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Stocks to Watch: Abercrombie & Fitch, eBay, General Motors, Home Depot, Wal-Mart


Steer Clear


Stocks to watch for Tuesday,November 14

  • Abercrombie & Fitch (ANF) is expected to report earnings per share of $1.10 for the third quarter, according to analysts polled by Thomson First Call.
  • America's Car-Mart (CRMT) said it expects a second-quarter loss of 16 cents to 20 cents per share. The result includes a per-share after-tax charge of 28 cents due to an increase in the allowance for credit losses related to its finance receivables.
  • Bob Evans Farms (BOBE) reported second-quarter net earnings of $13.5 million, or 37 cents a share, compared with $13.2 million, or 37 cents a share, in the same period last year. Excluding gains on the sale of assets, per-share earnings were 36 cents vs. 30 cents last year.
  • CEC Entertainment (CEC) said it will restate certain prior financial results to correct accounting errors related to stock-based compensation. The company, which is still reviewing its stock-option granting practices, sees a cumulative pretax financial impact of $20 million to $30 million for additional charges.
  • China Med Technologies (CMED) reported second-quarter net earnings of 71.7 million yuan ($9.06 million), or 2.62 yuan (33 cents) per American Depositary Share, compared with 42.9 million yuan, or 1.78 yuan per ADS, in the same period last year.
  • China TechFaith Wireless Communication Technology (CNTF) said it swung to a third-quarter net loss of $6.48 million, or 1 cent a share, or 15 cents per American Depositary Share, as revenue fell and costs and expenses rose.
  • Citigroup (C) struck a $400 million deal for the naming rights to the New York Mets' new ballpark, set to open in 2009. The deal is a record for U.S. stadium naming rights.
  • Clear Channel's (CCU) board is weighing two bids. The radio company's top executives stand to profit from a deal, a prospect that is fueling concerns about conflicts of interest.
  • EBay (EBAY) has secured a $1 billion line of credit for working capital, capital expenditures, acquisitions and "other general corporate purposes of eBay and its subsidiaries." The credit line may be extended to $2 billion.
  • General Electric (GE) and Hitachi agreed to form joint ventures in Japan and the U.S. to build and maintain nuclear-power plants.
  • General Motors (GM) said it plans to execute a $1.5 billion senior secured term loan facility with a seven-year maturity. The struggling automaker said the facility is intended to "enhance" its liquidity.
  • Golf Galaxy (GGXY) shares soared nearly 18% in late trading after the golf retailer agreed to be acquired by Dick's Sporting Goods (DKS) for $225 million in cash.
  • Home Depot's (HD)net profit fell 3.1% on a decline in comparable-store sales as the U.S. home-improvement market has "slowed significantly," the company said.
  • IBM plans to invest $100 million over the next two years to fund business ideas generated by a world-wide innovation contest.
  • Max Re Capital (MXRE) said it swung to third-quarter net profit of $26.5 million, or 42 cents a share, as losses and expenses dropped. During the same period in the prior year, the net loss was $44.2 million, or 99 cents a share.
  • NBTY (NTY) said its fourth-quarter net earnings rose to $37.7 million, or 54 cents a share, from $11.4 million, or 17 cents a share, in the same period last year, due to an improved gross profit and lower interest expense, among other factors. The manufacturer of nutritional supplements said revenue rose 7.5% to $467.9 million from $435.2 million.
  • 99 Cents Only Stores (NDN) said it expects second-quarter earnings to be breakeven, compared with per-share earnings of 2 cents during the same period last year. The operator of discount stores said the decrease is mainly due to $1.8 million in temporary labor costs and $2 million in increased consulting and accounting fees.
  • Regeneron Pharmaceuticals (REGN) said it has agreed to sell roughly 7.6 million of its common shares.
  • Sirna Therapeutics (RNAI) said the third-quarter net loss widened, as research and development costs rose, to $9.56 million, or 13 cents a share, from a net loss of $4.18 million, or 8 cents a share, during the same period in the prior year.
  • Taleo (TLEO) said the third-quarter net loss narrowed, as revenue gained, to $757,000 from a net loss of $1.62 million during the same period in the prior year. The per-share loss for shareholders narrowed to 4 cents from $16.74 in the prior year as the quarter's weighted average shares rose to 20.4 million from 149,000. Excluding items, quarterly per-share income rose to 4 cents from a penny, while Wall Street had expected 3 cents.
  • Terabeam (TRBM) said the third-quarter net loss widened, as revenue fell and operating expenses rose, to $13.7 million, or 63 cents a share, from a net loss of $10 million, or 47 cents a share, during the same period in the prior year.
  • Triarc (TRY) said it swung to third-quarter net profit of $548,000, or 1 cent a share, as sales rose. In the same period last year, the Arby's restaurant franchisor posted a net loss of $42.5 million, or 58 cents a share.
  • United Therapeutics (UTHR) said its Unither Pharma Inc. subsidiary has settled all patent litigation with Herbalife International (HLF). The agreement, for which financial terms were not disclosed, calls for all pending lawsuits to be dismissed.
  • Wal-Mart's (WMT) net profit rose 12% despite disappointing same-store sales, and said its gross margin rose at all three of its business segments. Revenue rose 12%.

Market Update

  • Asian trading closed with the Hang Seng +0.05%, Sensex +0.20%, Taiwan +0.95%, Shanghai +1.31% and Nikkei +1.67%.
  • A check of the European bourses finds the CAC -0.11%, DAX -0.04%, FTSE -0.14% and Swiss Mkt -0.13%.
  • Crude oil is trading -0.17 to 58.41 while gold is -0.8 to 625.0.
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