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Stocks To Watch: Bank of America, Chevron, GE, Jabil Circuit, Sony


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Stocks to watch for Tuesday, January 16

  • Applica (APN) again recommended that its shareholders reject an acquisition offer from Nacco Industries (NC). Earlier this week, Cleveland-based Nacco raised its bid for Applica to $7.90 a share from $7.75.
  • Bank of America (BAC) is pushing to raise the cap barring any bank from acquisitions that would give it more than 10% of the U.S.'s total bank deposits.
  • Cardica (CRDC) said in a regulatory filing that it is initiating a voluntary recall of 55 units of its C-Port xA blood vessel connection system used in heart bypass operations after internal testing showed a manufacturing defect. The Redwood City, Calif., company said the recall will hurt the company's revenue for the quarters ended March 31, 2007, and Dec. 31, 2006, but did not specify by how much.
  • The origin of a fire early Monday at a Chevron (CVX) refinery and the extent of the damage it caused are under investigation. It took fire crews 2 1/2 hours to contain the blaze, which at last report was being allowed to burn itself out. One worker sustained minor injuries. "We don't expect this event to affect the current production plan at the refinery, since the crude unit was at the beginning of a planned maintenance cycle," said Chevron official Dean O'Hair.
  • An EnCana (ECA) unit said it has closed an agreement to sell all of its interests in its exploration assets in Chad for $202.5 million. Encana sold the assets to a China National Petroleum Corp. unit.
  • General Electric (GE) has agreed to buy the aerospace business of the U.K.'s Smiths Group for $4.8 billion in cash.
  • Jabil Circuit (JBL) said it's completed a tender offer for shares of Taiwan Green Point Enterprises Co. Ltd. Some 261 million shares of the company were tendered into the offer, equating to 97.6% of the outstanding stock. St. Petersburg, Fla.-based Jabil said it paid out $871 million for the tendered shares. Jabil also said it expects to receive Taiwan Stock Exchange and Financial Supervisory Commission approvals and to complete the delisting process for Taiwan Green Point in April.
  • A special committee of Quest Software's (QSFT) board of directors has determined that noncash stock-based compensation expense arising from its inquiry into mispriced stock options for the period through March 31, 2006, totals about $150 million on a pretax basis, the Aliso Viejo, Calif.-based company announced. The panel has "substantially completed" its investigation into the company's stock-option grant practices and related accounting, Quest Software said, adding that restatement of financial results will be completed "as soon as practicable."
  • Sinclair Broadcast Group (SBGI) said the Federal Communications Commission has denied Mediacom Communications (MCCC) most recent request for the interim carriage rights for 22 television stations. On Monday, Mediacom called for congressional scrutiny of its dispute with Sinclair.
  • ClientLogic and Sitel (SWW) said Sitel's shareholders have agreed to ClientLogic's $4.25-per-share bid. The deal, expected to close in late January or early February, has been cleared by regulators.
  • Sony (SNE) will reach only 75% of its global target for PlayStation 3 sales this fiscal year through March, according to a Nomura report.
  • Sunrise Senior Living (SRZ) and outside auditor Ernst & Young continue to work "diligently" toward completion of restating financial results, but the company said it's unable to provide a date for filing a restated annual report for 2005 as well as submitting 10-Q and 10-K filings for 2006. McLean, Va.-based Sunrise also said it believes it's "close" to submitting recast 2005 financial information to the Securities and Exchange Commission for review, a key step in the restatement process.
  • Canada's Sunrise Senior Living Real Estate Investment Trust (SZRUN) said it's agreed to be acquired by Ventas (VTR) in a transaction valued at C$1.14 billion. The acquisition price works out to a premium of nearly 36%. Terms call for Ventas, a Louisville-based health-care REIT, to also assume all liabilities, giving the deal an enterprise value of C$2.14 billion.
  • Shareholders of Tanox (TNOX) have overwhelmingly approved an agreement providing for its acquisition by biotech bellwether Genentech (DNA). The $20-a-share transaction's expected to be completed during the first quarter.
  • Wal-Mart (WMT) has named two advertising agencies to replace the companies that it dropped a month ago, a move it made after the retailing giant's in-house ad chief departed.
  • Watsco (WSO) said it anticipates fourth-quarter earnings of 40 cents to 44 cents a share, yielding full-year earnings in a range of $2.94 to $2.98 a share. Analysts' average estimates, as compiled by Thomson First Call, stand at 54 cents and $3.08 a share, respectively. In addition, the Miami-based company sees 2006 revenue at about $1.8 billion, which would be a 7% increase over 2005; Wall Street's average view is slightly more than $1.84 billion. Business has been "somewhat influenced by unseasonably warm weather and slower residential new construction," said Albert Nahmad, president and chief executive. Watsco's also shooting for growth in earnings of 15% to 20% for 2007.
  • Zevex International said it has agreed to be acquired by Moog (MOGA) for $13 per share for a maximum purchase of $83.8 million. Following the merger, expected to close in March, Zevex will become a part of Moog's Medical Devices Segment.

Market Summary

  • Asian trading closed with the Hang Seng -0.20%, Sensex -0.11%, Taiwan +0.11%, Shanghai +0.94% and Nikkei -0.04%.
  • A quick look across the pond finds the CAC -0.13%, DAX -0.08%, FTSE -0.01%, Swiss Mkt. +0.05% and Stockholm +0.23%.
  • Crude oil is trading -0.86 to 52.68 while gold is +0.1 to 627.0 this morning.
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