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Stocks to Watch: Adobe, Bed Bath & Beyond, Best Buy, FedEx, Morgan Stanley


You spin me right round...


Stocks to watch for Thursday, June 22

  • Adobe Systems (ADBE) said it has signed a multiyear agreement with Google (GOOG) to distribute the Google Toolbar with various Adobe products. Financial terms of the deal weren't disclosed. Adobe said the estimated revenue from the agreement for fiscal 2006 was factored into its previously announced financial targets. As a part of the agreement, Adobe and Google will launch availability of the Google Toolbar with downloads of Adobe's Macromedia Shockwave Player.
  • Bed, Bath & Beyond (BBBY) reported flat first-quarter earnings that were in line with analyst forecasts.
  • Best Buy (BBY) said it is testing sales of Macintosh computers in some stores, as the retailer mulls bringing back Apple's full line of products.
  • Boeing (BA) is considering selling or shutting down Connexion after failing to turn a profit from the in-flight Internet venture.
  • Clarcor (CLC) reported second-quarter net earnings of $16.8 million, or 32 cents a share, down 3.1% from $17.3 million, or 33 cents a share, during the year-ago period. The Franklin, Tenn.-based provider of filtration products posted revenue of $227.1 million vs. $219.8 million.
  • Dollar Tree Stores (DLTR) plans to push into large cities, where more densely packed populations with higher incomes can help bolster sales.
  • Federated (FD) is nearing a deal to sell its Lord & Taylor department-store chain to Apollo and NRDC for about $1.2 billion
  • FedEx (FDX) posted a 27% jump in fourth-quarter profit and said it sees no signs of an economic slowdown. Shares climbed 5.1%.
  • Finish Line (FINL) reported first-quarter net earnings of $4.36 million, or 9 cents a share, down from $12.7 million, or 26 cents a share, during the year-ago period. The Indianapolis-based specialty retailer posted revenue of $289 million vs. $291.3 million.
  • MedImmune (MEDI) said it plans to sell $1 billion worth of convertible notes. The Gaithersburg, Md., biotechnology said the offering consists of $500 million worth of convertible senior notes due 2011 and $500 million worth of convertible senior notes due 2013.
  • Morgan Stanley (MS) said earnings more than doubled, results analysts credited to CEO John Mack.
  • Nissan plans to develop a beefier Titan pickup aimed at contractors and trailer haulers. U.S. production of the model could entail relocating Quest minivan assembly to Japan.
  • One Liberty Properties (OLP) said it's received notification of a formal investigation by the Securities and Exchange Commission. The Great Neck, N.Y., real estate investment trust said it believes the probe relates to possible improper payments made to its former president and chief executive officer from an entity that was doing business with one of the company's joint ventures at the time, and it noted that it reported the possibility of these improper payments to the SEC.
  • Phoenix Technologies (PTEC) said it now expects third-quarter revenue of $10 million to $12 million, down from its previous forecast of $24.5 million to $26.5 million. The company attributed the lower-than-expected revenue to slower sales of core system software, among other factors. The company also said it's in a process of reducing its expenses through a restructuring program.
  • UTStarcom (UTSI) said it fell into a quarterly loss as revenue sank 34% from a year earlier, and the maker of infrastructure systems for networks forecast results for the current quarter that were below analysts' average expectation.
  • Xyratex (XRTX) reported second-quarter earnings of $24.6 million, or 83 cents a share, up from a year-ago profit of $11.1 million, or 38 cents a share. On a non-GAAP, the U.K. maker of data storage equipment earned $25.5 million, or 85 cents a share, up from a year-ago equivalent profit of $13 million, or 45 cents a share. Revenue rose 70.3% in the latest three months to $288.9 million from $169.6 million in the same period a year earlier.

Market Update

  • Asian trading closed with the Hang Seng +1.07%, Nikkei +3.36%, Taiwan +2.95% and the Sensex 2.35%.
  • A quick check across the pond finds the CAC +0.77%, DAX +0.98%, FTSE +0.83%, ATX +1.64%, Switzerland +1.13% and Stockholm 1.33%.
  • Crude oil is trading +0.70 71.03 while gold is +1.5 to 592.5 so far today. For their part, stateside futes are around fair value.
No positions in stocks mentioned.

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