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Stocks to Watch: Google, Wal-Mart, Comverse, Chevron, Boeing


The MV morning call.


Stocks to Watch for Monday, May 1:

  • Arden Realty (ARI) said shareholders have approved the company's acquisition by General Electric (GE) unit GE Real Estate in a deal valued at $4.8 billion.
  • Avon Products (AVP) said profit plunged 67% in the first quarter; reported sinking sales in Asia.
  • Aztar said it has received an acquisition offer of $50 a share in cash from Columbia Entertainment, topping the $48-a-share offer made earlier in the day by Pinnacle Entertainment.
  • Boeing (BA) in advanced talks to acquire Aviall (AVL) for $1.7bln in cash - WSJ.
  • Chevron's (CVX) profit rose 49% last quarter, boosted by high energy prices as well as increased production from its Unocal acquisition. Revenue advanced 31%.
  • Comverse Technology (CMVT) announced Chairman and CEO Kobi Alexander resigns, CFO David Kreinberg resigns; names Raz Aoln interim CEO.
  • Dynegy (DYN) will restate its 2005 financial statements and its interim statements for the second and third quarters of 2005 to reflect a $13 million increase in the company's net deferred tax liability. The restatement will reduce net income for 2005 to $90 million from $103 million, and reduce net income applicable to common shareholders to $68 million, or 18 cents a share, from $81 million, or 21 cents a share.
  • Ebay (EBAY) Skype in pact with Polycom (PLCM) to deliver mini high fi PC speakerphone for VoIP calling.
  • Ford Motor Co. (F) said it will resume vehicle production on Monday at seven assembly plants that were shut down, according to Thomson Financial. Ford said the issue that caused the stoppage, relating to the clutch mechanism of one of its automatic transmissions, has been resolved. The automaker said in a statement it is "confident that no affected vehicles reached customer hands," and that "the day of lost vehicle production will be made up."
  • Google (GOOG) alleging that MSFT is unfairly using Internet Explorer to direct users to MSN by making it default search box in browser; antitrust authorities indicated no investigation imminent - NYT.
  • Harley Davidson (HDI) announced increase in quarterly dividend by $0.03 to $0.21.
  • Humana (HUM) reported 1Q EPS $0.39/ FC $0.43 on revenues of $4.7bln/ FC $4.71bln, membership up 32%; sees 2Q EPS $0.31-$0.36/ FC $0.63, FY EPS $2.82-$2.88/ FC $2.77.
  • Level 3 (LVLT) company to acquire TelCover for $1bln in cash and stock; TelCove has 22k miles of data transmission lines in eastern US - WSJ.
  • Men's Wearhouse (MW) downgraded to Neutral from Overweight at JPM.
  • Molson Coors (TAP) downgraded to Hold from Buy on vauation - Stifel Nicolaus.
  • Nortel (NT) announced company filed 2005 financial statements, included restatement for 2004/04; reported 4Q EPS ($0.53) on revenues of $3bln; company proposed reverse stock split to boost share price; board of directors sees initial post consolidation share price $15-$25/shr.
  • Pier 1 Imports (PIR) downgraded to Underweight from Equal Weight on valuation at Lehman.
  • Symantec (SYMC) upgraded to Outperform from Market Perform, turning the corner on deal flow/sales pipeline - Piper.
  • Ternium S.A. (TX: News, Quote) reported first-quarter net earnings of $194.5 million, compared with $403.6 million during the same period a year ago, on revenues of $1.53 billion vs. $767.6 million.
  • Wal-Mart's (WMT) same-store sales rose 6.8% in April, ahead of forecast.
  • Xerox (XRX: News, Quote) Barron's reported over the weekend things are looking up for the company, but its share price isn't reflecting a number of important advances. Key to the long-term outlook is a major transformation in Xerox's product line away from "light-lens" technology to digital systems, setting up the firm for a future that will see most pages printed in color, the newspaper said, noting that color generates five times the revenues of black and white.


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