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Stocks To Watch: IBM, Intel, Motorola, Novellus, Yahoo!


Make it count!


Stocks to watch for Wednesday October 18, 2006

  • Cablevision (CVC) said its special transaction committee has retained Lehman Brothers Inc. and Morgan Stanley as financial advisers to assist it in evaluating the Dolan Family Group's $27-a-share acquisition offer. Earlier this month, Cablevision's founding family again offered to take the company private in a $7.9 billion deal.
  • CSX (CSX) said it boosted its third-quarter profit on demand to move freight by rail, higher prices, and special gains including an insurance payout to cover last summer's hurricane damage to its railroad network.
  • IBM (IBM) reported that third-quarter profit rose 47% from a year ago, when it had a significant tax-related charge, as the company's sales rose slightly on gains in its key global services division.
  • Intel (INTC) said third-quarter profit plunged 35% from a year ago as the chipmaker faced stiff competition from its smaller rival, Advanced Micro Devices (AMD).
  • Loral Space & Communications (LORL) said affiliates of MHR Fund Management LLC, Loral's largest shareholder, will purchase $300 million of convertible perpetual preferred stock from the company.
  • Mittal (MIT) has found itself on both sides in a fight over U.S. steel-trade barriers, a complication of its Arcelor purchase.
  • Motorola (MOT) , the world's No. 2 maker of wireless phones, said third-quarter profit dropped 45% from a year ago, when it had a large one-time gain, and sales rose less than expected.
  • Novellus (NVLS) , a top maker of equipment used to produce semiconductors, said its quarterly profit nearly tripled to exceed analysts' expectations as revenue soared 31% and it held expenses in check, improving its gross margin to levels not seen since 2000.
  • Sovereign Bancorp (SOV) reported a 2% increase in third-quarter net income as the bank's results were restrained by the interest-rate environment.
  • Stryker (SYK) said third-quarter net income was $188.4 million, or 46 cents a share, compared with $120.7 million, or 29 cents a share, from a year ago. Sales at the medical device maker were $1.29 billion vs. last year's $1.17 billion.
  • Toshiba (TOSBF) said it has completed the acquisition of BNFL USA Group and Westinghouse UK. Toshiba expects the deal to increase sales in its nuclear power business to 700 billion yen ($5.86 billion) by 2015 and 900 billion yen by 2020, compared with 200 billion yen currently.
  • Wendy's International (WEN) said it will launch a modified Dutch auction tender offer on Oct. 18 to buy back up to 22.2 million of its common shares at prices ranging from $33 to $36 a share. The maximum repurchase of the tender offer, which was announced Oct. 12, is $800 million.
  • After Tuesday's closing bell, Yahoo! (YHOO) reported that third-quarter profit fell 37%, as higher advertising sales at its collection of Internet sites weren't enough to offset stock options costs and higher expenses.

Market Update

  • Asian trading closed with the Hang Seng +0.18%, Nikkei +0.25%, Sensex -0.20%, Taiwan -0.81%, Shanghai +1.32% and Jakarta -0.15%.
  • A quick check across the pond finds greener pastures with the CAC +0.42%, DAX +0.49%, FTSE +0.25%, ATX +0.29%, Swiss Mkt +0.49% and Stockholm +0.68%.
  • Crude oil is trading -0.44 to 58.49 while gold is +2.0 to 595.5 this morning. For their part, stateside futes are above fair value.
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No positions in stocks mentioned.

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