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Stocks to Watch: BJ's, General Motors, IBM, Merck, Verisign


Shopping spree!


Stocks to watch for Friday, November 24

  • On Wednesday, BearingPoint (BE) said it has filed its 2005 results with the Securities and Exchange Commission. The technology consulting company had delayed the filing due to the "uncertainties" created by a court finding that it is in default on its 2.75% Series B convertible subordinated debentures due in 2024.
  • BJ's Wholesale Club (BJ) said its chief executive and president, Mike Wedge, resigned, citing the need for a "fresh perspective."
  • Danaher (DHR) said the offer period for its tender offer to buy all of the shares of Vision Systems (VSL) has been extended to close on Dec. 8.
  • DryShips (DRYS) said Gregory Zikos has been appointed chief financial officer, and a director. Zikos had been in structured finance transactions for a Greek construction firm.
  • Frontier Oil (FTO) said the Los Angeles Superior Court hearing the initial Beverly Hills lawsuit has entered a ruling granting summary judgment in favor of all defendants, including Frontier and its subsidiary Wainoco Oil & Gas Co.
  • Kerkorian's decision to sell $462 million of General Motors (GM) shares likely will further pressure CEO Wagoner and leave investors asking if it foreshadows an exit strategy or a move to step up attacks.
  • IBM (IBM) said it has agreed to pay $65 million to resolve all claims in an overtime-pay, class-action suit filed in a Northern California federal court in January.
  • Lone Star abandoned a deal to sell control of Korea Exchange Bank to Kookmin pending resolution of mounting legal problems.
  • The federal judge overseeing thousands of lawsuits filed against Merck (MRK) over its recalled drug Vioxx ruled on Wednesday that personal-injury cases cannot be compiled into a class-action suit.
  • Mills (MLS) said it has completed a restructured transaction with Colony Capital Acquisitions LLC and KanAm USA Management XXII LP regarding the Meadowlands Xanadu project.
  • Systemax (SYX) said second-quarter net income rose, as revenue gained, to $7.11 million, or 19 cents a share, from $1.52 million, or 4 cents a share, during the same period in the prior year.
  • U.S.B. Holding (UBH) board has declared a quarterly cash dividend of 15 cents a share, 7.1% higher than in the prior quarter. The dividend is payable Jan. 15 to shareholders as of Dec. 29.
  • Veeco Instruments (VECO) said its board has formed a succession planning committee. Edward Braun, chairman and chief executive, plans to move from his current role to chairman in 2007. Braun will serve as chief executive until a successor has been appointed.
  • VeriSign (VRSN) said it has identified stock-option grants with incorrect measurement dates, without required documentation, or with initial grant dates and prices that were subsequently modified. The company said it sees non-cash charges to financial statements for 2001 to 2005 of up to $250 million.

Market Update

  • Asian trading closed with the Hang Seng -0.03%, Sensex +0.16%, Taiwan +0.58%, Shanghai -0.56% and Nikkei -1.13%.
  • A check of the European bourses finds the CAC -0.93%, DAX -1.25%, FTSE -0.81% and Swiss Mkt -1.49%.
  • Crude oil is trading +0.42 to 59.66 while gold is +8.2 to 637.2.
No positions in stocks mentioned.

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