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Stocks to Watch: Best Buy, Johnson & Johnson, Phelps Dodge, Toyota


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Stocks to watch for Monday, June 26

  • Alliance One International (AOI) reported a fourth-quarter net loss of $323.4 million, or $3.76 a share, compared with a net loss of $3.81 million, or 8 cents a share, during the year-ago period. The Morrisville, N.C.-based tobacco company posted revenue of $581.3 million vs. $318.4 million. The underlying net loss for the quarter, which excludes market valuation adjustments for derivative financial instruments, discontinued operations, and non-recurring items, was $14.4 million, or 17 cents per basic share, compared with the underlying net loss of $1.3 million, or 3 cents per basic share, a year ago, as restated. Alliance One said it expects fiscal 2007 to remain challenging. The company now sees fiscal 2007 underlying net earnings of 18 cents to 25 cents per basic share.
  • Anadarko Petroleum (APC) , the nation's biggest independent oil and gas producer, made a push Friday to get a lot bigger, offering to buy Kerr-McGee (KMG) and Western Gas Resources (WGR) in a double-barrel takeover worth $21.1 billion in cash.
  • Advanced Micro Services (AMD) has selected a site in upstate New York as the likely location for a $3.2 billion chip factory, though plans to build the plant are not definite.
  • Bain Capital is in the lead to buy Jones Apparel (JNY), in a test of the LBO market. Jones has a market cap of $3.53 billion.
  • Best Buy (BBY) is proceeding cautiously as it enters the Chinese consumer market.
    Constellation Energy Group (CEG) Chairman, President and Chief Executive Mayo Shattuck III has waived certain payment and benefit rights he otherwise would have in connection with the completion of the company's proposed merger with FPL Group (FPL), according to a filing with the Securities and Exchange.
  • DaimlerChrysler (DCX) plans to launch its tiny, two-door Smart in the U.S. next year in a bid to turn around the small-car unit.
  • Hitachi (HIT) and General Electric (GE) are set to receive an order to build two nuclear reactors in Texas as part of a $5.2 billion project.
  • The Securities and Exchange Commission has initiated an informal inquiry into Home Depot's (HD) stock option grant practices, the Atlanta-based retailer said in a filing with the agency.
  • The Justice Department reached a settlement that will require Inco (N) to sell off a nickel refinery in Norway and related assets in order to proceed with its $15 billion acquisition of Falconbridge (FAL).
  • J&J agreed to acquire Pfizer's (PFE) consumer-health unit, including brands such as Visine and Sudafed, for $16.6 billion.
  • Marsh Supermarkets, (MARSA) (MARSB) said it posted a fourth-quarter net loss of $27.9 million, or $3.53 cents a share vs. a net loss of $1.4 million, or 18 cents a share, in the same period last year. The Indianapolis retailer revenues were down 9.9% to $377.5 million compared with $419 million. The company's same-store merchandise sales, which exclude gasoline, fell 5.6% during the quarter.
  • Pulaski Financial (PULB) said it has increased its regular quarterly cash dividend by 6.25% to 8.5 cents a share from 8 cents. The dividend is payable July 17 to stockholders of record as of July 6, the St. Louis-based bank holding company said.
  • Phelps Dodge (PD) one of the world's largest copper producers, said Monday it is buying Canadian mining companies Inco Ltd. and Falconbridge Ltd. in a cash and stock deal worth about $40 billion.
  • Qualcomm's (QCOM) chief executive doesn't see much reason for its investors to worry about Nokia's expected "ramp down" of research and development of CDMA products, at least in the short term.
  • Shares of Six Flags (SIX) plunged after the theme-park company said 2006 attendance was down by 13%, and that it was looking to shed six properties to sell off non-core assets.
  • Toyota (TM) Chairman Hiroshi Okuda has resigned after an 11-year reign in which he helped shape the Japanese company into one of the world's biggest auto makers. He will be succeeded by former Vice Chairman Fujio Cho.
  • Zimmer Holdings (ZMH) said it has received a subpoena from the Justice Department requesting documents for an investigation of possible federal criminal violations involving the manufacture and sale of orthopedic implant devices. The Warsaw, Ind. orthopedic surgical products maker said it will fully cooperate with the government agency.

Market Update

  • Asian trading closed with the Hang Seng -0.03%, Nikkei +0.19% and the Sensex -3.56%.
  • A quick check across the pond finds the CAC -0.06%, DAX -0.07%, FTSE -0.10%, Switzerland -0.33% .
  • Crude oil is trading -0.18 70.69 while gold is -1.40 to 586.60 so far today. The Nasdaq 100 futures are +0.10% and the S&P futures are +0.07%.
No positions in stocks mentioned.

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