Wall Street seems to be enjoying a small relief rally this morning after yesterday’s rout. One of my favorite Emerging Growth stocks, MasTec (MTZ) announced very strong earnings after the closing bell yesterday. The shares are doing very well this morning.
MasTec reported a 51% increase in revenues and a 136% increase in diluted earnings-per-share. The company earned 29 cents a share on an adjusted basis which beat Wall Street’s forecast by four cents. MasTec earned just 11 cents a share for the same quarter one year ago.
I see a very bright future for MasTec. Investors Business Daily recently wrote, “the new government’s agenda seems almost designed with MasTec in mind.” The stock is an excellent buy.
Also in the news today is the Federal Reserve announced that it’s launching its TALF program (Term Asset-Backed Securities Loan Facility) which is designed to spur consumer credit. The Fed will make loans to purchasers of AAA-rated securities backed by new auto, credit card, student and Small Business Administration guaranteed loans. Let’s hope this works to get consumers back on their feet.