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Stocks to Watch: Apple, Boeing, Delta, Microsoft, Research in Motion

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In the end we will all be together again

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Stocks to watch for Friday, June 30

  • Accenture (ACN) reported a 12% increase in quarterly profit as new bookings for the consulting and outsourcing firm reached levels not seen for at least two years.
  • Airspan Networks (AIRN) said it is still on track to deliver $41 million of products and services in the second quarter, despite an amendment to its contract with Yozan Inc. that will delay pending deliveries.
  • Apple Computer (AAPL) is the latest Silicon Valley company to acknowledge some stock options awarded to employees might have been mishandled. Without providing details, the Cupertino, Calif.-based maker of personal computers and the iPod music player said Thursday its own internal investigation had uncovered "irregularities" in employee stock options issued between 1997 and 2001. The problem threatens to raise questions about the accuracy of past financial statements.
  • Baxter Healthcare (BAX) said it will submit a corrective action plan describing proposed upgrades and modifications for its Colleague and Syndeo infusion pumps for review to the Food and Drug Administration within 20 days. When the company meets certain requirements outlined in the agreement and the FDA grants marketing clearance,Baxter can resume sales of its pumps.
  • Boeing (BA) will take up to $1.1 billion in charges due to delays on a surveillance-jet program and a settlement with the government.
  • BP's alleged manipulation of propane prices raises questions about the firm's use of its operational information to aid traders.
  • Celgene (CELG) said the Food and Drug Administration has granted approval for its supplemental new drug application for Revlimid for use in combination with dexamethasone to treat patients with multiple myeloma who have received at least one prior therapy.
  • Cephalon (CEPH) said it has received an approvable letter from the Food and Drug Administration for Fentora, its pain medication.
  • Chrysler (DCX) plans to unveil an employee-pricing discount plan for consumers and the release of a new model in a bid to spur sales.
  • Computer Sciences (CSC) said the Securities and Exchange Commission has made an informal request for information related to its stock option grants and stock option practices. Additionally, CSC said it has authorized the repurchase of up to $2 billion of its common shares.
  • Constellation Brands (STZ) posted a 13% rise in fiscal first quarter profit, driven by strong sales of imported beer and name-brand wine in North America. The alcohol behemoth said it earned $85.5 million, or 36 cents a share, up from $75.7 million or 32 cents a year ago.
  • Delta Air Lines (DALRQ) said its net loss for May was $16 million, compared with a net loss of $140 million during the same period in the prior year. Before reorganization, monthly income was $8 million, according to the carrier that declared bankruptcy in 2005.
  • EMC Corp. (EMC) agreed to buy RSA Security in a $2.3 billion deal, as the data-storage company continues to use acquisitions to diversify its business.
  • Equinix (EQIX) said it has received a grand jury subpoena from the U.S. Attorney for the Northern District of California about stock option grants and practices. Equinix is also the subject of an informal inquiry by the Securities and Exchange Commission. Further, a shareholder derivative complaint was filed against certain current and former officers and directors alleging that stock-option grants since 2000 to certain employees were awarded with exercise prices that were lower than the market price on the actual grant dates.
  • Falconbridge (FAL) said it plans to "aggressively oppose" Xstrata (XTA) application to the Superior Court of Justice seeking to force it to call an early annual meeting of shareholders. The application was filed on June 28, one day after Xstrata argued before the Ontario Securities Commission to have Falconbridge's shareholder rights protection plan terminated.
  • Kindred Healthcare (KND) said a New York court has deferred ruling on Kindred's motion for injunctive relief from Ventas (VTR). Kindred's suit against its landlord, Ventas, is related to Kindred's refusal to turn over fair market rental appraisals it commissioned after Ventas initiated a rent reset process in May.
  • McClatchy (MNI) said it has completed the previously announced sale of Philadelphia Newspapers Inc. to Philadelphia Media Holdings LLC in a transaction valued at $562 million.
  • Microsoft (MSFT) postponed its next-generation Office software suite, citing "product performance" issues. It now plans to release the product to business customers by year end, instead of October.
  • Monsanto (MON) reported record sales of $2.35 billion in its fiscal third quarter, and said sales of seeds and traits continue to propel its business
  • Newpark Resources (NR) said it has completed its initial investigation of irregularities at its Soloco Texas L.P. unit, and as a result, the company plans to restate results for the fiscal years 2001 through 2005. The restatement will reduce previously reported pretax income by less than $10 million.
  • Northwest Airlines (NWACQ) can reject its labor contract with some 9,300 flight attendants after months of talks failed to produce an agreement the airline claims it needs to get back on its feet financially, a federal bankruptcy judge ruled.
  • Palm Inc. (PALM) reported that its quarterly profit rose 54% from a year ago as it sold more of its handheld devices combining e-mail and cell-phone service with a digital organizer.
  • Parlux Fragrances (PARL) said it is delaying filing its Form 10-K as management has yet to complete assessing internal controls. The Fort Lauderdale, Fla.-based fragrance company added that it does not expect the delay to affect its fiscal 2006 outlook for sales of $182 million, and net per-share income of $2.13.
  • Research In Motion (RIMM) reported a quarterly profit that slipped slightly, even though sales rose 35%, as higher expenses for employee stock options and other costs offset stronger corporate demand for its BlackBerry communication devices.
  • Rogers (ROG) said it now expects second-quarter pro forma earnings of 69 cents to 72 cents a share, excluding any impairment charges, on revenue of $101 million to $103 million. The specialty materials manufacturer had previously forecast pro forma earnings of 63 cents to 67 cents on revenue of $97 million to $100 million.
  • Saba Software (SABA) said higher operating expenses widened the fourth-quarter net loss to $3.48 million, or 12 cents a share, from a net loss of $572,000, or 3 cents a share, during the same period in the prior year.
  • Sealy (ZZ) said it has approved a cash dividend for its second quarter of 75 cents a share. The dividend is payable Aug. 1 to stockholders as of July 14, the Trinity, N.C.-based bed maker said.
  • Stride Rite (SRR) said it is shifting the focus of retirement benefits toward 401(k) plans rather than defined benefit pension plans. The Lexington, Mass.-based footwear marketer said the initiative includes moves such as stopping the accrual of future benefits in defined benefit pension plans, and redesigning the 401(k) savings plans to improve the company-funded contribution.
  • Universal Compression Holdings (UCO) named Ernie Danner chief operating officer, a newly created position.


Market Update

  • Asian trading closed with the Hang Seng +2.54%, Nikkei +2.54%and the Sensex +4.40%.
  • A quick check across the pond finds the CAC +1.01%, DAX +1.17% and the FTSE +0.71%, ATX +2.31% and Stockholm +1.46% .
  • Crude oil is trading -0.14 73.38 while gold is +12.70 to 601.5 so far today.
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No positions in stocks mentioned.

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