Zacks #1 Rank Top Performers: McMoRan, Agrium, Lindsay, Western Digital and Genco Shipping & Trading.

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 McMoRan Exploration Company (NYSE:MMR), Agrium Inc. (NYSE:AGU), Lindsay Corporation (NYSE:LNN), Western Digital Corporation (NYSE:WDC) and Genco Shipping & Trading Ltd. (NYSE:GNK). 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.

McMoRan Exploration Company (NYSE:MMR) announced solid first-quarter results on Apr 17, which propelled the oil & gas explorer onto the Zacks #1 Rank Top Performers list with a gain of almost 26% last week. Its performance also prompted analysts to increase earnings estimates for this year to $1.77 per share, marking gains of 261% and 27.3% in the past month and seven days, respectively.

In the quarter, MMR reported earnings per share that surprised the consensus by almost 47%. It also moved to a profit from a loss on a year-over-year basis. Total revenue surged to $295.5 million. The company attributed such results to a strong performance from its producing properties and continued positive drilling results in the Flatrock field. Production averaged 294 million cubic feet of natural gas equivalents per day (MMcfe/d) during the quarter, compared to 70 MMcfe/d in the first quarter 2007.

Agrium Inc. (NYSE:AGU) is in an enviable situation as a major player in one of the few, vibrant sectors during an otherwise dreary market environment. The week ended Apr 18 was another positive period for fertilizers, due in large part to an export deal between Saskatchewan potash producers and China whereby the country agreed to pay more than double for Canadian fertilizer. Also last week, Agrium reached an agreement with staff of the Federal Trade Commission that could allow for the closing of the UAP Holding Corp. acquisition by early May.

Shares of Agrium advanced 20.3% last week, which made it one of the top performing Zacks #1 Rank stocks. Earnings estimates for this year have been moving higher for several months, including a gain of 7.9% in the past month and 1.8% in the past seven days. Record results in the company's three business units led to a strong fourth-quarter performance, which included earnings per share of $1.24 that eclipsed the consensus by almost 41%. Agrium benefited from excellent business fundamentals along with strong operating performance. Most importantly, the company said its outlook for 2008 is "outstanding".

Lindsay Corporation (NYSE:LNN) was a top-performing Zacks #1 Rank for the month of March, and has now made the list in April with a gain of 17.5% last week. Earnings estimates for the year ending August 2008 have been moving higher, gaining 42% over the past two months and 13% over the past 30 days.

Lindsay makes irrigation products, as well as infrastructure and road safety products. The company is, therefore, in a good position to take advantage of high agricultural commodity prices. Furthermore, the company expects robust demand for irrigation products in 2008 both domestically and internationally. For its fiscal second quarter, LNN reported earnings per share of 79 cents that beat the consensus by 132%. Total revenues jumped 70% to $108.4 million.

Western Digital Corporation (NYSE:WDC) will report its fiscal third-quarter results after the close of trading today. Leading up to the announcement, the hard drive manufacturer made the Zacks #1 Rank top performers list with a gain of almost 14%. Over the past two months, earnings estimates for the year ending June 2008 are up 9.8%. Expectations for the quarter ended in March are up about 25% in that time.

In its fiscal second quarter, Western Digital reported earnings per share of $1.35 on revenue of $2.2 billion. The earnings result beat the consensus by almost 30%. Over the past four quarters, WDC has amassed an average surprise of 12%. Revenue moved forward year over year by more than 50% from approximately $1.4 billion. Hard drive shipments reached 34.2 million units, which was up 40% from last year. Western Digital said it was "excited" about its prospects in addressing the surging global demand for high-capacity storage in multiple consumer and business markets.

Genco Shipping & Trading Ltd. (NYSE:GNK) made the Zacks #1 Rank Top Performers list for the week ended Apr 18 with a gain of approximately 11.6%. The international shipping company is scheduled to report its first-quarter results on May 1. Earnings estimates have been trending higher for a while now, as expectations for this year are up 6.4% over the past two months and 3.9% over the past 30 days. GNK was also the Timely Buy of the Week at Zacks.com last week.

The company is benefiting from high commodities prices, and has a young fleet that puts it in a good position to take full advantage. GNK now as more than 80% of its fleet's available days booked on contracts for the rest of the year. Fourth-quarter earnings per share of $1.16 advanced handily from 65 cents in the year-ago quarter and beat the consensus by approximately 11.5%. Revenues jumped 84% to $65.7 million thanks to a larger fleet.

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.

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Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.