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Stocks To Watch: Home Depot, Sirius, Viacom, Wal-Mart, XM Radio


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


Stocks to watch for Tuesday, February 20

  • Abercrombie & Fitch (ANF) said a special litigation committee established by the board found that there is no evidence to support claims asserted in certain derivative lawsuits brought against current and former directors and management, including Chairman and Chief Executive Michael Jeffries.
  • AMB Property (AMB) said its board has raised the quarterly cash dividend 8.7% to 50 cents per share. The dividend is payable April 16 to shareholders as of April 6.
  • Apple (AAPL) bucked the rules of the cellphone industry in creating the iPhone by wresting control away from normally powerful wireless carriers that usually hold enormous sway over how phones are developed and marketed.
  • Bare Escentuals (BARE) filed with the Securities and Exchange Commission to offer 12 million shares. The beauty products company said it's offering 575,000 of the shares, while selling stockholders are offering an additional 11.4 million shares.
  • Citigroup (C) said it is considering listing its shares on the Tokyo Stock Exchange, a move that would make it easier to buy Japanese companies.
  • Gilead Sciences (GILD) said the Food and Drug Administration has granted priority review status to its new drug application for ambrisentan, a treatment for pulmonary arterial hypertension.
  • Harley-Davidson Motor (HOG) said it has reached a tentative labor agreement with representatives of the International Association of Machinists and Aerospace Workers Local 175 in York, Pa. The motorcycle manufacturer said the agreement is subject to membership ratification, adding that it expects members to vote the week of Feb. 19. If approved, the agreement would end a strike by 2,800 unionized employees in York that began Feb. 2.
  • Home Depot's (HD) net profit fell 28%, as results were weighed down by continued weakness in the housing market.
  • JetBlue (JBLU) may be forced to institute changes that could make the discount airline more like its rivals, following a days-long operational meltdown.
  • K2 (KTO) said it has named J. Wayne Merck president, chief executive, and board member. The provider of sporting and recreational products said Merck, who has been president and chief operating officer since November of 2003, succeeds Richard Heckmann as CEO.
  • Krispy Kreme Doughnuts (KKD) said it has closed a new senior secured credit facility of $160 million, made up of a $50 million revolving credit facility and a $110 million term loan. The doughnut retailer said proceeds of the term loan were used to repay about $107 million outstanding balance under the company's prior credit facility, and to pay fees and expenses related to the new financing and the retirement of the prior facility.
  • Power-One (PWER) said Chief Financial Officer Paul Ross plans to resign to accept another position. The maker of power conversion products named Jeffrey Kyle to succeed Ross as CFO.
  • Scotts Miracle-Gro (SMG) said its board has declared a one-time cash dividend of $8 per share. The dividend is payable March 5 to shareholders as of Feb. 26.
  • Viacom (VIA) is set to unveil a licensing deal with Joost, a new Web service specializing in commercial video content, after similar talks between the media giant and Google (GOOG) unraveled.
  • Vulcan Materials (VMC) is to buy fellow construction-materials maker Florida Rock (FRK) for $4.6 billion in cash and stock.
  • Wal-Mart's (WMT) net income rose 9.8% in its fiscal fourth quarter, driven by strong international sales that were helped by three acquisitions.
  • Don Ackerman, chairman of WCI Communities (WCI), said Carl Icahn's plans to run his own slate of candidates for the WCI Board "would be highly disruptive to our company and not in the best interests of all our shareholders."
  • Xerox (XRX) said it expects 2007 operating cash flows to fall to a range of $1.2 billion to $1.5 billion from $1.6 billion last year. The forecast confirms an estimate for cash flows made at an investor meeting in November.
  • XM (XMSR) and Sirius (SIRI) are proposing an $11.4 billion "merger of equals," in a test for regulators, who must gauge the limits of consolidation amid changes in media technology.

Market Recap

  • Asian trading closed with the Nikkei -0.01%, Sensex -1.04% and Shanghai celebrating the year of the Boar.
  • A check across the pond finds the CAC -0.33%, DAX -0.30%, FTSE -0.30%, ATX -0.82%, Swiss Mkt -0.54% and Stockholm -0.45%.
  • Crude oil is trading 1.26 to 58.19 while gold is -2.90 to 669.9 this morning.
No positions in stocks mentioned.

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