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Stocks to Watch: Boston Scientific, Delta, Harrah's, L-3, Sony

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Stocks to watch for Monday, December 18

  • Andersons (ANDE) said it has raised the quarterly cash dividend 5.6% to 4.75 cents per share. The dividend is payable Jan. 22 to shareholders as of Jan. 2.
  • Boston Scientific (BSX) said it is voluntarily recalling certain lots of the Mach 1 guide catheter in the United States. The medical devices maker said some units of the catheter may contain excess resin that could obstruct a blood vessel if detached during a procedure.
  • Cingular Wireless and News Corp.'s (NWS) MySpace plan to announce a service that will let Cingular subscribers access MySpace content on their cellphones.
  • Comverse Technology (CMVT) Chairman Ron Hiram has resigned from the board. Hiram's resignation was tendered in view of the recent appointment of an additional five new independent directors. Also, the company has received an additional Nasdaq delisting notice over the company's delayed Form 10-Q filing for the quarter ended Oct. 31.
  • Delta is expected to file a reorganization plan valuing the carrier -- fighting an $8.4 billion US Airways (UAUA) bid -- at up to $12 billion.
  • Express Scripts (ESRX) announced a $26 billion cash-and-stock offer for Caremark (CMX) in a bid to break up the company's takeover deal with CVS. The offer could set off a back-and-forth struggle for Caremark.
  • Google's (GOOG) earnings growth, which for the most part has been smooth and spectacular until now, may soon hit a speed bump as growth in interest income slows.
  • Guitar Center (GTRC) said its Nov. 22 agreement to buy the assets of Dennis Bamber Inc. has been terminated upon bankruptcy court approval of an alternative bidder for the business.
  • Harrah's (HET) was poised to accept a $16.7 billion bid from Apollo and Texas Pacific to take the gambling giant private.
  • Imax (IMAX) said it has determined that a sale or merger of the company will not enhance shareholder value. The Toronto-based entertainment company said it will instead focus on the growth of its network and on strategic business initiatives.
  • King Pharmaceuticals (KG) said an arbitration panel has decided in favor of Elan (ELN) in a dispute related to King's Sonata insomnia drug. The panel ordered King to pay Elan about $49.8 million, plus interest, in milestone payments and other research and development expenses.
  • L-3 Communications (LLL) could face slower sales growth next year after losing a key contract worth up to $4.65 billion to provide Arabic linguists to the Army.
  • Nasdaq Stock Market (NDAQ) said it has approved a new employment contract for President and Chief Executive Robert Greifeld, extending his deal through Dec. 31, 2010.
  • PetSmart (PETM) said it has amended its bylaws to adopt a majority voting standard for the election of directors in uncontested elections. The Phoenix-based retailer of pet products and services said that under the new standard a director in an uncontested election must receive more than 50% of the votes cast.
  • Power Integrations (POWI) said it has informed the Nasdaq that it will not meet the Listing and Hearing Review Council's Dec. 18 deadline to become current in its filings. The company expects its shares to be delisted from the Nasdaq Global Market as of the start of trading on Dec. 19.
  • Refco (RFXCQ), the derivatives broker that collapsed in scandal last year, said its Chapter 11 plan was confirmed by a New York bankruptcy court, clearing the way for its businesses to be finally shut down and creditors repaid a portion of what they were owed.
  • Private-equity firms Clayton Dubilier & Rice Inc. and Kohlberg Kravis Roberts & Co. are in talks to acquire Royal Ahold U.S. foodservice unit in a leveraged buyout, according to a media report.
  • Sony (SNE) is planning to introduce its own video-downloading capability, which will enable consumers to purchase movies online and watch them on Sony's PlayStation Portable.
  • Standard & Poor's said it's changing the makeup of the S&P 500 and SmallCap 600 indexes after the close of trading Tuesday. Terex (TEX) will replace Navistar International (NAV) in the S&P 500. Mannatech (MTEX) will replace American Italian Pasta (PLB) in the S&P SmallCap 600.


Market Summary

  • Asian trading closed with the Hang Seng +0.43%, Nikkei +0.28%, Sensex +0.86%, Shanghai +2.57% and Taiwan +1.14%.
  • A quick look across the pond finds the CAC -0.02%, DAX +0.21%, FTSE -0.04%, ATX -0.07%, Swiss Mkt +0.43% and Stockholm +0.30%.
  • Crude oil is trading -0.37 to 63.08 while gold is +1.5 to 620.6 this morning. For their part, stateside futes are above fair value.
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No positions in stocks mentioned.

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