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Stocks to Watch: 3M, Cisco, Kohl's, Urban Outfitters, Disney


All mixed up...


Stocks to watch for Thursday, November 9

  • 3M (MMM) agreed to sell its global branded pharmaceuticals business to multiple buyers for a total of $2.1 billion.
  • American International (AIG) is expected to post third-quarter earnings of $1.42 a share, according to analysts polled by Thomson First Call.
  • Amkor Technology (AMKR) said it swung to third-quarter net income, as revenue gained, of $52.8 million, or 27 cents a share. During the same period in the prior year, the net loss was $19.5 million, or 11 cents a share.
  • BMC Software (BMC) reported a fiscal second-quarter profit of $58 million, or 28 cents a share, compared to $43 million, or 19 cents a share in the year-ago period. Revenue for the business-software maker rose to $386.7 million from $361.8 million.
  • Brinker International (EAT) said October same-restaurant sales fell 2% from the same period in the prior year. The restaurant operator reported monthly same-restaurant sales at Chili's fell 1.2%, and at Macaroni Grill fell 4.3%.
  • Broadcom (BRCM) is delaying the filing of its third-quarter results because the internal review of the company's option grants and other equity awards is ongoing.
  • Cisco's (CSCO) profit rose 28% as revenue got a boost from the networking-equipment maker's acquisition of set-top box maker Scientific-Atlanta earlier this year.
  • Dresser-Rand Group (DRC) said it has begun a secondary offering of 15 million shares to be sold by its stockholder, D-R Interholding LLC. The company said it won't receive any proceeds from the sale.
  • F5 Networks (FFIV) said a special committee has found incorrect accounting for certain stocks options, and the company sees recording an aggregate of additional non-cash expenses of $22.9 million for fiscal 1999 through 2006. Also, the networking products company said its general counsel has resigned.
  • Google (GOOG) has begun making its Google Checkout online-payment feature available for free to merchants that choose to make it a payment option on their Web sites.
  • Hertz dropped Deutsche Bank from the underwriting team for its coming $1.5 billion IPO over unauthorized email messages sent by an employee of the bank.
  • JCPenney (JCP) is expected to report per-share earnings of $1.23 in the third quarter.
  • Kohl's (KSS) is expected to post third-quarter earnings of 64 cents a share.
  • Longview Fibre (LFB) said third-quarter net income rose, as the company recorded an income tax benefit, to $21.4 million, or 33 cents a share, from $1.64 million, or 2 cents a share, during the same period in the prior year. Analysts had expected per-share earnings of 34 cents.
  • Mirant (MIR) is expected to post per-share earnings of 38 cents in the third quarter.
  • News Corp. (NWS) said it swung to a first-fiscal-quarter profit as revenue rose 4% on improved results at cable networks, satellite-television operations and the Fox network.
  • Northrop Grumman (NOC) said it planned to buy high-tech defense manufacturer Essex (KEYW) for $580 million, including debt, expanding its portfolio of government intelligence services.
  • Online travel bookings provider (PCLN) late Wednesday reported a profit that beat expectations after factoring out a one-time tax benefit from a year ago.
  • Quantum (DSS) said the second-quarter net loss widened, as the company recorded expenses related to items such as the ADIC acquisition, to $30.7 million, or 16 cents a share, from a net loss of $13.8 million, or 7 cents a share, during the same period in the prior year.
  • Sun-Times Media Group (SVN) reported a third-quarter net loss of $34.9 million, or 43 cents a share, compared with a net loss of $9.12 million, or 10 cents a share, during the year-ago period.
  • Taro Pharmaceutical Industries (TARO) said the Food and Drug Administration has granted approval of its abbreviated new drug application for meloxicam tablets, in 7.5 mg and 15 mg doses. Taro's meloxicam tablets, used for the treatment of osteoarthritis and rheumatoid arthritis, are the generic equivalent of Boehringer Ingelheim's Mobic tablets.
  • TXU Corp. (TXU) is expected to report earnings of $1.95 a share in the third quarter.
  • UnitedHealth's (UNH) top two officials agreed to forfeit some $390 million in stock-option pay, as the firm disavowed 12 years of earnings.
  • Urban Outfitters (URBN) is expected to post third-quarter earnings of 18 cents a share.
  • Walt Disney (DIS) is expected to post fourth-quarter earnings of 34 cents a share.

Market Update

  • Asian trading closed with the Hang Seng +0.75%, Sensex +0.50%, Taiwan -0.38%, Shanghai +1.59% and Nikkei -0.11%.
  • A check of the European bourses finds the CAC +0.12%, DAX +0.08%, FTSE -0.33% and Swiss Mkt -0.05%.
  • Crude oil is trading +0.68 to 60.50 while gold is +2.3 to 620.6.
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No positions in stocks mentioned.

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