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Here are highlights from Wednesday's Analyst Blog:

LDSH's Great Understatement

Ladish (NASDAQ: LDSH) reported 4th quarter results which, at first glance, seemed pretty good for an aerospace supplier, given the current turbulent environment: Sales were up by 3.9% to almost $112.6 million and EPS were down by only 6.3% to $0.60.

But a second glance revealed some interesting things. Interest & Other was a positive $558 thousand -- compared to a negative $386 thousand last year -- because of a transaction between the corporate office and the company's Polish subsidiary. Income Taxes were a positive $2.8 million versus a negative $4.0 million because of the lingering effects of the reinstatement of R&D tax credits in the third quarter.

Banco Santander Keeps Sell Rec

We are continuing our Sell recommendation on Banco Santander Central Hispano, S.A. (NYSE: STD). Santander reported 2008 full-year net earnings of €8.9 billion, up 11% year over year but below our estimate, as loan impairment charges were higher than anticipated. The rise in nonperforming loans was an especially sour note in an otherwise satisfactory performance, relative to European peers.

The company has been on a tear on the acquisition front, with most recent purchases including the UK's Alliance & Leicester, the retail operations of Bradford & Bingley plc in the UK, and the remaining 76% of Sovereign Bancorp that it did not own in the US. Santander spent €5.0 billion to acquire these companies in 2008's second half, and expects an average return on these investments (ROI) of about 20% within 3 years.

Dr. Reddy's Labs Range-Bound

Dr. Reddy's Laboratories, Ltd. (NYSE: RDY) is a global pharmaceutical company located in Hyderabad, India. RDY produces active pharmaceutical ingredients (API), finished dosage forms and branded and generic pharmaceutical products for the global market.