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Stocks To Watch: Caremark, Coca-Cola, DaimlerChrysler, KB Home, Mills


Listing today's big stories and some stocks with potential to move...


Stocks to watch for Wednesday, February 14

  • Amvescap (AVZ), the Anglo-American owner of the AIM and Invesco lines of mutual funds, swung to a fourth-quarter profit of $163.5 million with revenue up 20% to $879 million. The company was affected by a $76 million restructuring charge in the year-ago quarter.
  • Restaurant operator Applebee's International (APPB) said its board formed an independent committee of directors to explore strategic options, including a possible recapitalization or sale. It said certain strategic alternatives could affect its previously issued guidance, and as a result withdrew its fiscal-year 2007 forecast.
  • BHP Billiton (BHP) and Rio Tinto (RTP) may try to buy Alcoa (AA), The Times of London newspaper reported, citing unnamed sources. The report said the two are independently considering an approach for Alcoa and have drawn up feasibility studies for a bid, but haven't approached Alcoa's board. Alcoa shares rallied on the report.
  • A judge delayed a Caremark (CMX) shareholder vote on CVS's bid, while nudging Caremark to begin talks with Express Scripts (ESRX).
  • Citigroup (C) will sell its umbrella trademark to St. Paul Travelers and unify its brands under the Citi name and logo. St. Paul will change its name to Travelers.
  • Coca-Cola Enterprises (KO) plans to cut about 3,500 jobs, or 5% of its work force, over two years. The company posted a wider quarterly loss, weighed down by a $2.92 billion impairment charge. KO posted 22% decline in net profit, as results were weighed down by a noncash impairment charge related to Coca-Cola Enterprises.
  • DaimlerChrysler (DCX) is planning to cut some 10,000 jobs and close U.S. factories as it shifts away from slumping trucks and SUVs. The move highlights the challenges unionized U.S. auto makers face and marks a setback for CEO Dieter Zetsche.
  • Auto parts maker Delphi (DPHIQ) said its third-quarter loss more than doubled to $2 billion from $788 million. Delphi, which is in Chapter 11 reorganization, said the 2006 third quarter included $1 billion related to U.S. employee attrition payments.
  • IBM researchers are claiming a breakthrough in developing circuitry to store data on future microprocessor chips.
  • Johnson & Johnson (JNJ) said it has told the Department of Justice and the Securities and Exchange Commission that units outside of the U.S. are believed to have made improper payments connected with the sale of medical devices in two small-market countries.
  • KB Home (KBH) posted a loss and said it expects the next two quarters to be challenging amid an oversupply of homes for sale.
  • Marsh & McLennan (MMC) said that it's time to reward employees who stayed with the insurance broker after it faced charges over its sales practices. The company's fourth-quarter profit rose sharply.
  • Mills (MLS) deemed as superior a buyout offer from Simon Property and Farallon Capital for $24 a share, or $1.56 billion, and moved to end a prior agreement with Brookfield.
  • Time Warner (TWX) said its cable unit has become a public company following Adelphia's bankruptcy reorganization. The shares will trade on the NYSE next month.Time Warner's HBO unit reached an agreement with three cable companies in the U.K. to make shows available on-demand.

Market Recap

  • Asian trading closed with the Hang Seng +0.39%, Nikkei +0.74%, Sensex -0.58%, Taiwan +0.94% and Shanghai +2.59%.
  • A check across the pond finds the CAC +0.25%, DAX +0.37%, FTSE +0.02%, ATX +0.30%, Swiss Mkt +0.08% and Stockholm +0.98%.
  • Crude oil is trading -0.24 to 58.82 while gold is +3.6 to 672.1 this morning.
No positions in stocks mentioned.

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