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Stocks To Watch: A&P, Audible, DreamWorks, Lockheed Martin, Wynn

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

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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.


Market Update

  • 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.
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No positions in stocks mentioned.

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