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Stocks To Watch: Advanced Micro, AT&T, GM, NYSE, Six Flags


Finish Strong


Stocks to watch for Friday, January 12

  • Advanced Micro Devices (AMD) said it sees fourth-quarter revenue, excluding ATI, rising 3% sequentially. The Sunnyvale, Calif.-based chip company said it expects operating income in the quarter, excluding ATI and acquisition-related charges, to be "substantially" lower than in the third quarter due to lower microprocessor average selling prices. AMD has been downgraded by a number of firms.
  • AT&T (T) will rebrand its Cingular Wireless service with the AT&T name starting Monday, a move aimed at bringing together the company's newly acquired entities and services under a single moniker.
  • AvalonBay Communities (AVB) said its public offering of 4 million shares plus an over-allotment option of 600,000 shares has priced, and the real estate investment trust expects proceeds of $594 million.
  • CalAmp (CAMP) reported third-quarter net earnings of $896,000, or 4 cents a share, down from $5.44 million, or 23 cents a share, during the year-ago period. The Oxnard, Calif.-based provider of wireless equipment posted revenue of $61.1 million vs. $64.5 million a year ago.
  • Chico's FAS (CHS) said it has agreed to acquire franchise rights in Minnesota through its purchase of "a substantial portion" of the assets of its franchisee in the state, Intraco Inc.
  • Crown Castle International (CCI) said its stockholders have approved the $5.8 billion acquisition of Global Signal Inc. Houston-based Crown Castle expects the deal to close on Friday.
  • General Motors (GM) expects cash flow to improve from last year but still remain negative in 2007, in part due to increased capital spending.
  • IHS (IHS) said fourth-quarter net income fell, as operating expenses rose, to $13.9 million, or 24 cents a share, from $16.4 million, or 29 cents a share, during the same period in the prior year. The technical information and tools provider said quarterly revenue rose to $148.1 million from $126 million.
  • Level 3 Communications (LVLT) said Southeastern Asset Management, on behalf of certain investment accounts, and Legg Mason Opportunity Trust have agreed to exchange $490 million of Level 3's notes for 160.1 million shares of Level 3's stock.
  • Limited Brands (LTD) named new leadership for Victoria's Secret Direct and Limited Stores. The retailer named Linda Heasley president and chief operating officer for Limited Stores and Avra Myers as president and general merchandise manager.
  • The NYSE (NYSE) is seeking SEC approval for a plan to sell to Web sites for $100,000 a month the ability to publish stock prices with virtually no delay.
  • New York Times (NYT) will offer buyouts to employees in its underperforming New England unit. The cost-cutting effort will target 125 positions, with the bulk of the reduction coming at the Boston Globe.
  • RC2 (RCRC) said it expects annual per-share income to miss its prior outlook of $2.52 to $2.62 due to lower-than-expected sales and profit margins. The toy company said sales from continuing operations for the fourth quarter were flat to slightly down compared with a result of $154 million during the same period in the prior year.
  • Ryder System (R) said it is redesigning its retirement program in a move that will affect 9,400 of the company's more than 27,000 employees. The transportation services company said it will freeze its pension plan for employees who do not meet certain grandfathering criteria, and provide them with a 401(k) savings plan.
  • SAP AG (SAP) shares tumbled more than 10% after the company said it won't hit its upcoming annual software license sales target. SAP said it now expects software sales growth for the year of 11%, compared to its previous outlook of 15% to 17%.
  • Sharper Image (SHRP) said the Nasdaq has granted the company's request for continued listing. The decision is subject to the company filing by March 1 financial reports for the 2006 quarters ended July 31 and Oct. 31, as well as any amended periodic reports.
  • Six Flags (SIX) agreed to sell seven of its water and theme parks for $312 million as part of its efforts at reducing debt.
  • Sunoco (SUN) said it has increased its competitive advance and revolving facility by an additional $400 million to a total of $1.3 billion.
  • Visteon (VC) cut its profit outlook for 2006 and forecast a challenging 2007 as the auto supplier broadens its restructuring amid lower production at some of its largest customers.
  • Zebra Technologies (ZBRA) said it has agreed to acquire WhereNet Corp., a provider of radio frequency identification systems, for $126 million in cash. The transaction is expected to close by the end of January.

Market Summary

  • Asian trading closed with the Hang Seng +1.18%, Sensex +3.12%, Taiwan +1.88%, Shanghai -3.68% and Nikkei +1.30%.
  • A quick look across the pond finds the CAC -0.03%, DAX -0.01%, FTSE -0.21%, Swiss Mkt. +0.16% and Stockholm +0.16%.
  • Crude oil is trading +0.80 to 52.68 while gold is +0.6 to 614.5 this morning.
No positions in stocks mentioned.

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