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Stocks to Watch: Bear Stearns, BMC, Bristol-Meyers, Merck, Michaels, Xerox


In the end my friends, we will all be together again


Stocks to watch for Thursday, June 15

  • Alliance One International (AOI) said it expects to report a "substantial" net loss in fiscal 2006 due to restructuring, asset impairment and integration charges during the period.
  • Atari (ATAR) said it lost $4.3 million, or 3 cents a share, for the period ended March 31, compared to a loss of $9.1 million, or 7 cents, a year earlier.
  • Bear Stearns (BSC) is expected to reporting earnings per share for the second quarter of $3.12.
  • BMC (BMC) cut previously stated results for its fourth-quarter and fiscal 2006 after an analysis of its tax provisions and balance sheet. BMC lowered its previously stated fourth-quarter profit to $51.6 million, or 24 cents a share. Last week, the company had stated its profit for the period was $66.4 million, or 31 cents a share.
  • Bristol-Myers (BMY) is hoping that dasatinib and other experimental cancer medications can drive a turnaround at the drug maker.
  • Capstone Turbine (CPST) said the fourth-quarter net loss was $11.8 million, or 12 cents a share, compared with a net loss of $10 million, or 12 cents a share, during the same period in the prior year.
  • Cerner (CERN) said it has agreed to acquire Galt Associates Inc. for an undisclosed sum. Cerner said the acquisition shouldn't have a material impact on its 2006 results.
  • C.R. Bard (BCR) increased its quarterly dividend 8% to 14 cents from 13 cents a share. The dividend is payable on Aug. 4 to shareholders of record as of July 24, the Murray Hill, N.J. developer of medical technology said.
  • EnerSys (ENS) said higher revenue helped boost fourth-quarter net income to $11.7 million, or 25 cents a share, from $10.2 million, or 22 cents a share, during the same period in the prior year.
  • Tax benefits and "above-target operating performance" are apt to lead General Mills (GIS) past its previous fiscal 2006 profit target. The food behemoth said it now expects to earn $2.90 a share for the 12 months ended May 28, up from its earlier view of $2.80 to $2.85.
  • Herley Industries (HRLY) said higher costs cut third-quarter net income to $1.7 million, or 11 cents a share, from $3.63 million, or 24 cents a share, during the same period in the prior year.
  • Hillenbrand Industries (HB) and its Hill-Rom Inc. and Hill-Rom Co. units said its settlement with Spartanburg Regional Healthcare System has been approved. The agreement ends the antitrust class action litigation brought by Spartanburg against Hillenbrand and Hill-Rom for $316.3 million. Spartanburg's suit alleged violations of federal antitrust laws, and claimed injuries caused by Hill-Rom's discounting practices.
  • Kirby (KEX) said it has increased its revolver to $250 million from a prior $150 million facility.
  • Lattice Semiconductor (LSCC) raised its second-quarter revenue forecast, and expects revenue to grow between 5% and 7% over its first-quarter results of $57.5 million. Lattice had previously forecast revenue to grow between 3% and 6%, sequentially.
  • Lions Gate Entertainment (LGF) said its fiscal 2006 profit fell to $6.1 million, or 6 cents a share, from $20.28 million, or 20 cents a share, the year before. Revenue at the Santa Monica, Calif., film studio rose to $951.2 million from $842.6 million. Fourth-quarter net income increased to $38.9 million, or 27 cents a share, from $20.1 million, or 17 cents a share, during the same period in the prior year. Revenue rose to $313.4 million from $232.4 million.
  • Merck (MRK) still expects to generate revenue growth and double-digit earnings growth over the next 3 to 5 years, the drug giant's president and chief executive said.
  • Michaels Stores (MIK) said it understated compensation expenses by up to $60 million from 1990 to 2001 due to dating of options awards.
  • Monster Worldwide (MNST) said it has been told to "preserve all relevant information" in anticipation of a request for documents from the Securities and Exchange Commission related to an informal probe of the company's past stock-option grants.
  • Philips Electronics said it will buy Intermagnetics General, a U.S.-based developer and maker of magnets for MRI machines, in a $1.26 billion deal.
  • Sempra Energy (SRE) said a judge has granted final approval to the previously announced settlement in the class-action litigation related to the Western U.S. energy crisis of 2000 and 2001. The settlement resolves the major claims filed against San Diego-based Sempra and its two California utilities. Sempra said the after-tax cost of the settlements announced in January would be about $350 million.
  • Semtech (SMTC) said it plans to delay filing its Form 10-Q for the quarter ended April 30 as it completes an internal review of its stock-option practices. Also, Semtech said two separate stockholder derivative lawsuits related to stock-option practices have been filed against the company and certain of its present and former directors and officers, and the company has received a grand jury subpoena to produce documents relating to its stock-option practices.
  • Stanley Furniture (STLY) said it now expects its second-quarter sales to be below previously anticipated levels due to continued weakness in retail furniture activity. The company said it now sees quarterly per-share earnings of 29 cents to 31 cents, down from its previous outlook of 35 cents to 38 cents.
  • UTStarcom (UTSI) said it has requested a 7-day extension to file its 10-Q for the quarter ended March 31 from the Nasdaq listing qualifications panel.
  • Xerox (XRX) agreed to pay $174 million to acquire closely held Amici, which helps attorneys manage and search through legal documents.
  • Zumiez (ZUMZ) said that one of its shareholders, Brentwood-Zumiez Investors LLC, is offering 1.61 million shares of Zumiez common stock in a public offering.

Market Update:

  • Asian trading comes in with the Hang Seng +1.23%, the Nikkei +1.13% and Sensex +6.89%.
  • A quick check across the pond finds the CAC +1.40%, DAX +1.52%, FTSE +1.42%, ATX +1.24%, Stockholm +2.28% and the Swiss Market +1.69%
  • Crude oil is trading +0.56 to 69.70 while gold is +10.40 to 576.9.


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