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Stocks to Watch: Hewlett-Packard, Merck, Motorola, Southwest, Tiffany, UBS


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Stocks to watch for Wednesday, June 21

  • Christopher & Banks (CBK) reported first-quarter earnings of $14.6 million, or 39 cents a share, up from a year-ago profit of $9.3 million, or 26 cents a share. Sales rose 16% in the latest three months to $142.5 million from $122.7 million in the same period a year earlier. Same-store sales increased 7% for the quarter.
  • DaimlerChrysler (DCX) said its board decided to delist its shares from 12 stock exchanges because of minimal trading in the stock. The auto maker will maintain listings in Frankfurt, New York and Stuttgart, Germany.
  • Electronic Arts (ERTS) said it has agreed to acquire Fairfax, Va.-based Mythic Entertainment for an undisclosed sum. The transaction is expected to close in the second quarter of fiscal 2007.
  • FSI International (FSII) reported a third-quarter net loss of $2.43 million, or 8 cents a share, compared with a net loss of $2.04 million, or 7 cents a share, during the year-ago period. The company, which manufactures capital equipment for the microelectronics industry, posted revenue of $32 million vs. $19.1 million.
  • Hewlett-Packard (HPQ) said it would give its three main business groups more authority over their operational activities as part of an ongoing, company-wide restructuring. H-P said its personal systems, imaging and printing and technology solutions groups would now be responsible for their own supply-chain, procurement and order-fulfillment operations, and other business functions. The groups will also be responsible for ensuring more efficiency of individual operations and business transactions across the company. H-P said the overhaul is part of restructuring plans announced in July 2005 that include previously announced job cuts of 15,300 employees.
  • Kindred Healthcare (KND) said it's reached a stipulation agreement with Ventas (VTR). The stipulation prevents Ventas from taking any action adverse to Kindred's interests, at least until the court hears Kindred's motion for a preliminary injunction against Ventas. On Monday, Kindred announced a lawsuit against Ventas, its landlord, related to Kindred's refusal to turn over fair market rental appraisals it commissioned after Ventas initiated a rent reset process in May.
  • Merck (MRK) is taking steps to aggressively price its blockbuster cholesterol drug Zocor as it faces generic competition from Teva.
  • Motorola (MOT) plans to strengthen its lineup of mass-market phones in an effort to gain a bigger share in the global market.
  • Spansion (SPSN) boosted its second-quarter revenue target to a range of $605 million to $635 million, up from its prior view of $590 million to $620 million. Spansion, of Sunnyvale, Calif., raised its forecast due to worldwide demand for its NOR flash memory chips used in cell phones and other consumer electronics.
  • Sonic (SONC) reported third-quarter net earnings of $23.8 million, or 27 cents a share, up 12% from $21.3 million, or 23 cents a share, during the year-ago period. The Oklahoma City-based restaurant chain posted revenue of $186.5 million vs. $167.7 million.
  • Southwest Airlines (LUV) plans to run a limited test of assigned seating that could determine whether the discount carrier abandons its open-seating approach.
  • Texas Pacific Group and its Asian investment arm Newbridge are likely to submit a rival bid for the telecom and media assets of PCCW, in a move that may spark a bidding war for Hong Kong's dominant phone firm.
  • Tiffany (TIF) plans to open a store on Wall Street, in the latest sign the area is being remade into a haven for luxury lifestyles.
  • UBS has moved a step closer to setting up the first foreign-managed Chinese brokerage firm, according to a person with knowledge of the deal.

Market Update

  • Asian trading closed with the Hang Seng +0.32%, Nikkei -0.03% and the Sensex +2.22%.
  • A quick check across the pond finds the CAC -0.96%, DAX -1.40%, FTSE -0.77%, ATX -0.26% and Stockholm -0.17%
  • Crude oil is trading -0.07 69.27 while gold is -1.3 to 579.2 so far today. For their part, stateside futes are mixed to fair value.
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