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Stocks to Watch: Amgen, Exxon, Lucent, Starbucks, Wal-Mart


Even a broken watch is right twice a day.


Stocks to watch for Monday, May 22:

  • Amgen (AMGN) to outperform from market perform at Wachovia; citing potential for the accelerated approval of denosumab, a bone-disease drug.
  • BASF AG (BF) raised its all-cash offer for materials science company Engelhard (EC) to $39 a share from $38 a share.
  • Double Hull Tankers (DHT) said first-quarter profit rose to $0.39/share. Revenue rose 20% to $24.2 million; said it continues to see increased demand by charterers for double-hull tankers compared to single hull tankers, leading to a premium being paid for the former.
  • Duke Energy (DUK) said it has agreed to buy an 825 megawatt power plant in Rockingham County, N.C., from Dynergy (DYN) for $195 million.
  • Engelhard (EC) said it expects second-quarter earnings of 48 to 52 cents a share, including 11 cents of expenses and about 3 cents of share dilution because of BASF's unsolicited tender offer.
  • Exxon (XOM) dueling with proxy-advisory firm ISS over a $98.4 million pension payment made to retired Chairman Lee Raymond - WSJ.
  • Hana Biosciences (HNAB) said it received orphan drug designation for Talotrexin (PT-523) for the treatment of acute lymphoblastic Leukemia.
  • Lowe's (LOW) said it expects second-quarter earnings of $1.21 to $1.24 a share with total sales expected to rise about 12%. The company sees same-store sales rising between 3% and 5% in the period.
  • Lucent Technologies (LU) upgraded to buy from neutral at UBS; saying the merger with Alcatel (ALA) will likely achieve synergies of 1.2 billion euros in 2008.
  • Microsoft (MSFT) hopes to spread computers in developing countries with a plan that lets PC users pay for the time they use.
  • NYSE Group (NYX) detailed a $10.2 billion bid to buy Euronext. Germany's Deutsche Boerse unveiled its merger offer on Friday.
  • Rio Tinto (RTP) said Monday that it has agreed to accept a 19% price rise from Posco for its iron ore deliveries for the contract year starting April 1.
  • Rohm and Haas (ROH) upgraded to neutral from reduce at UBS; saying it believes the stock is now close to being fairly valued after its recent underperformance.
  • Starbucks (SBUX) upgraded to buy from neutral at UBS; citing accelerating same-store sales momentum and better-than-expected cost controls.
  • Valero (VLO) investigating damage to an oil refinery outside New Orleans after an explosion; said it was unlikely gas production would be affected.
  • Wal-Mart (WMT) said it's selling its South Korean unit to local retailer Shinsegae for $882 million. Shinsegae, Korea's largest discount retailer, operates 79 E-Mart discount stores.

Market Update

  • Asian trading closed with the Hang Seng falling -3.11% while the Nikkei dropped -1.84%.

  • A quick check across the pond finds the CAC -1.12%, DAX -0.91% and FTSE -0.88%.

  • Crude oil is trading -0.93 to 67.63 while gold is -12.3 to 645.2 so far on the session. For their part, stateside futes are below fair value.


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