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Stocks to Watch: Baidu, Boeing, Krispy Kreme, Time Warner, U.S. Steel

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Stuck in the middle with you

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Stocks to watch for Wednesday, November 1

  • Aventine Renewable Energy Holdings (AVR) reported third-quarter net earnings of $5.29 million, or 12 cents a share, compared with $17.7 million, or 49 cents a share, a year earlier, because of lower margins, as well as higher prices for corn and freight.
  • Baidu.com (BIDU) reported third-quarter profit of $10.8 million, or 31 cents a share, compared with a profit of $1.1 million, or 3 cents a share, a year earlier. The company said it sees fourth-quarter revenue of $34 million to $35 million, less than Wall Street had been expecting.
  • Boeing (BA) snagged an order from TAM for four long-range 777 aircraft worth about $1 billion, breaking Airbus's stranglehold on the Brazilian airline's business.
  • Cedar Fair Entertainment (FUN) reported third-quarter net earnings of $132.9 million, or $2.42 a limited-partner unit, compared with $170.8 million, or $3.11 per LP unit, in the same period last year.
  • Chipotle Mexican Grill (CMG) reported third-quarter net earnings of $11.8 million, or 36 cents a share, compared with $5.08 million, or 19 cents a share, during the year-ago period. The Denver-based restaurant chain posted revenue of $211.3 million, up from a year-earlier $164.7 million.
  • Cingular plans to launch a music service on its cellphone network in partnership with Napster, Yahoo and other online music providers. The service sets the stage for a battle with Apple.
  • Eagle Materials (EXP) said second-quarter net income rose, as revenue gained, to $66.1 million, or $1.32 a share, from $43.3 million, or 80 cents a share, during the same period in the prior year.
  • Equity Residential Properties Trust (EQR) reported third-quarter net earnings of $69.8 million, compared with $267.5 million in the same period last year. The Chicago-based real estate investment trust posted $56.4 million, or 19 cents a share, compared with $250.2 million, or 87 cents a share, in the prior year. Funds from operations were 62 cents a share, up from 56 cents a share.
  • Google (GOOG) acquired startup JotSpot, a move that could strengthen Google's services for users to create and share documents online.
  • Helix Energy Solutions Group (HLX) said third-quarter net income rose, as revenue increased, to $57 million, or 60 cents a share, from $42.7 million, or 53 cents a share, during the same period in the prior year. The company backed its view for full-year earnings of $2.80 to $3.20 a share, while analysts are looking for $3.06.
  • Iconix Brand Group (ICON) said it has agreed to purchase the brand Ocean Pacific from the Warnaco Group Inc. for $54 million. Warnaco will receive $10 million at closing, which is expected to be in November, with the remainder to be a short-term note from Iconix that is payable in full on or prior to Dec. 31.
  • Jones Lang LaSalle (JLL) reported third-quarter net earnings of $24.7 million, or 73 cents a share, compared with $20.6 million, or 61 cents a share, in the prior year, boosted by strong revenue growth. The company also said it is raising its semiannual dividend by 40% to 35 cents a share from 25 cents.
  • Krispy Kreme Doughnuts (KKD) said it has filed its Form 10-K for the fiscal year ended Jan. 29, 2006, with the Securities and Exchange Commission. The Winston-Salem, N.C.-based doughnut chain posted a fiscal 2006 net loss of $136 million, which included noncash impairment charges of $54 million and a noncash charge of $36 million related to the settlement of litigation. Separately, the company said it has reached a settlement of its securities class action and a partial settlement of its derivative action. The settlement class will receive a total consideration of about $75 million, the chain said.
  • Northwest Airlines (NWACQ) posted a third-quarter loss of $1.2 billion, compared with a loss of $475 million a year ago. Excluding restructuring costs and other items, the bankrupt carrier would have reported a profit of $252 million, compared with a loss of $234 million a year earlier.
  • Papa John's International (PZZA) said net income was $13.1 million, or 40 cents a share, compared with $10.8 million, or 31 cents a share, for the same period a year ago. Sales for the Louisville, Ky.-based restaurant chain were $239.7 million, against a year-ago $233.1 million.
  • Quicksilver Resources (KWK) said third-quarter net income fell, as expenses rose, to $22.9 million, or 28 cents a share, from $24.8 million, or 31 cents a share, during the same period in the prior year.
  • R.R. Donnelley & Sons (RRD) and Banta (BN) said they have agreed to an all cash $1.3 billion deal in which R.R. Donnelley will acquire Banta, a Menasha, Wis.-based provider of printing and digital imaging solutions.
  • Stone Energy (SGY) said third-quarter net income fell, as expenses rose, to $21.8 million, or 79 cents a share, from $33 million, or $1.20 a share, during the same period in the prior year. The company said quarterly revenue rose to $181.6 million from $159.3 million in the prior year.
  • Stratex Networks (STXN) said the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has ended for the proposed combination with Harris Corp.'s Microwave Communications Division.
  • Time Warner's (TWX) net nearly tripled in the third quarter, helped by gains from asset sales and strong results in its cable and networks segments.
  • Watson Pharmaceuticals (WPI) said the Federal Trade Commission has permitted the closing of Watson's pending acquisition of Andrx (ADRX). Under terms of a consent order with the FTC, Watson and Andrx will take several actions, such as the termination of Watson's agreement with Interpharm Inc. related to the distribution of Interpharm's hydrocodone ibuprofen 7.5mg/200mg product, and the acquisition of Andrx's interests in its portfolio of oral-contraceptive products by Teva Pharmaceuticals USA.
  • U.S. Steel (X) predicted an end-of-year downturn amid indications of a weakening economy and rising steel supplies.
  • United Rentals (URI) reported third-quarter net earnings of $95 million, or 85 cents a share, compared with $76 million, or 71 cents a share, in the prior year, on the back of strong sales of rental equipment and contractor supplies. The company said it now sees 2006 per-share earnings of $2.12 to $2.22, on revenue of $3.95 billion.


Market Update

  • Asian trading closed with the Hang Seng +0.71%, Nikkei -0.15%, Sensex +0.55%, Taiwan -0.10%, Jakarta +0.46% and Shanghai +0.96%.
  • A check of the European bourses finds the CAC +0.17%, DAX +0.07%, FTSE +0.55%, ATX +0.38% and Swiss Mkt +0.45%.
  • Crude oil is trading -0.31 to 58.42 while gold is +5.7 to 612.5. For their part, stateside futes are above fair value.
No positions in stocks mentioned.

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