Stocks To Watch: A&P, Audible, DreamWorks, Lockheed Martin, Wynn
Today's big stories and some stocks with potential to move...
Stocks to watch for Wednesday, February 28
- A&P (GAP) said it is in negotiations to acquire Pathmark (PTMK) in a proposed cash-and-stock deal valued at about $651.3 million.
- Adobe Systems (ADBE) it is extending the deadline for its employee stock option amendment offer for the fifth time, due to a Securities and Exchange Commission review. Adobe said it is extending the deadline to March 2 from Feb. 27.
- Alleghany's (Y) fourth-quarter net income rose 25% to $65.4 million from $52.5 million a year ago. Total revenue increased 24% to $305.6 million from $246.1 million a year ago.
- Alpharma (ALO) reported fourth-quarter net earnings of $15.8 million, or 29 cents a share, down from $87.1 million, or $1.62 a share, in the year-ago period. Revenue at the pharmaceutical company rose to $170.3 million from $156.4 million.
- Apple (AAPL) Chief Operating Officer Tim Cook reiterated that the company remains on track to release its iPhone mobile-phone product in June, and that Apple expects to sell 10 million of the devices in 2008.
- Audible (ADBL) reported a fourth-quarter net loss of $700,000, or 3 cents a share, compared with a net loss of $2.18 million, or 9 cents a share, in the year-ago period. Revenue at the provider of Internet audio content rose to $23.3 million from $18.3 million.
- BlackRock (BLK) said it is raising its quarterly cash dividend 60% to 67 cents a share from 42 cents. The dividend is payable March 23 to shareholders of record as of March 7, the New York-based investment management firm said.
- Curtiss-Wright (CW) said it has been selected by Boeing (BA) to provide smoke detection systems for cargo compartments on 747-8 passenger and freighter airplanes.
- Deckers Outdoor (DECK) preliminary fourth-quarter results indicate net income nearly doubled to $23.5 million, or $1.82 a share, from $12.1 million, or 94 cents a share, a year earlier. The maker of outdoor footwear and apparel said net sales increased 37% to $124.4 million from $91 million a year ago.
- DreamWorks Animation (DWA) posted a fourth-quarter net loss of $21.3 million, or 20 cents a share. In the year-ago period, it earned $63.2 million, or 61 cents a share. Operating revenue rose to $204.3 million from $172.9 million.
- Emcore (EMKR) said it has filed to expand the scope of its patent infringement lawsuits against Optium (OPTM) to include one additional patent and an additional product line.
- Giant Industries (GI) reported fourth-quarter net earnings of $1.82 million, or 12 cents a share, down from $26.6 million, or $1.82 a share, in the year-ago period. Revenue at the oil refiner rose to $999.3 million from $920.9 million. Giant also said its shareholders have approved the merger with Western Refining (WNR).
- Houston Exploration (THX) swung to a fourth-quarter loss of $19.4 million, or 69 cents a share, from net income of $19.8 million, or 68 cents a share, a year earlier as revenue fell 50%. The energy company's revenue plummeted to $76.7 million from $154.6 million in the year-ago period.
- Human Genome Sciences (HGSI) reported a fourth-quarter net loss of $66.9 million, or 50 cents a share, compared with a net loss of $69.5 million, or 53 cents a share, during the year-ago period. The drug development company posted revenue of $10 million vs. $9.27 million. The company also said a Phase IIb trial of Albuferon in combination with ribavirin in treatment-naive patients with chronic hepatitis C showed positive interim results.
- Kenneth Cole Productions (KCP) reported fourth-quarter net earnings of $7.99 million, or 39 cents a share, up 6.9% from $7.48 million, or 37 cents a share, in the year-ago period. Revenue in the quarter ended Dec. 31 rose to $122.4 million from $119.8 million.
- LECG's (XPRT) fourth-quarter net income fell 39% to $3.52 million, or 14 cents a share, from $5.81 million, or 23 cents a share, a year earlier. The economic consulting company's revenue grew 22% to $88.9 million form $73 million in the year-ago period.
- Lockheed Martin (LMT) said it has been awarded a $979.2 million contract by the Department of Defense for continued development of the Aegis ballistic missile defense weapon system.
- Novatel Wireless (NVTL) fourth-quarter net income rose sharply to $2.4 million, or 8 cents a share, from $121,000, or less than a penny a share, a year earlier, helped by a strong broadband market and non-PC card products. Revenue rose 58% to $77 million from $48.7 million a year earlier.
- Papa John's International (PZZA) reported fourth-quarter net earnings of $19 million, or 59 cents a share, up 32% from $14.4 million, or 42 cents a share, in the year-ago period. Excluding certain items, the company posted a per-share profit of 43 cents compared with 35 cents last year. Revenue at the pizza chain rose to $277.9 million from $248.4 million.
- R.J. Reynolds Tobacco (RAI) said an appeals court upheld the company's view that its market-share based discount programs are "size-blind" and not discriminatory. The Winston-Salem, N.C., tobacco company said the 6th Circuit Court of Appeals upheld a lower court's ruling dismissing an antitrust lawsuit brought by Smith Wholesale Co. of Tennessee, and 18 other wholesalers.
- Salary.com (SLRY) said underwriters of its initial public offering have exercised in full their over-allotment option to buy an additional 855,000 shares of common stock. The shares were purchased at the IPO price of $10.50 a share.
- Sierra Health Services (SIE) expects to incur a loss in fiscal 2007, due primarily to an enhanced version of its Medicare Part D prescription drug program. In January, Sierra began offering an enhanced version of its PDP, which provided prescription-drug benefits through the coverage gap.
- Skechers USA (SKX) said it has filed a lawsuit against Asics Corp. and Asics America Corp. "for trade libel, unfair competition and tortious interference with prospective economic advantage and economic business relations." The Manhattan Beach, Calif.-based footwear company said it seeks injunctive relief enjoining Asics from engaging in further unlawful acts, disgorgement of Asics' profits, attorneys' fees and $100 million in punitive damages.
- Southwest Gas (SWX) fourth-quarter net income rose 54% to $46.7 million, or $1.11 a share, from $30.3 million, or 76 cents a share, helped by colder weather than a year earlier. The Las Vegas natural gas company's revenue rose 14% to $565.1 million from $497 million a year earlier.
- Sun Healthcare Group (SUNH) reported fourth-quarter net earnings of $20.5 million, or 62 cents a share, compared with $11.7 million, or 65 cents a share, during the year-ago period. There were 33.1 million shares outstanding during this quarter vs. 18.1 million a year ago. The operator of health-care facilities posted net revenue of $268.3 million vs. $216.5 million.
- Syniverse Holdings (SVR) fourth-quarter net income surged to $59.1 million, or 88 cents a share, from $15.3 million, or 23 cents a share, a year ago. Cash net income was 20 cents a share, the company said. The Tampa, Fla., provider of technology services said revenue increased 2.7% to $85.8 million from $83.6 million a year ago.
- Broadcasting Media Partners Inc., the investor group taking Univision Communications (UVN) private, said late Tuesday that Joe Uva will become chief executive of the Spanish-language media company, effective April 1.
- URS (URS) reported fourth-quarter net earnings of $26.3 million, or 51 cents a share, up from $25.9 million, or 51 cents a share, in the year-ago period. Revenue at the San Francisco-based engineering and construction management company rose to $1.09 billion from $1.07 billion.
- Watson Pharmaceuticals (WPI) reported a fourth-quarter net loss of $489 million, or $4.80 a share. In the same quarter last year, the generic drugmaker posted a restated net profit of $20.1 million, or 19 cents a share. Revenue in the latest 3-month period was $621.2 million vs. $418.8 million the year before.
- Whiting Petroleum's (WLL) fourth-quarter net income fell 37% to $28 million, or 76 cents a share, from $38.3 million, or $1.05 a share, a year earlier. The Denver company's revenue grew slightly to $186.6 million from $186 million in the year-ago period.
- Wynn Resorts (WYNN) reported a fourth-quarter net loss of $55.4 million, or 55 cents a share, compared with a net loss of $9.89 million, or 10 cents a share, during the year-ago period. Net revenue at the Las Vegas-based casino resort operator rose to $563.6 million from $269.4 million.
- Asian trading closed with the Hang Seng -2.46%, Nikkei -2.85%, Sensex -4.01%, and Shanghai +3.94%.
- Looking over at Europe, we find the CAC -0.76%, DAX -0.74%, FTSE -0.84%, ATX -0.93%, Swiss Mkt. -0.70% and Stockholm -0.94%.
- Gold is trading -10.40 to 676.8 and crude oil is -0.66 to 60.80 this morning.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter