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Stocks To Watch: AMEX, Bank of America, Gap, Pfizer, Wachovia

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Stocks to watch for Tuesday, January 23

  • Adtran (ADTN) said fourth-quarter net income fell, as sales declined, to $17 million, or 24 cents a share, from $32.2 million, or 41 cents a share, during the same period in the prior year. Excluding items, quarterly per-share income was 26 cents. Analysts had expected per-share income of 23 cents.
  • AeroVironment (AVAV) said its initial public offering of 6.7 million shares has priced at $17 each, coming in above the expected range of $14 to $16. Shares of the maker of small drone aircraft will begin trading Tuesday on the Nasdaq Global Market under the symbol "AVAV."
  • American Express (AXP), one of the largest credit card companies in the world, reported a 24% jump in fourth-quarter net income as card members shopped more during the holidays and the company lent more money.
  • AMR (AMR), the parent company of American Airlines Inc., announced a public offering of 13 million newly issued shares. AMR plans to use the net proceeds for general corporate purposes.
  • Bank of America's (BAC) net income junmped 47%, while rival Wachovia (WB) saw a 35% gain in net income, as the banks were able to partially offset a tough interest-rate environment with revenue from acquisitions.
  • Energizer Holdings (ENR) said its board has approved appointing Bill Stiritz as chairman emeritus. The board has also approved Pat Mulcahy, formerly vice chairman, as the new chairman.
  • Foundry Networks (FDRY) said its stock -option review found that in certain cases option grants were prepared days or weeks after the option grant date recorded in the company's books. The company also found that Foundry Chairman, President and Chief Executive Officer Bobby Johnson Jr. selected the grant dates for and approved some of the option awards.
  • Gap (GPS) announced that Paul Pressler is stepping down as president and CEO, following a disastrous holiday season for the retailer.
  • Gibraltar Industries (ROCK) lowered its view for fourth-quarter per-share income, before impairment charges, to a range of 25 cents to 27 cents from its prior view of 30 cents to 35 cents. The metals processor, manufacturer and distributor cited a sharper-than-projected slowdown in sales to the retail and new-build housing market, and continued softness in its automotive business.
  • Kraft Foods (KFT) said it has named Sanjay Khosla president of its international commercial division. Khosla had been managing director of New Zealand-based Fonterra Co-operative Group's consumer and foodservice business.
  • Marsh (MMC) said it has been awarded a wholly-owned foreign enterprise insurance broking license in China, the first of its kind.
  • Mesaba Airlines, a Mair Holdings (MAIR) unit, said it has signed a stock purchase and reorganization agreement with Northwest Airlines (NWACQ) under which Mesaba would emerge from bankruptcy as a Northwest unit.
  • Mindspeed Technologies (MSPD) said the first-quarter net loss widened, as revenue declined and expenses rose, to $11.3 million, or 10 cents a share, from a net loss of $5.5 million, or 5 cents a share, during the same period in the prior year.
  • Network Equipment Technologies (NWK) said its third-quarter net loss narrowed to $599,000, or 2 cents a share, from with $6.25 million, or 25 cents a share, in the same period last year, as revenue rose and expenses dropped.
  • Nutrition 21 (NXXI) said a study showed that daily supplementation with Selenomax, the company's high selenium yeast product, suppressed progression of the human immunodeficiency virus and improved immune cell CD4 counts in HIV-1 seropositive patients.
  • Pfizer (PFE) said it will slash 10,000 jobs as it unveiled restructuring plans. The drug maker posted flat sales, though net surged on a gain from the sale of a unit.
  • Plantronics (PLT) said third-quarter net income fell, as revenue declined, to $15.2 million, or 32 cents a share, from $25 million, or 52 cents a share, during the same period in the prior year. The headset company said quarterly revenue fell to $215.4 million from $222.5 million in the prior year.
  • Target (TGT) said Monday that same-store sales, the industry's most important growth measure, will climb in a relatively wide range of 3.5% to 5.5% in January.
  • Texas Instruments (TXN), the world's largest maker of mobile phone chips, said its fourth-quarter profit rose 2% from a year ago, helped by a tax-related gain.
  • University of Phoenix, an Apollo Group (APOL) subsidiary, on Monday asked the U.S. Supreme Court to review a Ninth Circuit Court of Appeals decision that the company said expands the scope of the False Claims Act.
  • Werner Enterprises (WERN) reported fourth-quarter net earnings of $24 million, or 31 cents a share, compared with $28.8 million, or 36 cents a share, in the same period last year, as revenue slipped and expenses rose slightly.


Market Summary

  • Asian trading closed with the Hang Seng -0.01%, Sensex -1.18%, Taiwan +0.13%, Shanghai +0.54% and Nikkei -0.09%.
  • A quick look across the pond finds the CAC -0.62%, DAX -0.69%, FTSE -0.38%, Swiss Mkt. -0.22% and Stockholm -0.55%.
  • Crude oil is trading +0.63 to 53.21 while gold is +3.9 to 638.0 this morning.
No positions in stocks mentioned.

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