Zacks Issues Buy Recommendations on the Following 4 Stocks: Citizens Communications, GlobespanVirata, Computer Associates, and Yahoo.

Business Editors

CHICAGO--(BUSINESS WIRE)--May 20, 2003

Zacks.com releases another list of stocks that are currently members of the coveted Zacks #1 Ranked list which has produced an average annual return of +33.6% since 1988 and has gained +13.3% annually since 2000 as the markets have been tumbling down. Among the #1 ranked stocks today we highlight the following companies: Citizens Communications Company (NYSE:CZN) and GlobespanVirata, Inc. (NASDAQ:GSPN). Further they announced #2 Rankings (Buy) on two other widely held stocks: Computer Associates International, Inc. (NYSE:CA) and Yahoo! Inc. (NASDAQ:YHOO). To see the full Zacks #1 Ranked list or the rank for any other stock then visit. http://www.zacksrank1bw.zacks.com

Here is a synopsis of why these stocks have a Zacks Rank of 1 (Strong Buy). Note that a #1 Strong Buy rating is applied to 5% of all the stocks we rank:

Citizens Communications Company (NYSE:CZN) is a fast-growing community-based telecommunications provider. For the first quarter 2003, CZN reported consolidated net income, excluding charges, of 14 cents per share. That easily surpassed analysts' expectations, which were at 6 cents. Consolidated revenue dipped -4% to $651.9 million, but analysts were impressed by the company's profit, and the company's earnings estimates have experienced improvement over the past seven trading days. CZN said it remains focused on and committed to the continuing improvement of its balance sheet by way of free cash flow generations applied to further debt reduction. With a solid performance like this one, CZN could be a very productive citizen for your investment community.

GlobespanVirata, Inc. (NASDAQ:GSPN) is a leading provider of integrated circuits, software and system designs for broadband applications that enable the high-speed transmission of data, voice and video over copper telephone lines. In late April, GSPN announced the availability of its Centragate (TM) USB chip set, which is the industry's fastest and most highly integrated ADSL USB modem solution. For the first quarter, the company posted net revenues of $68.7 million, which was down -19% from last year but displayed a healthy +34% improvement on a sequential basis. Revenue growth benefited from expanding worldwide demand for DSL equipment and reductions in inventory levels at central office equipment manufacturers. Furthermore, pro forma non-GAAP diluted earnings per share were 4 cents, compared to a year loss. The result was also well ahead of the breakeven expectation. Earnings estimates for this year and next have seen a good improvement over the past month. GSPN appears to be on the right course, with innovative products helping its momentum. In addition, strong revenues and its actions to reduce operating expenses helped the company to deliver positive cash flow ahead of schedule. With GSPN, you may not have to span the Street very long for solid returns.

Here is a synopsis of why these stocks have a Zacks Rank of 2 (Buy). Note that a #2 Buy rating is applied to 15% of all the stocks we rank:

Computer Associates International, Inc. (NYSE:CA) is principally engaged in the design, development, marketing, licensing, and support of integrated computer software products operating on a diverse range of hardware platforms and operating systems. Earnings estimates for this year have jumped by about 10 cents in just the past seven trading days, as CA put together a strong fiscal fourth quarter performance. Although still in a difficult environment, total revenue in the quarter improved by +4% year-over-year to $801 million, which was also slightly above the higher end of the company's guidance. GAAP loss per share was significantly less than a year ago while non-GAAP operating earnings exceeded the consensus at 8 cents per share. The company said it gained market presence in fiscal year 2003 by providing the software industry's most comprehensive and innovative enterprise management solutions. CA should be in an even better position once its industry gains traction.

Yahoo! Inc. (NASDAQ:YHOO) is a global Internet communications, commerce and media company that offers a comprehensive branded network of services. YHOO remains at the top of its game in the midst of an economy and market that has been far less cooperative. In its most recent quarterly report, the company posted a profit that exceeded the consensus and net revenues that improved by +47%. The more than +33% earnings surprise in the quarter adds to an average earnings surprise of more than +35% over the past four quarters. Analysts like YHOO and have pushed its earnings estimates for this year and next higher over the past several months. YHOO seems to have good momentum moving forward, and should continue to succeed as the economy improves. YHOO could have investors shouting for joy with increased profits.

To truly take advantage of the Zacks Rank, you need to first understand how it works. That's why we created the free special report; "Zacks Rank Guide: Harnessing the Power of Earnings Estimate Revisions." Download your free copy now to prosper in the years to come. http://freezrguideprbw1.zacks.com

About the Zacks Rank

For over 15 years the Zacks Rank has proven that "Earnings estimate revisions are the most powerful force impacting stock prices." Since 1988 the #1 Ranked stocks have generated an average annual return of +33.6% compared to the *S&P 500 return of only +11.3%. Plus this exclusive stock list has generated average gains of +13.3% during the last 3 years; a substantial return compared to the large losses suffered by most investors during that time frame. Also note that the Zacks Rank system has just as many Strong Sell recommendations (Rank #5) as Strong Buy recommendations (Rank #1). And since 1988 the S&P 500 has outperformed the Zacks #5 Ranked stocks by 166.7% annually (11.3% vs. 4.2% respectively). This is a healthy change from traditional Wall Street Brokerage firms who rarely give stocks Sell ratings even as the share price and earnings forecast tumble. Thus, the Zacks Rank system can truly be used to effectively manage the trading in your portfolio.

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