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Stocks to Watch: Adobe, Electronic Data Systems, Microsoft, Phelps Dodge, Time Warner

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The MV Daily Call!

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Stocks to watch for Wednesday, May 3:

  • Adobe Systems (ADBE) said its quarterly results will come in at the low end of its prior forecast on weaker-than-expected demand in Europe and North America.
  • Allied Waste Industries (AW) reported 1Q earnings and revenue rose from a year ago as pricing, improved efficiency and more business contributed to improved results.
  • American Airlines (AMR) reported a 5.5% increase in April traffic over last year. Overall capacity was flat as the company cut back its domestic seats and expanded internationally.
  • Cephalon (CEPH) said 1Q net income $0.05/share, on sales of $345.6 million. Excluding certain items company would have reported earnings of $0.70/share. Analysts polled by Thomson First Call expected, on average, earnings of $0.62/share.
  • Devon Energy (DVN) reported 1Q EPS $1.76/ FC $1.80 on revenues of $2.72bln/ FC $2.71bln, combined production 568k bbl/d, avg natural gas prices $7.13/mcf, oil price $53.35/bbl; company said no 2006 oil or natgas production hedged.
  • DreamWorks Animation (DWA) said 1Q profit declined sharply from the prior year.
  • Electronic Data Systems (EDS) reported 1Q profit surged sixfold, revenue rose about 7% to outpace expectations.
  • Equity Residential (EQR) said 1Q net income rose while funds from operations (used by analysts to measure REIT performance) dropped from the year-earlier quarter.
  • FedEx (FDX) downgraded to Equal Weight from Overweight at Morgan Stanley.
  • Family Dollar Stores (FDO) has seen recent improvements from its stores in big cities after launching a program aimed at curtailing theft and bolstering sales.
  • Genesis Microchip (GNSS) reported 4Q net loss of a penny a share, on revenues of $60.9 million. Analysts surveyed by Thomson First Call had forecast 4Q revenue of $60 million.
  • Health Care Property REIT (HCP) will acquire CNL Retirement Properties for $3.6 bln, will create giant company in senior care industry - WSJ.
  • IAC Interactive (IACI) downgraded to Peer Perform from Outperform at Bear Stearns.
  • Microsoft (MSFT) previously held talks about possible equity stake in YHOO in effort to compete with GOOG no longer ongoing; MSFT still open to agreement, however.
  • Motorola (MOT) upgraded to Buy from Neutral at BofA.
  • PDL BioPharma (PDLI) reported 1Q net loss $0.23/share. Excluding items, the per-share profit was $0.02. Revenue rose to $90.5 million. Analysts polled by Thomson First Call had forecast revenue of $103.3 million.
  • Phelps Dodge (PD) upgraded to Outperform from Peer Perform at Bear; thinks company's price is reflecting copper at $2-$2.10/lb compared to current spot prices of more than $3/lb.
  • Plantronics (PLT) reported 4Q profit of $0.43/share on revenue of $206.7 million. Excluding accounting charges related to acquisition of Altec Lansing, the company earned $0.45/share, to top analysts' forecasts of $0.44 /share on $203 million in revenue.
  • Powerwave Technologies (PWAV) reported 1Q net loss of $0.02/share on revenue of $193.1 million. Analysts polled by Thomson First Call had forecast 1Q revenue of $196 million.
  • Quantum (DSS) has agreed to acquire Advanced Digital Information (ADIC) in a deal valued at $770 million. Separately, DSS reported 4Q loss of $0.12/share, on revenue of $206 million.
  • Quicksilver Resources (KWK) reported 1Q net earnings of $0.34/share, on revenue of $99.7 million. Analysts polled by Thomson First Call had forecast earnings of $0.35/share on revenue of $96 million.
  • RenaissanceRe Holdings Ltd. (RNR) reported1Q results that beat analyst estimates; benefited from a boost from prior-year reserves, underwrote more catastrophe reinsurance.
  • Symbol Technologies (SBL) reported $0.12/share, on revenue of $445 million. Analysts surveyed by Thomson First Call had forecast Symbol to earn $0.08/share on $440 million in revenue.
  • Texas Utilities (TXU) said net income rose 39%, aided by higher electricity prices in Texas. Revenue increased 12%.
  • Time Warner (TWX) reported 1Q EPS $0.26/ FC $0.20 on revenues of $10.46bln/ FC $10.89bln, AOL revenues $1.99bln, AOL subs revenues down (13%); reaffirms FY outlook, ABIDA up high single digits; company bought back 460m shares for 48bln through May 2, sees buying back about $15bln by end of 2006.
  • WebMD (WBMD) lost $0.07/share in 1Q. Revenue came in at $50.1 million. The average estimate of analysts polled by Thomson First Call had been for WebMD to lose $0.09/share on revenue of $47 million.



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