Stocks to Watch: Federated, Microsoft, Toyota, Openwave, Disney
Keep it simple
Stocks to watch for Tuesday, December 26
- Amylin (AMLN) and Eli Lilly (LLY) said the Food and Drug Administration has approved Byetta injection as an add-on therapy to improve blood sugar control. The treatment has been approved for people with type 2 diabetes who have not achieved adequate control on other medications.
- Bancolombia (CIB) said it has agreed to acquire Conglomerado Financiero Internacional Banagricola S.A., or Banagricola, and its units for $900 million. Bancolombia, Colombia's largest full-service financial institution, expects the deal to close during the second quarter of 2007.
- Federated's (FD) strategy of extending its Macy's banner to former May stores has been welcomed by some shoppers but given a wide berth by others.
- FNB United (FNBN) said it will restate results for the quarter ended Sept. 30. The North Carolina-based bank holding company narrowed the cost of restructuring its investment portfolio to 3 cents a share from its prior estimate of 7 cents a share.
- General Cable (BGC) said it has named Brian Robinson as chief financial officer and treasurer, effective Jan. 1. Robinson replaces Christopher Virgulak, who previously announced his plan to leave the company at the end of the year.
- Microsoft (MSFT) is mounting a global push to sell ads aimed at the interests of individual users on its Hotmail and other sites.
- Openwave (OPWV) said it has filed its financial report for the quarter ended Sept. 30 that was delayed due to a stock-option review. The software products provider said the quarterly net loss widened, as revenue costs and expense rose, to $24.5 million, or 27 cents a share, from a net loss of $7.68 million, or 11 cents a share, during the same period in the prior year.
- QuickLogic (QUIK) said it has completed its internal stock-options review and filed its quarterly report for the fiscal second quarter ended July 2. The Sunnyvale, Calif.-based maker of semiconductor components said its review determined that there were certain errors committed in the process accounting for stock options, and QuickLogic identified a total pre-tax stock-based compensation charge of $964,000 that should have been reported in previous financial statements.
- Synergx Systems (SYNX) reported a fiscal fourth-quarter net loss of $317,000, or 6 cents a share. In the same quarter last year, the company posted a net profit of $189,000, or 4 cents a share. Revenue at the maker of data communication products fell to $4.46 million from $5.12 million.
- Toyota (TM) aims to produce 9.42 million vehicles next year, a 4% increase from 2006 and a level that will likely vault it past GM as the world's top auto maker.
- UTStarcom (UTSI) said President and Chief Executive Hong Lu has received a Wells Notice from the staff of the Securities and Exchange Commission in connection with an ongoing investigation into "trading activities by third parties."
- Walt Disney (DIS) said it has agreed to amend its bylaws for directors in uncontested elections. In uncontested elections, board nominees must be elected by the majority of votes cast by shareholders, the entertainment company said.
- Asian trading closed in the green with Nikkei +0.45%, Sensex +1,76%, Taiwan +1,06%, Shanghai +1.81% and Hang Seng closed.
- All European markets are closed for the Holiday.
- Gold is trading higher +5.0 to 627.3 and crude oil is also up +0.49 to 62.90 this morning.
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