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Stocks To Watch: Micron, Qualcomm, Research in Motion, Red Hat, Toyota

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Stocks to watch for December 22, 2006.

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  • Allergan (AGN) said the Food and Drug Administration has issued an approvable letter for Combigan, a treatment to reduce elevated intraocular pressure. The company said the FDA has suggested an additional confirmatory study to address certain questions posed, and that Allergan has already commenced a clinical study that addresses the questions.
  • Ford Motor's (F) new chief executive Alan Mulally's agenda calls for the motor company to plow through "gut-wrenching" change to achieve profitability by 2009
  • Google (GOOG) added privacy settings to its Blogger service, giving users the option of restricting readership to a predetermined audience
  • Lockheed Martin (LMT) said it has agreed to acquire Fairfax, Va.-based Management Systems Designers Inc. MSD is an information technology provider for government life science, national security, and other civil agency missions.
  • Micron Technology (MU) said reported first-quarter profit of $192 million, or 25 cents a share, up from $63 million, or 9 cents a share, in last year's same period. For the three month period ended Nov. 30, sales rose to $1.58 billion from $1.36 billion.
  • Novellus Systems (NVLS) said Sass Somekh will retire as president, and transition to a part-time role, effective Jan. 29. Somekh will continue to work for the foreseeable future as chairman of the Novellus Technical Advisory Board, and serve as advisor to the chief executive.
  • Former Pfizer (PFE) Chief Executive Hank McKinnell will receive $198 million in total compensation after his departure in February
  • Qualcomm (QCOM) said it now expects first-fiscal-quarter earnings per share, excluding items, of 41 cents to 42 cents, compared with its prior outlook of 42 cents to 44 cents. The company added that it now expects quarterly revenue to be at the high end of its prior view of $1.98 billion to $2.08 billion.
  • Red Hat (RHT) said reported third quarter net income of $15.5 million, or 7 cents a share, down from net income of $24.5 million, or 12 cents a share. Sales rose 45% to $105.8 million, the company said.
  • Research in Motion (RIMM) reported third-quarter profit of $176 million, or 93 cents per share, compared with last year's $120.2 million or 63 cents per share. Excluding regular stock-option expense of $3.6 million, preliminary adjusted net income was $179.6 million, or 95 per share diluted.
  • Royal Dutch Shell (RDSA) and its partners agreed to hand over control of the Sakhalin oil-and-natural-gas project to Russia's state-controlled Gazprom for $7.45 billion.
  • Toyota (TM) is poised to topple General Motors (GM) as the world's biggest auto maker as early as next year, saying it plans to produce 9.42 million vehicles in 2007.
  • US Airways (LCC) denounced a restructuring plan proposed by Delta earlier this week to fend off an $8.38 billion hostile bid.


Market Update

  • Asian trading closed in the green with Hang Seng +0.51%, Nikkei +0.34%, Sensex +0.65%, Taiwan +0.41% and Shanghai +0.03%.
  • A quick check across the pond has the CAC -0.32%, DAX -0.19%, FTSE +0.10%, ATX -0.37%, Swiss Mkt. -0.15% and Stockholm +0.32%.
  • Gold is trading higher +0.9 to 622.5 and crude oil is also up +0.30 to 62.96 this morning.
No positions in stocks mentioned.

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