Stocks To Watch: BEA Systems, Cabela's, Intuit, JC Penney, Telik
Today's big stories and some stocks with potential to move...
Stocks to watch for Friday, February 23
- A.C. Moore Arts & Crafts (ACMR) fourth-quarter net income fell 39% to $6.6 million, or 33 cents a share, from $10.7 million, or 53 cents a share, a year earlier. The company's revenue grew 5.2% to $197.8 million from $188 million in the year-ago period.
- Hedge fund Third Point LLC said it has filed a Schedule 13D with the Securities and Exchange Commission, urging the board of Acorda Therapeutics (ACOR) to initiate a process to sell the company. Entities advised by Third Point hold 9.9% of Acorda's shares.
- BEA Systems (BEAS) reported partial results for its 2007 fourth quarter and fiscal year. BEA reported fourth-quarter revenue of $392 million, a 15% increase from a year ago, and $1.4 billion for its entire fiscal year, up 17% from the prior year.
- Blockbuster (BBI) said it has entered into an agreement to sell its Australian subsidiary and grant the master franchise rights for its system in Australia to Video Ezy.
- Cabela's (CAB) fourth-quarter net income rose nearly 26% to $53.4 million, or 80 cents a share, from a year-earlier profit of $42.5 million, or 64 cents a share. The Sidney, Neb., sporting goods retailer's revenue increased 16% to $781 million, from $675.4 million, while same-store sales rose 1.7%.
- CarMax's (CMX) board approved a 2-for-1 split in the form of a share dividend of its common stock.
- Chesapeake Energy reported (CHK) higher fourth-quarter profit and revenue from the year-ago period. Net income rose 29% to $418.4 million, or 96 cents per share, from $323.5 million, or $1.11 per share. Revenue climbed to $1.9 billion from $1.8 billion a year ago.
- Chiquita Brands International (CQB) reported a fourth-quarter net loss of $41.9 million, or 99 cents a share, compared with a net loss of $19 million, or 45 cents a share, during the year-ago period. The Cincinnati-based produce company posted revenue of $1.08 billion vs. $999.1 million.
- Covance (CVD) said it has authorized a stock buyback program of up to 3 million shares, or nearly 5% of the company's common stock.
- Donaldson (DCI) second-quarter net income grew 16% to $31.3 million, or 38 cents a share, from $26.9 million, or 32 cents a share, a year earlier, as revenue grew 18%. The Minneapolis filtration systems company's revenue for the quarter ended January 31 grew to $463.7 million from $392.9 million in the year-ago period.
- The Federal Communications Commission has requested further information from satellite-television provider DirecTV (DTV) and Major League Baseball regarding a pending agreement that would provide the league's "Extra Innings" package of out-of-market baseball games exclusively to DirecTV subscribers, FCC Chairman Kevin J. Martin said in a letter.
- Disney (DIS) said it plans to build two more cruise ships, doubling the number of vessels the entertainment giant has for what it says has been a successful business.
- Emdeon (HLTH) reported fourth-quarter net earnings of $346.4 million, or $1.14 a share, up from $32.9 million, or 9 cents a share. The 2006 fourth quarter included a gain of $352.3 million related to the sale of a 52% interest in the company's business services segment. Revenue fell to $230.1 million from $263.8 million.
- First Potomac Realty Trust (FPO) reported fourth-quarter net earnings of $704,458, or 3 cents a share. In the same quarter last year, the company posted a net loss of $1.78 million, or 9 cents a share. Revenue at the Bethesda, Md.-based real estate investment trust rose to $27.8 million from $22.1 million
- Flowers Foods said (FLO) it still expects 2007 net earnings of $1.33 to $1.43 a share, income from continuing operations of $81 million to $87 million, and revenue of $1.983 billion to $2.04 billion.
- Gamco Investors (GBL) boosted its legal and regulatory reserves by $3 million and said it made a settlement offer to the Securities and Exchange Commission concerning a dispute over mutual fund share trading dating back more than three years.
- Google (GOOG) plans to sell a Web-based word-processor and spreadsheet application for firms, marching further into Microsoft's core turf.
- Home Properties (HME) reported fourth-quarter net earnings of $80.9 million, up from $55.1 million in the same quarter last year. Net income available to common shareholders rose to $79.6 million, or $2.33 a share/unit, from $53.7 million, or $1.68 a share/unit, a year ago.
- Software provider Intuit (INTU) reported fiscal second-quarter net income of $145.3 million, or 40 cents a share, versus $182.9 million, or 50 cents a share, in the same period last year. Sales rose to $763.3 million from $742.7 million for the three months ended Jan. 31. Intuit, of Mountain View, Calif., sells the TurboTax and QuickBooks software programs.
- J.C. Penney's (JCP) net fell 13% from a year ago when discontinued operations boosted results, but the retailer sees its private-label clothing fueling solid growth.
- KLA-Tencor (KLAC) said it has entered into an accelerated share repurchase agreement under which it will buy back $750 million of its common stock. The San Jose, Calif.-based chip-equipment maker also said it has approved a new, 10 million share buyback program
- M&T Bank (MTB) said it has authorized a stock buyback plan of up to 5 million additional shares, or roughly 4.6% of the company's outstanding common stock.
- Microsoft (MSFT) was ordered by a federal jury to pay Alcatel-Lucent $1.52 billion for infringing on two patents related to MP3 technology.
- Newmont Mining (NEM) said fourth-quarter profit more than tripled from a year earlier as soaring gold prices helped offset higher production costs.
- Odyssey Re Holdings (ORH) reported fourth-quarter net earnings of $85.9 million. During the same period a year ago, the company posted a net loss of $77.3 million. The insurer posted total revenue of $654.6 million compared with $599.9 million. Separately, Odyssey Re doubled its quarterly cash dividend to 6.25 cents from 3.125 cents a share. The dividend is payable on March 30 to shareholders of record as of March 16.
- Plains All American Pipeline (PAA) fourth-quarter net income fell 14% to $46 million, or 36 cents a limited partner unit, from $53.7 million, or 64 cents a unit, a year earlier, hurt by a decline in marketing revenue. Revenue fell 50% to $4.39 billion from $8.71 billion a year earlier.
- Red Robin Gourmet Burgers (RRGB) turned in fourth-quarter results that were well ahead of Wall Street's expectations but offered a forecast range that was below them. For the most recent quarter, Red Robin said it made $8.82 million, or 53 cents a share, compared with last year's profit of $5.5 million, or 33 cents a share.
- Roper Industries (ROP) reported fourth-quarter net earnings of $56.7 million, or 62 cents a share, up 12.5% from $50.4 million, or 57 cents a share, in the year-ago period. Revenue at the Sarasota, Fla.-based diversified industrial company rose 18% to $465.5 million from $393.2 million.
- SBA Communications (SBAC) reported a fourth-quarter net loss of $24.3 million, or 23 cents a share, compared with a net loss of $32.3 million, or 38 cents a share, during the year-ago period. The Boca Raton, Fla.-based operator of wireless communications towers posted total revenue of $96.8 million compared with $72.4 million.
- Sempra Energy's (SRE) fourth-quarter 2006 earnings fell 65% compared to a year ago due mainly to a write-down on the company's Argentine gas utilities, and lower net income at both the commodities trading unit and the San Diego Gas & Electric Co. division..
- Telik (TELK) reported a fourth-quarter net loss of $17.6 million, or 34 cents a share, compared with a net loss of $16.2 million, or 31 cents a share, last year. The Palo Alto, Calif.-based biopharmaceutical company reported no revenue in the three months ended Dec. 31 or in the comparable period last year, while operating costs and expenses rose to $19.5 million from $18.2 million a year ago.
- VA Software (LNUX) fiscal second-quarter net income plunged to $1.78 million, or 3 cents a share, from $10.5 million, or 17 cents a share, a year ago. The Fremont, Calif., software company said revenue for the quarter ended Jan. 31 increased 28% to $18.8 million from $14.7 million a year ago.
- Valeant Pharmaceuticals International (VRX) said it has filed an investigational new drug application with the Food and Drug Administration for Cesamet, a treatment of cancer chemotherapy-induced neuropathic pain.
- Verigy (VRGY) reported first-quarter net earnings of $13 million, or 22 cents a share. During the same period a year ago, the company posted a net loss of $16 million, or 32 cents a share. Revenue at the Cupertino, Calif.-based semiconductor test company fell to $165 million from $170 million.
- Asian trading closed with the Hang Seng -0.47%, Nikkei +0.44% and the Sensex -4.30%
- Looking over at Europe, we find the CAC -0.05%, DAX +0.10%, FTSE -0.01%, ATX +0.16%, Swiss Mkt. -0.09% and Stockholm +0.19%.
- Gold is down -1.7 to 681.3 and crude oil is +0.18 to 61.13 this morning.
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