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Stocks To Watch: Bristol Myers, Pfizer, Sun Micro, Toyota, THQ

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Stocks to watch for Monday, January 22

  • Bassett Furniture Industries (BSET) reported fourth-quarter net earnings of $359,000, or 3 cents a share, down 83% from $2.07 million, or 18 cents a share, in the year-ago period.
  • Bristol-Myers' (BMY) interim CEO James Cornelius is hoping to move beyond the company's year-long nightmare involving its best-selling drug, Plavix.
  • IBM is set to unveil social-networking software that works like Web sites such as Facebook, but includes safeguards for corporate use.
  • Interpublic Group of Cos. (IPG) said it has withdrawn its Statement of Claim against Sir Frank Lowe before the American Arbitration Association. Lowe is the former head of one of the top units at Interpublic, a New York-based advertising giant. In exchange, Lowe has agreed to withdraw his lawsuit for defamation against Interpublic in New York State Supreme Court.
  • Pfizer (PFE) said fourth-quarter net income rose sharply, boosted by gains on its $16.6 billion sale of its consumer division to Johnson & Johnson in June.
  • Pinnacle West Capital (PNW) said it will seek shareholder approval to declassify its board, providing for the annual election of directors. Currently, directors are elected to staggered, 3-year terms, according to the Phoenix-based electricity company. Pinnacle will seek approval at its 2007 annual shareholder meeting.
  • R.J. Reynolds Tobacco Co., a Reynolds American (RAI) unit, said a U.S. District Court judge granted its summary judgment motion on invalidity in a patent infringement lawsuit brought against the company by Star Scientific (STSI).
  • Sun Microsystems (SUNW) and Intel (INTC) have been negotiating an agreement under which Sun would buy Intel chips for use in server systems. Such a deal would be a blow to Advance Micro (AMD).
  • Swift Transportation (SWFT) announced Friday that it has entered into a definitive merger agreement with an entity formed by Jerry Moyes, the company's largest shareholder, a current director, and former chairman of the board and CEO of Swift, to be acquired by Moyes and certain of his family members in an all-cash deal valued at approximately $2.74 billion, including the assumption of approximately $332 million of net debt.
  • Take-Two (TTWO) charged former Chairman and Chief Executive Ryan Brant with backdating stock options over a six-year period.
  • Tecumseh Products (TECUA) said it has named James Bonsall interim president and chief operating officer, a new position. In addition to his new role, Bonsall will continue as president of the company's engine and power train group and as managing director of AlixPartners.
  • THQ (THQI) filed amended financial reports covering the last four fiscal years as well as its second fiscal quarter ended Sept. 30, 2006. The filings by the video game publisher are part of an internal probe into the accounting of stock options. As a result of the investigation, the company reduced its reported earnings per share for the fiscal year ended March 31, 2006, to 49 cents from 52 cents. The prior year's EPS was reduced to $1.02 from $1.04 while the 2004 fiscal year was trimmed to 58 cents from 61 cents. For the quarter ended Sept. 30, reported EPS was reduced to 17 cents from 19 cents.
  • Toyota (TM) and Ford (F) are signaling they may want to deepen ties, but their cautious courtship suggests a more modest approach than the big auto mergers of the late 1990s.
  • Tribune's (TRB) special committee is continuing its review of offers for the publisher, all of which hinge on the value of the company's 23 TV stations.
  • U.S. Bancorp (USB) said it has named Andrew Cecere as vice chairman and chief financial officer, effective Feb. 27. Cecere, who is currently vice chairman of wealth management, will succeed David Moffett, who will remain with the company as an adviser for up to a year.


Market Summary

  • Asian trading closed with the Hang Seng +2.19%, Sensex +0.19%, Taiwan +0.03%, Shanghai +3.57% and Nikkei +0.66%.
  • A quick look across the pond finds the CAC +0.25%, DAX +0.03%, FTSE +0.36%, Swiss Mkt. +0.11% and Stockholm +0.78%.
  • Crude oil is trading +0.51 to 52.51 while gold is -1.2 to 635.2 this morning.
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No positions in stocks mentioned.

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