Updating Some Picks
A long play of mine, East West Bancorp (Nasdaq:EWBC), reported earnings last night that were better than expected. The company beat consensus estimates by 2 cents, posting EPS growth of 25%
And earnings quality was very high, with a sharp decline in nonperforming assets and higher loan loss provision. ROA and ROE were +1.5% and +16.7%, respectively.
So analysts are praising the quarter and raising their estimates and price targets. This helped the stock gap higher at the open on a huge volume increase, propelling the stock to a new high.
Also, another recent pick, Fisher Scientific (NYSE:FSH) is this close to a new high after being added to Merrill's Focus List yesterday.
long EWBC, FSH