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Stocks To Watch: Broadcom, Coach, D.R. Horton, Sun Micro, Yahoo,


Find your way through the fray!


Stocks to watch for Wednesday January, 24

  • Adobe (ADBE) named Mark Garrett, an EMC Corp. (EMC) executive, as its new chief financial officer, more than two weeks after the software maker said it had completed an internal review of its stock-options practices.
  • Advanced Micro Devices (AMD) said it swung to a fourth-quarter loss, hurt by charges related to its acquisition of ATI Technologies and a price war with larger rival Intel (INTC) that crimped AMD's profit margins.
  • AFC Enterprises (AFCE) said its domestic same-store sales fell 3.1% in the fourth quarter. The Atlanta-based franchisor and operator of Popeyes Chicken & Biscuits also reaffirmed that fiscal 2007 domestic comparable sales are projected to be up in the range of 1.5% to 2.5%.
  • Albemarle (ALB) reported fourth-quarter net earnings of $63 million, or $1.29 a share, compared with $32.2 million, or 67 cents a share, on the back of a $5.4 million tax benefit and lower costs of goods sold.
  • Broadcom (BRCM) said a review found that most of the stock options granted by the company between June 1998 and May 2003 were misdated. As a result, the Irvine, Calif.-based chip maker has restated its financial statements to include additional charges of $2.22 billion for 1998 to 2005.
  • Brocade Communications Systems (BRCD) said its stockholder rights plan, commonly referred to as a "poison pill," has been amended to accelerate the expiration date, effectively terminating the plan as of today. Also, Brocade and McData (MCDT) said the Federal Trade Commission has cleared Brocade's pending acquisition of McData.
  • Candela (CLZR) reported second-quarter net earnings of $1.02 million, 4 cents a share, compared with $4.51 million, or 19 cents a share, in the same period last year, as sales slipped and expenses rose.
  • Centex (CTX) said it swung to a fiscal third-quarter loss as home builders struggle with lower demand for homes and land charges as they scramble to reduce inventory.
  • Coach (COH) posted a 31% jump in quarterly profit, led by strong holiday sales and sales of the leather-good maker's Legacy brand.
  • Dell (DELL) said Nasdaq has granted its request for continued listing, subject to conditions. Dell said it must provide Nasdaq with information regarding its audit committee investigation by March 1, and file its delinquent periodic reports, along with any required restatements, by March 14.
  • D.R. Horton (DHI) posted a 65% quarterly earnings decline and took land-related write-downs as the largest U.S. home builder continued to battle a deteriorating housing market.
  • DST Systems (DST) said fourth-quarter net income rose, as costs, expenses and income taxes declined, to $81 million, or $1.15 per share, from $50.7 million, or 68 cents a share, during the same period in the prior year.
  • Goldman (GS) and Morgan Stanley (MS) are combining forces to crack a huge deal in the energy sector: a private-equity play for the oil-and-gas assets of Dominion Resources that could reach $15 billion.
  • Harsco (HSC) declared a 2-for-1 stock split, to be distributed March 26 to stockholders of record as of Feb. 28.
  • Hewlett-Packard (HPQ) said it has amended its corporate bylaws to require that, in uncontested board elections, each nominated director must receive more votes "for" his or her election than "against" to be elected.
  • Hoku Scientific (HOKU) reported a third-quarter net loss of $1.25 million, or 8 cents a share. During the same period a year ago, the Kapolei, Hawaii-based company posted net earnings of $202,000, or a penny a share.
  • Integrated Device Technology (IDT) reported a third-quarter net loss of $1.94 million, or a penny a share, down from $42.3 million, or 21 cents a share, during the year-ago period.
  • Johnson & Johnson (JNJ) said net rose 3.5% on an 8.5% sales increase as the company shifted its focus from drugs and medical devices to consumer products.
  • Kraft (KFT) is selling its hot cereal business, including the popular Cream of Wheat products, to a subsidiary of B&G Foods for $200 million.
  • Pactiv (PTV), maker of Hefty bags and other packaging products, reported fourth-quarter net income of $52 million, or 39 cents a share, up from $35 million, or 25 cents, in the year-ago period.
  • Palm Harbor Homes (PHHM) said it swung to a net loss in the third-quarter, as sales fell, of $2.62 million, or 11 cents a share. During the same period in the prior year, net income was $4.27 million, or 18 cents a share.
  • Provident Financial Holdings (PROV) said it has approved the buyback of up to 5% of its common stock, or 333,365 shares.
  • Radian Group (RDN) reported fourth-quarter net earnings of $158.4 million, or $1.96 a share, compared to $104.5 million, or $1.24 a share, in the same period last year, on the back of strong revenue and lower expenses.
  • Renovis (RNVS) said it has cut its workforce by about 40% under its restructuring plan, leaving about 70 employees. The biopharmaceutical company said it expects to post charges primarily associated with severance benefits of about $1 million in the first quarter.
  • Rollins (ROL) raised its quarterly dividend 20% to 7.5 cents a share. The provider of pest control services said the dividend is payable March 12 to stockholders of record as of February 12.
  • Steel Dynamics (STLD) reported fourth-quarter net earnings of $105.1 million, or $1.03 a share, compared with $64.9 million, or 65 cents a share, in the same period last year, on the back of strong sales.
  • Sun Micro (SUNW) said it swung to a fiscal second-quarter profit on higher sales of corporate servers, topping Wall Street expectations and helping send its shares 8% higher in after-hours trading.
  • TNS (TNS) said it has rejected the $16-a-share acquisition proposal from a group led by John McDonnell Jr., the company's former chief executive. TNS said it concluded that the offer "was inadequate and substantially undervalued the company."
  • UAL (UAUA) reported a $61 million loss as revenue at the United Air parent suffered from storm-related flight cancellations.
  • Xerox's (XRX) net fell 24%, weighed down by higher restructuring costs as the copier and printer maker continues to cut jobs and close facilities. Revenue rose 3%
  • Yahoo (YHOO) reported a 61% drop in earnings because of stock-option expenses and a year-earlier investment gain but said an upgrade of its Internet search advertising system was on track to deliver financial benefits.

Market Summary

  • Asian trading closed with the Hang Seng +0.25%, Sensex -+0.49, Taiwan +1.06%, Shanghai +0.88% and Nikkei +0.57%.
  • A quick look across the pond finds the CAC +0.71%, DAX +0.62%, FTSE +1.17%, Swiss Mkt. +0.33% and Stockholm +0.36%.
  • Crude oil is trading -0.54 to 54.50 while gold is -3.1 to 642.8 this morning.
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