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Stocks To Watch: Accredited Home, Boston Scientific, Citigroup, Jo-Ann, Schering-Plough


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


Stocks to watch for Tuesday, March 13:

  • Accredited Home Lenders (LEND) said it may seek to raise additional capital and cut more jobs, while continuing to negotiate with its bank lenders about extending funding for the provider of home mortgages.
  • American Oriental Bioengineering (AOB) reported fourth-quarter net earnings of $10.9 million, or 17 cents a share, up from $4.18 million, or 10 cents a share, in the year-ago period. Revenue at the New York-based pharmaceutical company rose to $41.3 million from $19.8 million. For the first quarter of fiscal 2007, the company expects earnings of 10 cents a share on revenue of $24 million to $25 million. For fiscal 2007, American Oriental forecast revenue of $143 million to $147 million.
  • Boston Scientific (BSX) said its board has authorized management to explore an initial public offering of a minority stake in its endosurgery group. The medical device maker said an IPO would involve selling roughly 20% of the endosurgery group, which would remain a majority owned subsidiary.
  • Churchill Downs (CHDN) said its fourth-quarter loss narrowed to $2 million, or 15 cents a share, from $3 million, or 23 cents, in the year ago period, the company said Monday. Revenue came in at $80.3 million, up 13.7% from $70.63 million during the fourth quarter of 2005. The average estimate of analysts polled by Thomson Financial had been for the company to lose 13 cents a share on revenue of $82 million.
  • Citigroup (C) raised its tender offer for Nikko Cordial by 26% to about $14.50 a share, a day after the Tokyo Stock Exchange decided to keep the scandal-stricken brokerage listed.
  • Cosi (COSI) said Chief Executive Kevin Armstrong has resigned for health reasons. The company named Robert Merritt, one its directors, as interim CEO, effective immediately.
  • Host Hotels and Resorts (HST) will be added to the S&P 500 on a date to be determined, Standard & Poor's said late Monday. Host Hotels (HST) will replace Phelps Dodge (PD), which is being acquired by Freeport-McMoRan Copper & Gold (FCX) In addition, S&P is adding Option Care (OPTN) to the SmallCap 600 index after the close of trading March 15, replacing Hancock Fabrics (HKF).
  • Inter Parfums (IPAR) said fourth-quarter net income rose 41% to $5.49 million, or 27 cents a share, from $3.89 million, or 19 cents a share, a year earlier as revenue rose 37%. The New York perfume company's revenue jumped to $90.2 million from $65.7 million in the year-ago period. On average, analysts expected per-share earnings of 25 cents, on revenue of $90.3 million, according to a poll by Thomson Financial. The company backed its 2007 per-share earnings outlook of $1 on revenue of $365 million. Wall Street expects per-share earnings of $1.03 on revenue of $370 million.
  • Jo-Ann Stores (JAS) reported fourth-quarter net earnings of $25.8 million, or $1.05 a share. In the same quarter last year, the company posted a net loss of $18 million, or 78 cents a share. Revenue at the fabrics and crafts retailer fell 0.5% to $600.8 million from $604.1 million, while same-store sales dropped 6%. Analysts polled by Thomson Financial were expecting a per-share profit of 98 cents on revenue of $614 million. Jo-Ann expects fiscal 2008 earnings of 55 cents to 65 cents a share and for same-store sales to improve to positive. Analysts are forecasting a per-share profit of 30 cents.
  • Microsoft (MSFT) is in talks to acquire Tellme Networks, a closely held company that makes Web-based voice technology.
  • Nabi Biopharmaceuticals (NABI) reported a fourth-quarter net loss of $4 million, or 7 cents a share, compared with a net loss of $75.6 million, or $1.25 a share, in the year-ago period. The company said revenue in the three months ended Dec. 30 rose to $30.3 million from $26.5 million. Analysts polled by Thomson Financial were expecting a per-share loss of 27 cents on revenue of $20 million.
  • Salem Communications (SALM) late Monday reported fourth-quarter net income of $3.27 million, or 14 cents a share, compared with $3.29 million, or 13 cents a share, a year earlier.
  • Schering-Plough (SGP) plans to buy Organon in a $14.4 billion deal as CEO Hassan tries to return the drug maker to the big leagues. UnitedHealth agreed to acquire Sierra Health for $2.6 billion.
  • Wireless Facilities (WFII) said it plans to delay its 2006 annual report as it continues to investigate options backdating. In the delayed report, the company will record a $9.2 million charge related to the accelerated vesting of all of its employees stock options an $18.3 million goodwill impairment charge, and a $3.4 million asset impairment charge.

Market Update

  • Asian trading closed with the Hang Seng -0.56%, Nikkei -0.66%, Sensex +0.62%, Taiwan +0.72% and Shanghai +0.33%.
  • Looking over at Europe, we find the CAC -0.43%, DAX -0.57%, FTSE -0.48%, ATX -0.29%, Swiss Mkt. -0.55% and Stockholm -0.82%.
  • Gold is trading -1.30 to 649.0 and crude oil is +0.45 to 59.36 this morning.
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No positions in stocks mentioned.

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