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Stocks to Watch: FedEx, JetBlue, Goldman Sachs, Level 3, Pfizer, Vonage

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And they're off...

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Stocks to Watch for Monday, June 5

  • Accuride Corporation (ACW) said International Truck and Engine Corp. has awarded Accuride's Fabco unit a contract to provide front-drive axles and transfer cases.
  • Bob Evans Farms (BOBE) is expected to report earnings per share for the fourth quarter of 37 cents, according to the two analysts polled by Thomson First Call.
  • FedEx (FDX) the large express shipper, was slapped with $61 million in penalties Friday after losing a racial-harassment lawsuit. Two drivers of Lebanese descent, who claimed they were repeatedly subjected to racial slurs by a FedEx manager, successfully sued the shipper for failing to enforce its own anti-discrimination policies. The court awarded the men $11 million in punitive damages in addition to $50 million in compensatory damages. FedEx said it will appeal.
  • A group led by Goldman Sachs (GS) may be preparing to make a 10 billion-pound offer to buy BAA, owner of seven large British airports including Heathrow, according to media reports. Spain's Ferrovial has already offered to pay 9.5 billion pounds for Banro (BAA) (BAAPY) and may up its proposal before a Monday deadline. If that happens, the Goldman-led group could then make a higher offer of its own, the reports said.
  • Harrah's Operating Company, a subsidiary of Harrah's Entertainment (HET) , said it plans to offer $750 million of its 6.5% senior notes due 2016.
  • JetBlue (JBLU) won a government auction for an air-ground spectrum license with a $7.02 million bid placed through LiveTV LLC, its entertainment subsidiary, according to a media report.
  • Level 3 Communications, Inc. (LVLT) today announced that it has signed a definitive agreement to acquire Looking Glass Networks, Inc., a privately held facilities-based provider of metropolitan transport services for a total of $165 mln.
  • A Chinese court has upheld Viagra-maker Pfizer's (PFE) patent for the anti-impotence pill, overturning a previous decision.
  • Ryan's (RYAN) said same-restaurant sales for the four weeks ended May 31 fell by 1.7% compared with the year-ago period. Total sales for the month were $65.3 million, down 3% from a year ago, the Greer, S.C.-based restaurant chain said.
  • Sepracor Inc. (SEPR) said it has received a letter of inquiry from the Securities and Exchange Commission requesting documents about the company's stock-option grants and practices.
  • Smith & Wollensky Restaurant (SWRG) said comparable consolidated restaurant sales for May were $9.3 million, 3.9% less than during the same period in the prior year. Total consolidated sales for the month were $9.7 million, down 6.9% from last year.
  • Tier (TIER) said it has received a subpoena from the Philadelphia District Office of the Securities and Exchange Commission requesting documents about financial reporting and personnel issues.
  • Vonage faces (VG) lawsuit over claims that it improperly steered consumers toward investing in its $531 million IPO. Meanwhile, Net2Phone sued Skype alleging the eBay unit infringed on an Internet calling patent it holds.
  • Werner Enterprises (WERN) raised its quarterly dividend 13% to 4.5 cents from 4 cents a share. The dividend is payable July 18 to shareholders of record as of July 3, the Omaha, Neb.-based trucking and logistics company said.


Market Update:

  • Asian trading closed with the Hang Seng gaining +0.65%, the Nikkei falling -0.77% and the Sensex down -2.28%
  • A quick check across the pond finds the CAC -0.40%%, DAX -0.60% and FTSE +0.22%.
  • Crude oil is trading up +1.24 to 73.57 while gold is up +9.1 to 650.1


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