the S&P 500, having been added after last Friday's close.

The company announced a strong first quarter in April, as earnings per share of 52 cents beat the consensus by 62.5%. Produced coal revenue was up 4.5%. Massey was very active during the quarter in its expansion and cost reduction projects. The company expects productivity to improve in the second quarter and beyond. Earnings estimates for the second quarter are up 15.7% over the past two months.

Olympic Steel, Inc. (NASDAQ: ZEUS) continues to benefit from the global demand for steel. Shares moved forward by approximately 9% last week. Earnings estimates for this year advanced 34.8% over the past two months, including a rise of 1.7% in the past 30 days.

The company will report its second-quarter results in late July. For its first quarter, ZEUS announced earnings per share of $1.21 on net sales of $274.9 million. That earnings result advanced easily from last year's 49 cents, while also beating the consensus by almost 25%. Net sales increased 6% from $259.4 million. ZEUS has a favorable outlook moving forward, due to strong global demand for steel, weak U.S. currency, low service center inventory levels and high raw material costs.

About the Zacks Rank

Since 1988, the Zacks Rank has proven that "Earnings estimate revisions are the most powerful force impacting stock prices." Since inception in 1988, #1 Rank stocks have generated an average annual return of +32%. During the 2000-2002 bear market, Zacks #1 Rank stocks gained +43.8%, while the S&P 500 tumbled -37.6%. Also note that the Zacks Rank system has just as many Strong Sell recommendations (Rank #5) as Strong Buy recommendations (Rank #1). Since 1988, Zacks Rank #5 stocks have underperformed the S&P 500 by 129% annually (+5 % vs. +12%). Thus, the Zacks Rank system allows investors to truly manage portfolio trading effectively.