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Stocks To Watch: Activision, AT&T, Caremark, DirecTV, Yahoo


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


Stock to watch for Friday, March 9

  • Activision (ATVI) said the board's special subcommittee completed its investigation of stock-option-granting practices and found that Chairman and Chief Executive Robert A. Kotick didn't engage in intentional wrongdoing. The special subcommittee of independent directors made the same determination for Brian G. Kelly, co-chairman; Ronald Doornink, board director and senior advisor; and George Rose, senior vice president, general counsel and secretary. However, the Santa Monica, Calif., interactive entertainment company said four other individuals bore significant responsibility, in varying degrees, with respect to the measurement date inaccuracies.
  • Ashworth (ASHW) reported its first quarter loss widened to $2.4 million, or 17 cents a share, from a loss of $50,000, or less than a penny a share, a year earlier. The Carlsbad, Calif.-based sportswear designer said quarterly consolidated gross margins fell to 40.8% from 44.3%. Revenue slid 5.8% to $38.3 million from $40.6 million.
  • AT&T (T) and Yahoo (YHOO) are negotiating potentially sweeping changes that could scale back their partnership, reflecting a broader shift in the economic structure of the Internet industry.
  • Blue Coat Systems (BCSI) reported third-quarter net revenue of $47.1 million, compared with $35.5 million during the year-ago period. The Sunnyvale, Calif.-based developer of proxy appliances said it expects fourth-quarter net revenue in the range of $51 million to $54 million.
  • Big 5 Sporting Goods (BGFV) late Thursday reported fourth-quarter net earnings of $9.64 million, or 42 cents a share, up 25% from $7.74 million, or 34 cents a share, during the year-ago period. The El Segundo, Calif.-based sporting goods retailer posted revenue of $234.5 million vs. $218.9 million. Additionally, Big 5 said it expects first-quarter earnings of 30 cents to 33 cents a share, and same-store sales growth in the low single-digit range.
  • Comtech Telecommunications (CMTL) fiscal second-quarter net income rose 37% to $18.2 million, or 68 cents a share, from $13.3 million, or 50 cents a share, a year earlier. The Melville, N.Y., communications services company said sales for the quarter ended Jan. 31 rose 16% to $111.4 million from $95.7 million a year ago.
  • Cooper (COO) said its fiscal first-quarter net profit fell to $5.35 million, or 12 cents a share, from $18 million, or 39 cents a share, last year. The Lake Forest, Calif.-based eye-care company said revenue in the latest quarter rose to $219.4 million from $205.7 million. Cooper also revised its 2007 revenue forecast to $927 million to $967 million from a previous forecast range of $920 million to $960 million.
  • Pension advisory firm CtW Investment Group late Thursday reiterated its recommendation that shareholders vote against the CVS (CVS) merger proposal at Caremark Rx (CMX) special meeting on March 16. The group's statement follows CVS' decision Thursday to increase its takeover bid for Caremark by $1.50 per share. CtW said the new offer "not only remains inadequate, it also further underscores the Caremark board of directors' ongoing failure to maximize value for Caremark shareholders."
  • DayStar Technologies (DSTI) 2006 Form 10-KSB filing includes a going concern statement by DayStar's independent registered public accounting firm. The statement emphasizes DayStar's need to raise additional capital during 2007 to complete its development, manufacturing and commercialization goals.
  • Diamond Foods (DMND) fiscal second-quarter net income fell to $2.03 million, or 13 cents a share, from $3.07 million, or 20 cents a share, a year earlier. Diamond Foods' sales rose to $143.6 million from $124.2 million a year ago. The company also reiterated its fiscal 2007 forecast of earnings between 41 cents and 46 cents a share on sales between $501 million and $515.4 million.
  • DirecTV (DTV) that it has signed a seven-year agreement for the rights to Major League Baseball's "Extra Innings" package, which allows viewers to see out-of-market baseball games.
  • Genesis Lease (GLS) plans to pay its first dividend of 53 cents a share in May for the period between the closing of its initial public offering through March 31. The Limerick, Ireland-based jet leasing company completed its IPO on Dec. 19. For the fourth quarter, combined net income of Genesis and its predecessor was $7 million and net income for its predecessor was $7.98 million
  • Gmarket (GMKT) fourth-quarter net income rose to $6.8 million, or 13 cents a share, from $3.8 million, or 9 cents a share, a year earlier. The Seoul, South Korea, electronic-commerce retailer said revenue rose 67% to $51.6 million from $30.9 million a year ago. The company's gross merchandise value, which represents the total value of all items sold on Gmarket's website, rose 53% to $737.4 million from $480.8 million.
  • Gottschalks (GOT) fiscal fourth-quarter net income grew to $8.87 million, or 64 cents a share, from a year-earlier profit of $8.55 million, or 62 cents a share. Results for the recent period included a charge of 1 cent a share for stock compensation. The Fresno, Calif., department store company's revenue for the 14-week quarter ended Feb. 3, increased 5% to $240.4 million, from $228.6 million, in the comparable 13-week year earlier quarter.
  • Hancock Fabrics (HKF) said Bruce Smith resigned as chief financial officer and executive vice president, effective March 30, to take a position with another company.
  • Hovnanian Enterprises (HOV) reported a first-quarter net loss of $54.6 million. During the same period a year ago, the company posted net earnings of $84.1 million. The loss available to common shareholders was $57.3 million, or 91 cents a share. A year ago, earnings available to common shareholders were $81.4 million, or $1.25 a share. Excluding the impact of charges related to Hovnanian's Fort Myers-Cape Coral, Fla., operations, earnings were $26.7 million, or 20 cents a share. The Red Bank, N.J.-based home builder posted total revenue of $1.17 billion vs. $1.28 billion.
  • IDT's (IDT) fiscal second-quarter loss narrowed to $27 million, or 33 cents a share, from $55.6 million, or 58 cents a share, a year earlier. The Newark, N.J., telecommunications company said revenue for the quarter ended Jan. 31 fell 10% to $512.5 million from $567.3 million a year ago.
  • Newpark Resources (NR) swung to a fourth-quarter loss of $42.1 million, or 47 cents a share, from a year-earlier profit of $7.01 million, or 8 cents a share. The Woodlands, Texas, company's results for the recent period included a pretax impairment charge of $72.6 million for its environmental services segment and $1.3 million in legal and investigation costs. Revenue grew to $167.3 million from $144.9 million a year earlier.
  • Omrix Biopharmaceuticals (OMRI) fourth-quarter net income rose to $6.4 million, or 41 cents a share, from $93,000, or 1 cent a share, in the year-earlier period, on increased sales of biosurgery and immunotherapy products. The New York biopharmaceutical company said total revenue for the period ended Dec. 31 increased to $18 million, from $8.33 million. For 2007, Omrix expects product sales of $50 million to $55 million.
  • PeopleSupport (PSPT) fourth-quarter net income fell 68% to $3.96 million, or 18 cents a share, from $12.3 million, or 65 cents a share, a year earlier. The Los Angeles outsourcing company's revenue grew 82% to $31 million from $17 million in the year-ago period.
  • Apparel maker Quiksilver (ZQK) said first quarter earnings fell to $2.5 million, or 2 cents a share, from $18.6 million, or 15 cents a share, a year earlier, citing an unseasonably warm winter. Revenue rose to $552.5 million from $541.1 million. For 2007, the Huntington Beach, Calif.-based company revised its earnings guidance to 53 cents a share on revenue of $2.45 billion.
  • Quovadx (QVDX) posted a fourth-quarter net loss of $4 million, or 10 cents a share, swinging from a year-earlier profit of $409,000, or 1 cent a share. Revenue for the period ended Dec. 31 increased to $22.6 million from $21.6 million.
  • Republic Airways Holdings (RJET) on Thursday said traffic in February increased 22.7% to 503.9 million revenue passenger miles. Load factor, or the percentage of a plane filled with passengers, fell 0.1 percentage points to 69%, while net capacity rose 22.8% to 730 million available seat miles.
  • SkyWest (SKYW) said its board approved a plan to repurchase up to five million shares. The St. George, Utah, holding company currently has about 64.3 million shares outstanding.
  • Stanley Works (SWK) backed its first-quarter per-share earnings guidance of about 80 cents and its 2007 per-share guidance of $4.00 to $4.10. The company also reiterated its long-term objective of 8% to 12% sales growth and mid-teens per-share earnings growth annually.
  • United Community Banks (UCBI) will replace Commonwealth Telephone in the S&P SmallCap 600 Index on Friday.
  • Wind River Systems (WIND) fourth-quarter net income fell to $546,000, or 1 cent a share, from $16.1 million, or 18 cents a share, in the year-earlier period. Non-GAAP per-share earnings were 10 cents. The Alameda, Calif., device software optimization company said revenue for the period ended Jan. 31 increased 8% to $76.1 million, from $70.2 million.

Market Update

  • Asian trading closed with the Hang Seng -0.21%, Nikkei +0.43%, Sensex -1.26%, Taiwan -0.07% and Shanghai +0.34%.
  • Looking over at Europe, we find the CAC -0.66%, DAX -0.51%, FTSE -0.43%, ATX -0.41%, Swiss Mkt. -0.41% and Stockholm 0.76%.
  • Gold is trading -0.30 to 655.2 and crude oil is -0.01 to 61.63 this morning.

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