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Stocks to Watch: Boston Scientific, GM, J&J, Sprint Nextel, Take-Two


On the move


Stocks to watch for Tuesday, June 27

  • American Capital Strategies (ACAS) said it has invested in the buyout of Contec LLC, a repairer of cable set-top boxes. Financial terms were not disclosed.
  • AT&T (T) rolled out its TV service in San Antonio, kicking off a battle against cable rivals that could result in lower prices.
  • Boeing (BA) said it will take a series of actions, including meeting with customers, as the company accelerates evaluating options for its Connexion by Boeing high-speed broadband communications unit. Boeing said the market for the service "has not developed satisfactorily," and the company is limiting the service's expansion.
  • Boston Scientific (BSX) recalled 22,600 cardiac pacemakers and defibrillators after doctors reported five cases of malfunctions in patients.
  • Cephalon (CEPH) said its epilepsy drug, Gabitril, failed to show effectiveness in treating generalized anxiety disorder in late-stage clinical trials.
  • CKE Restaurants (CKR) said higher revenue helped boost first-quarter net income to $16.2 million, or 23 cents a share, from $16 million, or 24 cents a share, during the same period in the prior year.
  • Ennis (EBF) said lower costs and expenses helped boost first-quarter net income to $11.3 million, or 44 cents a share, from $10.6 million, or 41 cents a share, during the same period in the prior year.
  • General Mills (GIS) said it has approved increasing the quarterly dividend 2.9% to 35 cents a share from 34 cents a share. The producer of packaged consumer goods said the dividend will be payable August 1 to shareholders of record as of July 10.
  • General Motors (GM) SAID about 35,000 hourly workers agreed to take buyouts, letting the auto maker meet its job-cut target ahead of schedule.
  • Healthways (HWAY) reported third-quarter net earnings of $9.34 million, or 26 cents a share, up 9.4% from $8.54 million, or 24 cents a share, during the year-ago period. The Nashville, Tenn.-based provider of disease management products and services posted revenue of $106.8 million vs. $78.4 million.
  • Houston Exploration (THX) said it has determined that the $62-per-share unsolicited acquisition offer from Jana Partners LLC undervalues the company and is not in the best interest of its shareholders.
  • InFocus (INFS) said it has filed its reports for 2005 and the first quarter of 2006 with the Securities and Exchange Commission. An audit committee investigation of violations of U.S. export laws by one of InFocus' foreign subsidiaries is complete. The maker of projectors said no information was discovered that requires a restatement of prior financial results.
  • J&J's (JNJ) agreement to pay $16.6 billion for Pfizer's consumer-health unit came at the end of a spirited auction -- resulting in a higher price than many analysts had predicted
  • Knight Ridder (KRI) shareholders approved the newspaper company's $4.5 billion sale to McClatchy during an emotional meeting. McClatchy agreed to sell the Times Leader of Wilkes-Barre, Pa., to private investors
  • Maximus (MMS) said it now expects a third-quarter net loss of 55 cents to 60 cents a share and fiscal 2006 earnings of 57 cents to 67 cents a share. The company revised its forecast after it amended its subcontract with Accenture.
  • Pliva accepted a $2.2 billion takeover offer by Barr Pharmaceuticals, ending weeks of speculation over who would triumph in a bidding war for the Croatian generics drug maker.
  • Sony's (SNE) music player business is struggling against Apple's iPod despite the introduction of new Walkman models over the past year, Sony's president said.
  • Sprint Nextel (S) said it has completed acquiring Nextel Partners for $6.5 billion, or $28.50 per share. Sprint Nextel, which previously owned 31% of Nextel Partners, said it has acquired more than 2.1 million customers and now has 51 million wireless subscribers.
  • Starwood Vacation Ownership, a division of Starwood Hotels & Resorts Worldwide Inc. (HOT), said it has finalized the acquisition of 28.7 acres in the Desert Willow development from Intrawest (IDR).
  • SunOpta (STKL) said it has entered into a licensing deal with Mikro-Technik GmbH & Co. for the North American sale, marketing and distribution of Mikro-Technik's wheat and bamboo fibers, and its powdered cellulose products. Financial terms weren't disclosed.
  • Teppco Partners LP (TPP) said it's offering 5 million units representing limited partner interests. The pipeline operator said it plans to use the offering's proceeds to reduce its revolver borrowings outstanding, among other moves.
  • Take-Two Interactive Software (TTWO) said it has received grand jury subpoenas from the District Attorney of New York county requesting production of documents covering periods beginning on Oct. 1, 2001. The document request relates, in part, to the knowledge of the company's officers and directors regarding the creation, inclusion and programming of hidden scenes, commonly referred to as "hot coffee" in the game "Grand Theft Auto: San Andreas."
  • Univision's (UVN) board approved the sale of the Spanish-language broadcaster to a consortium of private-equity investors for about $12.3 billion, plus the assumption of $1.4 billion in debt.
  • Vitesse Semiconductor (VTSS) said its shares will be de-listed from the Nasdaq as of the opening of the market on Wednesday. The Camarillo, Calif.-based semiconductor company has been late in filing its report for the quarter ended March 31.

Market Update

  • Asian trading closed with the Hang Seng -0.19%, Nikkei +0.13% and the Sensex +1.08%.
  • A quick check across the pond finds the CAC -0.07%, DAX -0.11%, FTSE -0.05%, Switzerland -0.60% .
  • Crude oil is trading +0.59 72.39 while gold is +2.30 to 590.00 so far today. The Nasdaq 100 futures are 1568 -3.0 and the S&P futures are 1257 -3.2.
No positions in stocks mentioned.

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