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Stocks to Watch: American Eagle, Apple, General Motors, ImClone, Sirius, Wal-Mart


Hit one outta the park!


Stocks to watch for Thursday, October 5

  • American Eagle Outfitters (AEOS) raised its third-quarter forecast after turning in better-than-expected same-store sales from September. The retailer said it is now looking at earnings per share in a range of 61 cents to 63 cents, 5 cents ahead of its previous range.
  • Apple (AAPL) said Jobs knew the firm manipulated some stock-options grants. U.S. prosecutors are investigating Apple's options practices.
  • Arrow International (ARRO) said fourth-quarter net income rose, as revenue gained, to $17.6 million, or 39 cents a share, from $5.04 million, or 11 cents a share, during the same period in the prior year. Quarterly revenue rose to $129.2 million from $114.3 million in the prior year.
  • Citi Trends (CTRN) said September same-store sales rose 8.3% from the same period in the prior year. Analysts had expected growth of 7.7%. The retailer added that total monthly sales rose 27.2% to $28.5 million from $22.4 million last year.
  • Copart (CPRT) reported fourth-quarter net earnings of $31.6 million, or 34 cents a share, up 26% from $25 million, or 27 cents a share, during the year-ago period. Quarterly revenue rose to $137.2 million vs. $110.6 million.
  • Diodes (DIOD) said it now expects third-quarter sequential revenue growth will be slightly more than 11.5%. The subminiature devices company said its prior growth view was for 9% to 11%.
  • Dobson Communications (DCEL) said it added 23,500 net subscribers in the third quarter. For the same period in the prior year, the wireless services provider reported a total reduction of 24,100 subscribers.
  • Fred's (FRED) said its same-store sales rose 5% during the 5-week period ended Sept. 30. The Memphis, Tenn.-based operator of discount general merchandise stores said total sales for the month increased 10% to $160 million compared with the year-ago period.
  • General Motor's (GM) alliance talks with Renault and Nissan collapsed after the auto makers decided they were too far apart on a tie-up's value.
  • California's attorney general filed criminal charges against ousted Hewlett-Packard (HPQ) Chairman Dunn, former ethics lawyer Hunsaker and three outside investigators involved in the corporate spying scandal. CEO Hurd wasn't charged.
  • Hooker Furniture (HOFT) said third-quarter net income rose, as restructuring and asset impairment charges fell, to $1.21 million, or 10 cents a share, from $664,000, or 6 cents a share, during the same period in the prior year.
  • Hot Topic (HOTT) reported a slump in same-store sales for September and said its third quarter profit is apt to be at the low end of its hopes.
  • Ikanos Communications (IKAN) cut its third-quarter revenue forecast and issued a fourth-quarter outlook below analysts' view. Shipments have been limited due to product delays and manufacturing constraints.
  • ImClone (IMCL) blamed Carl Icahn for blocking a major drug maker's offer to buy the biotech company for $36 a share.
  • Immucor (BLUD) posted quarterly results that beat analysts' forecasts due to strong sales of its blood diagnostics systems, but the shares lost ground as the company said it now expects to launch the latest version of its Galileo automated blood bank system in its fiscal fourth quarter instead of the third. See full story.See After Hours column.
  • Intermec (IN) said its now sees third-quarter revenue of $192 million to $196 million, compared with its prior view of $230 million to $240 million. The supply chain technology concern said the revised outlook reflects an estimated 20% decrease of System and Solutions revenue, and a 5% decrease of Service revenue, compared with results during the same period in the prior year.
  • Medtronic (MDT) said it has received CE Mark approval for its Melody transcatheter pulmonary valve and Ensemble transcatheter delivery system. The company said the system is the first of its kind to treat congenital patients with structural heart disease requiring pulmonary heart valve replacement.
  • Men's Wearhouse (MW) said it now expects third-quarter earnings of 52 cents to 54 cents a share for the period that ends Oct. 28, and adjusted earnings of 54 cents to 56 cents a share. The company had previously said it expected base earnings of 49 cents to 54 cents a share and adjusted earnings of 51 cents to 56 cents a share.
  • Microsoft (MSFT) will take much harsher steps to curtail piracy of its upcoming Windows Vista software, including crippling the usefulness of PCs found to be running unlicensed copies.
  • Morgan Stanley (MS) has stepped up talks about a possible acquisition of hedge-fund operator FrontPoint. The purchase price could top $300 million.
  • Openwave Systems (OPWV) said a special board committee investigating the company's stock-option practices has determined that the measurement dates for financial accounting purposes for certain grants differ from recorded grant dates, and will likely cause the company to restate its results.
  • Oxford Industries (OXM) reported first-quarter net earnings of $11 million, or 62 cents a share, down 21% from $13.9 million, or 79 cents a share, during the year-ago period. The apparel company posted revenue of $284.1 million vs. $268.5 million.
  • Par Technology (PTC) said it now expects third-quarter earnings of 4 cents to 7 cents a share on revenue of $49 million to $50 million. Analysts polled by Thomson First Call are currently forecasting third-quarter earnings of 15 cents a share on revenue of $56 million.
  • Parker Hannifin (PH) said its September orders rose 10% from the same month last year, helped by a 17% rise in overseas industrial orders and an 18% gain in its aerospace segment on a rolling 12-month average basis.
  • Qwest Communications International (Q) said it has approved a share buyback of up to $2 billion over the next two years.
  • Siga Technologies (SIGA) said it has terminated its merger agreement with PharmAthene Inc.
  • Sirius (SIRI) continued to gain ground on rival XM Satellite (XMSR) in the third quarter. Sirius added more than 440,000 subscribers, while XM added more than 285,000.
  • Starbucks (SBUX) said its September sales at stores open at least 13 months rose 6%, ahead of what Wall Street had expected.
  • Veritas DGC (VTS) said fiscal fourth-quarter net earnings fell to $6.5 million, or 16 cents a share, from with $46.2 million, or $1.31 cents a share a year ago. Revenue totaled $178 million, up 31% from $137 million in the year-ago quarter.
  • Wal-Mart (WMT) lowered its estimate of September same-store sales gains to 1.3%, raising new worries about growth at the retailer.
  • West Marine (WMAR) said its same-store sales for the third quarter rose 2.4%. The Watsonville, Calif.-based retailer of boating supplies and accessories said that total sales for the quarter increased 3.7% to $195.6 million.
  • Zumiez (ZUMZ) said its same-store sales rose 14.9% in September. Analysts had expected a gain of 5.7% for the month. Total net sales for the 5-week period ended Sept. 30 increased 47.3% to $28.7 million.

Market Update

  • Asian trading closed with the Hang Seng +1.58%, Nikkei +2.28%, Sensex +1.52%, Taiwan +1.78% and Shanghai is closed.
  • A check of the European bourses finds the CAC +0.64%, DAX +0.52%, FTSE +0.42% and Swiss Market +0.38%.
  • Crude oil is trading +1.23 to 60.64 while gold is +9.5 to 576.2.
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