Stocks to Watch: Cablevision, Google, GlaxoSmithKline, Wal-Mart
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Stocks to watch for Tuesday, October 10
- A.O. Smith (AOS) named Bill Greubel, the chairman and chief executive of Wabash National (WNC), to its board. AOS said Greubel has been CEO of Wabash National since 2006.
- AngioDynamics (ANGO) named Robert Mitchell to the newly created position of executive vice-president and chief operating officer, effective Dec. 1. Mitchell was chief executive of Millimed Holdings, a privately-held company in Denmark that develops drug eluting products to treat vascular diseases.
- Cablevision's (CVC) founding family has offered once again to take the cable-television operator private, this time in a $7.9 billion deal that's 15% higher than an unsuccessful bid last year.
- Dendrite International (DRTE) said its largest customer has extended its contract for sales force support services through the end of 2007, but added that the customer plans to transfer the services in-house and to third-party vendors after that date. Dendrite said the services that the unnamed customer plans to transfer are worth 10% of the company's expected 2006 revenue, and less than 10% of its expected revenue in 2007.
- EpiCept (EPCT) said it has submitted a Market Authorization Application to the European Medicines Agency for the Evaluation of Medicinal Products for Ceplene, the company's lead oncology product candidate, for patients with acute myeloid leukemia.
- Franklin Resources (BEN), the parent of the Franklin and Templeton mutual funds, said preliminary September-end assets under management rose to $511.3 billion from $453.1 billion in the same month a year ago. The month's total stock-fund assets were $302.1 billion, bond-fund assets were $112.3 billion, hybrid-fund assets were $90.6 billion and money market assets were $6.3 billion.
- Google's (GOOG) deal to buy YouTube for $1.65 billion, while underscoring the growing consumption of online video and booming Web ad sales, may position the Internet giant as a sector power broker
- GlaxoSmithKline (GSK) said it is seeking regulatory approval to sell its breast-cancer drug Tykerb in Europe. The company agreed to pay $566 million for CNS, U.S. maker of Breathe Right nasal strips and FiberChoice dietary supplements.
- Hewlett-Packard's (HPQ) former chief Fiorina will consider options in politics and management, and blames a "dysfunctional board" for her firing.
- Lifeway Foods (LWAY) said third-quarter sales rose 26% to $6.56 million from $5.2 million during the same period in the prior year.
- Lionsgate Entertainment (LGF) urged Image Entertainment (DISK) stockholders to vote for Lionsgate's independent slate of nominees at Image's stockholders meeting Tuesday.
- Medtronic (MDT) said the Food and Drug Administration has granted an investigational device exemption for a clinical trial to study the Infuse bone graft in a cervical spinal fusion.
- Monster's (MNST) chief resigned, citing in part the demands of coping with a probe of the job-search company's stock-option practices.
- Natco Group (NTG) named Bradley Farnsworth as its new chief financial officer.
Parametric Technology (PMTC) said it has substantially completed the review of its stock-option grant practices and expects to record a non-cash stock-based compensation charge of about $2.3 million in the fourth quarter. Also Monday, Parametric Technology said it expects fiscal 2007 per-share earnings of 71 cents to 76 cents, or $1.15 to $1.20 on a pro forma basis, on revenue of $940 million. Analysts are looking for earnings of $1.15 a share on revenue of $916 million.
- Pfizer (PFE) said it is expanding into the human-vaccine market through the acquisition of privately owned PowderMed, which is developing needle-free, DNA-based vaccines. Financial terms weren't disclosed.
- Rohm and Haas (ROH) said it expects third-quarter earnings of 85 cents a share on revenue that's 7% higher than the year-ago period. The earnings outlook includes about 3 cents a share related to the settlement of tax contingencies in the quarter. Analysts are forecasting third-quarter earnings of 80 cents a share on revenue of $2.05 billion.
- ScanSource (SCSC) said it is reviewing its stock-option practices since its initial public offering in 1994. A board committee will be assisted by independent legal counsel and advisors.
- Semco Energy (SEN) named Donald Thomason non-executive chairman of its board. The public utility company said Thomason, who joined the board in 1995, succeeds John Albertine, who retired from the board today.
- Wal-Mart (WMT) is seeking help from communications specialists to explain its new health-insurance plan to its employees and outsiders.
- Asian trading closed with the Hang Seng +0.84%, Nikkei +0.25%, Sensex -0.02%, Shanghai -0.03% and Taiwan was closed
- A check of the European bourses finds the CAC +0.30%, DAX +0.44%, FTSE +0.37% and Swiss Market +0.81%.
- Crude oil is trading -0.63 to 59.33 while gold is -4.3 to 578.5.
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