Zacks Analyst Blog Highlights: Nordstrom, Inc., Developers Diversified Realty Corp., TC PipeLines, Hoku Scientific Inc. and Siemens

Business Wire, Feb 25, 2009

CHICAGO -- 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: Nordstrom, Inc. (NYSE: JWN), Developers Diversified Realty Corp. (NYSE: DDR), TC PipeLines (NASDAQ: TCLP), Hoku Scientific Inc. (NASDAQ: HOKU) and Siemens (NYSE: SI).

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Here are highlights from Tuesday's Analyst Blog:

Nordstrom Jumps After Results

After the close today, Nordstrom, Inc. (NYSE: JWN) reported results for the 4th quarter. Total sales decreased 8.5% year-over-year to $2.30 billion, and same-store sales decreased 12.5%. The retailer also reported net earnings of $68 million, or $0.31 per diluted share.

While those results were down big from $2.51 billion in sales and earnings of $0.92 per diluted share in the year-ago quarter, Nordstrom did manage to beat our estimates and the consensus. We were expecting sales of $2.29 billion and earnings of $0.29 per share. The Zacks consensus estimate for the fourth quarter was sales of $2.26 billion and EPS of $0.30.

DDR Sells Major Equity Stake

Developers Diversified Realty Corp. (NYSE: DDR) announced today that it has entered into an agreement to sell 30 million shares and warrants for an additional 10 million shares to the Otto Family, a large German shopping center owner and developer. In addition, the Otto Family has agreed to loan DDR another $60 million.

The common shares will be purchased for $3.50 per share for the first 15 million shares, and $4.00 for the second 15 million shares, which represent significant premiums to current share prices. DDR currently trades at $2.50/share. If the warrants are converted, the Otto family will own over 30% of DDR.

TC PipeLines Beats Expectations

TC PipeLines (NASDAQ: TCLP) reported better-than-expected 4th quarter 2008 results, primarily reflecting improved Tuscarora transmission results and lower financial charges. Given its lack of exposure to the tentative near-term natural gas market fundamentals, Tuscarora provides the partnership with cash flow visibility going forward.

The partnership maintained its 4th-quarter cash distribution at $0.705 per unit (or $2.82 per unit annualized). We continue to like the partnership for its steady cash-flow generating pipeline assets that provide it with the stability and financial capacity to deliver cash distributions in a disciplined manner.

HOKU Disappoints Slightly

Hoku Scientific Inc.'s (NASDAQ: HOKU) 3rd quarter 2009 GAAP results deteriorated marginally with a net loss of $0.04 per diluted share compared to net loss of $0.03 per diluted share in the prior-year quarter. HOKU's non-GAAP net loss in the 3rd quarter fiscal 2009, excluding stock-based compensation expense, was $0.03 per diluted share versus $0.01 per diluted share in the year-ago quarter.

At the end of the 3rd fiscal quarter 2009, HOKU had a poly-silicon order backlog with 5 leading solar companies of up to $2.3 billion over a 10-year period and has customer prepayment commitments of $216 million.

In January 2009, the company received its first six polysilicon Siemens (NYSE: SI)-process reactors out of total 28, at its Idaho plant. Of this, two polysilicon reactors have been assembled and installed on the production floor. The rest of the shipment of ten and twelve polysilicon reactors is expected in the first half and second half of calendar year 2009, respectively.

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