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Here are highlights from Monday's Analyst Blog:

Don't Sell Hanesbrands Short

Hanesbrands Inc (NYSE: HBI) is a manufacturer and marketer of innerwear, outerwear and hosiery apparel, which are sold under the brand names of Hanes, Champion, Playtex, Bali, Just My Size, Barely There, L'eggs, Outer Banks, and Wonderbra. Approximately 90% of the company's sales are in the United States. The company was spun-off from Sara Lee Corp (NYSE: SLE) in September 2006.

Management's business model requires only modest sales growth to create substantial EPS growth. Earnings are being driven by brand building and cost-reduction initiatives. Since the spin-off in September 2006, the company has reduced debt by $285 million, lowering interest expense from the post spin-off financial structure.

Allied Irish Hangover Continues

On March 2, 2009, Allied Irish Banks Plc (NYSE: AIB) reported 2008 net earnings from continuing operations and before nonrecurring items of €585 million, down 68% year over year and in line with AIB earnings guidance provided on February 19, 2009.

We are cutting our 2009 diluted EPADS estimate”to a loss of $2.93 per share from a loss of $1.43 per share. Our reduction reflects changes in certain assumptions, including the issuance of €3.5 billion in preference shares with an 8% coupon under the Irish government's recapitalization plan as announced on February 12, and sharply higher bad debt charges, largely related to the Irish residential development portfolio, for which AIB does not expect recovery until 2011.

Cumulus Earnings Forecast: Stormy

Less than two years after Merrill Lynch Private Equity agreed to finance a management buyout of Cumulus Media (NASDAQ: CMLS) for $11.75 per share, the radio operator's shares trade for pennies, while it scrambles to avoid violating bank covenants.

Cumulus is scheduled to report 4Q08 earnings after the market closes on Monday.