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Stocks to Watch: Alcoa, Bank of America, Delphi, Genentech, Yum

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Watch yourself...

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Stocks to watch for October 11, 2006

  • After Tuesday's closing bell, Alcoa (AA) said profit and revenue rose in the third quarter, but missed Wall Street's estimate as a drop-off in aluminum prices started to chip away at earnings.
  • Bank of America (BAC) plans to offer as many as 30 free trades a month to millions of customers with at least $25,000 in deposits.
  • Bed Bath & Beyond (BBBY) said it determined that from fiscal 1993 through the second quarter of fiscal 2006, it had certain unrecorded charges associated with its equity-based compensation plans. The Securities and Exchange Commission has indicated that it will conduct an informal inquiry into the company's stock options.
  • BP PLC (BP) said production was shut down early Tuesday at Prudhoe Bay oil fields after operators lost power because of problems due to high winds
  • CVS (CVS) reported strong September sales and the drugstore chain raised its earnings outlook. Walgreen also posted strong sales for last month.
  • D.R. Horton (DHI) and M/I Homes (MHO) reported new-home orders fell sharply, further evidence the U.S. housing slump is far from over.
  • Delphi (DPHIQ) said it plans to begin evaluating strategic alternatives for its power products business, including its possible sale.
  • Dominion Homes (DHOM) said it sold 209 homes during the third quarter, with a sales value of $39.4 million, compared with 433 homes, with a sales value of $81.8 million, during the year-ago period.
  • Genentech (DNA) reported a 58% rise in third-quarter net earnings, helped by higher royalty revenues and lower costs, with sales of its recently launched treatment for the leading cause of blindness in the elderly hitting $153 million.
  • ImClone (IMCL) said David Kies has resigned as chairman and as a member of the board, amid a struggle with investor Carl Icahn for control of the biotechnology company.
  • Legg Mason (LM) said it expects net per-share income for the second quarter, ended Sept. 30, will be 96 cents to $1.02, while Wall Street is looking for $1.16. The asset manager cited lower-than -expected revenue.
  • Navarre (NAVR) said it expects to take an after-tax charge of 3 cents a share for the outstanding receivable related to the Tower Records Chapter 11 bankruptcy petition.
  • Oracle (ORCL) agreed to pay $98.5 million on behalf of PeopleSoft to settle charges that PeopleSoft provided inaccurate pricing information and overcharged the government on multiple contracts before it was acquired by Oracle.
  • Qualcomm (QCOM) and Broadcom (BRCM) each claimed victory in a patent skirmish, but the rival chip makers continue to tangle on many fronts.
  • Smith & Wollensky Restaurant Group (SWRG) said September same-restaurant sales rose 0.9% to $10.7 million from $10.6 million during the same period in the prior year.
  • Sovereign Bancorp (SOV) said CEO Jay Sidhu resigned, citing family-health-related reasons. Several Sovereign directors had been pressing for a dismissal of the executive.
  • Sprint Nextel's (S) executive chairman said he will retire, the latest setback for the telecom giant created a year ago in a $35 billion deal.
  • Yum (YUM) is expected to report earnings of 75 cents per share for the third quarter.


Market Update

  • Asian trading closed with the Hang Seng +0.22%, Nikkei -0.47%, Sensex -0.08%, Shanghai +0.29% and Taiwan +0.13%.
  • A quick check towards Europe finds markets in the red with CAC -0.55%, DAX -0.42%, FTSE -0.44%, and Swiss -0.39%.
  • Gold is trading lower -0.7 to 575.5 and crude oil is also down -0.03 to 58.49.
No positions in stocks mentioned.

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