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Stocks to Watch: Chrysler, Citigroup, Coca-Cola, Disney, Merck, Morgan Stanley, Wal-Mart


On the road again


Stocks to Watch for Thursday, June 8

  • Abraxis Bioscience (ABBI) said Abraxane, its protein-bound particle chemotherapy drug, has received Canadian approval for the treatment of metastatic breast cancer.
  • Adidas won a temporary injunction from London's High Court in a dispute with international tennis bodies over the size of its three-striped logo on players' clothing.
  • Analog Devices (ADI) said it would purchase Integrant Technologies Inc. for $127 million in cash, and could pay up to an additional $33 million if Integrant makes certain performance milestones.
  • The Bombay Company (BBA) granted new CEO David B. Stewart a three-year contract at the same base pay -- $600,000 -- as his predecessor.
  • BMC (BMC) forecast a fiscal 2007 profit of between $1.22 and $1.32 a share. Houston-based BMC said it expects revenue to rise in the low- to mid-single digits. The Wall Street estimate is for a 2007 profit of $1.16 a share on revenue of $1.55 billion, which would imply a 3.6% rise.
  • Three of Brinker International's (EAT) four branded chains suffered a drop in same-store store sales last month but the restaurant operator nonetheless reaffirmed its earnings targets for the rest of this fiscal year and next.
  • Chrysler (DCX) aims to choose a partner to produce a new small car by year-end, the auto maker's chief said.
  • Citigroup (C) is jettisoning one of its widely held credit cards, the AT&T Universal Cash Rewards Card, as it seeks to increase its revenue from the highly saturated U.S. credit-card market.
  • Coca-Cola (COKE) said it faced a risk Wal-Mart would launch a rival to Powerade if Coke didn't agree to ship the drink directly to warehouses.
  • Disney (DIS) plans to hand out a million prizes at its theme parks over the next year as part of a promotion to draw more visitors.
  • General Dynamics (GD) announced a 10-million-share buyback, or 2.5% of the almost 404 million shares outstanding.
  • General Motors (GM), Delphi and their unions have made progress in the past week in their talks to restructure Delphi's blue-collar work force.
  • Las Vegas Sands (LVS) named Robert Rozek chief financial officer. The casino operator added that Scott Henry, who has been serving as CFO, is assuming the position of senior vice president, finance.
  • Morgan Stanley wooed back a top capital-markets banker, Jon Anda, who left in January to join the boutique being formed by former Morgan Stanley star Joseph Perella.
  • Merck (MRK) said the Food and Drug Administration has granted priority review to the new drug application for Zolinza, an investigational lymphoma treatment.
  • Novellus (NVLS) raised its second-quarter sales forecast to between $400 million and $410 million. The chip-technology company said its results are being helped by demand for NAND and DRAM memory chips that are used in consumer electronic devices.
  • Procter & Gamble (PG) said it still expects its sales to grow between 20% and 24% in its fiscal fourth quarter while earnings per share should come in between 52 cents and 54 cents.
  • Standard & Poor's said that Palm (PALM) will replace Anteon International (ANT) in the MidCap 400 index after the close of trading on Thursday.
  • Wal-Mart's (WMT) David Glass, the company's former president and chief executive, has stepped down from the board's executive and stock-option committees. Christopher Williams, an independent director, is replacing Glass on the executive committee. Glass, who remains on the board, will not be replaced on the stock option committee.
  • Xilinx (XLNX) said a shareholder has filed a complaint, purportedly on behalf of the company, against members of the Xilinx's board, and certain officers. The complaint alleges, among other issues, that the defendants mismanaged corporate assets and breached their fiduciary duties since 1998 by authorizing or failing to halt the back-dating of certain stock options.

Market Update:

  • Asian trading closed in the red with Hang Seng -2.32%, the Nikkei falling -3.07% and the Sensex down -4.72%. Shanghai was the sole gainer, inching +0.12%
  • A quick check across the pond finds the CAC -1.86%, DAX -2.08% and FTSE +-1.80%.
  • Crude oil is trading lower -0.98 to 69.84 while gold is also down -8.6 to 624.0.


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