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Stocks to Watch: Alcoa, GM, Lucent, Sun Microsystems, Time Warner

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I got my eyes on you

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Stocks to watch for Tuesday, July 11

  • Airbus won 117 plane orders in the first half, a 58% drop from the year-ago period and less than a quarter of Boeing's orders.
  • Alcoa (AA) said profit rose 62% and predicted strong aluminum demand this year and next. But its 19% sales growth didn't match analysts' expectations and shares fell 4.5% in after-hours trading.
  • Alcon (ACL) and Advanced Medical Optics (EYE) said they have reached a global settlement agreement resolving all patent disputes between the companies. Alcon will pay Advanced Medical $121 million in July, and Advanced Medical will request that a judgment and injunction entered against Alcon be vacated.
  • Audiovox (VOXX) said its first-quarter earnings shrunk to $1.5 million, or 7 cents a share, from $5.6 million, or 25 cents a share, in the same period last year, as mobile and consumer electronics sales fell.
  • Buca (BUCA) bell said second-quarter same-restaurant sales for Buca di Beppo rose 2.6% from the same period in the prior year.
  • California Micro Devices (CAMD) named Kevin Berry chief financial officer.
  • ChoicePoint (CPS) said it plans to sell several businesses as part of a company-wide strategic review. The company said it plans to sell ChoicePoint Precision Marketing, Bode Technology Group and EquiSearch, and use the proceeds to repurchase company stock and for general corporate purposes.
  • Coherent (COHR) said it has filed a registration statement for the resale of $200 million of its 2.75% convertible subordinated notes due 2011, and common stock issuable upon conversion of the notes.
  • Panamanian airline holding company Copa Holdings SA (CPA) said June traffic rose 14% to 385.6 million from 338.4 million revenue passenger miles during the same period in the prior year.
  • Higher prices helped Darden Restaurants (DRI) push the average check higher at its two biggest chains, but a traffic slump at Red Lobster dragged down the seafood outlet's June same-store sales.
  • EFJ (EFJI) said it has acquired 3e Technologies International for $36 million.
  • Electroglas (EGLS) said a debt conversion expense contributed to widening the fourth-quarter net loss to $20.6 million, or 89 cents a share, from a net loss of $5.86 million, or 27 cents a share, during the same period in the prior year.
  • Franklin Resources (BEN) said it has approved a buyback of up to 10 million shares.
  • General Motors (GM) named three executives to lead the auto maker's operations in Korea, Canada and Mexico.
  • H.J. Heinz Co. (HNZ) urged shareholders to re-elect the company's directors and reject nominees of Nelson Peltz and the Trian Group. In its own letter to shareholders, the Trian Group said the Pittsburgh-based ketchup company has "been very poorly managed" under Chief Executive William Johnson.
  • Key Tronic (KTCC) said it expects fourth-quarter earnings of 18 cents to 20 cents a share, up from its previous estimate of 7 cents to 12 cents a share.
  • Kimco Realty agreed to buy Pan Pacific Retail Properties for $2.9 billion, accelerating consolidation in the strip-mall sector.
  • Knot (KNOT) said it has privately placed 2.75 million newly-issued shares with three institutional investors for $50.2 million, before expenses.
  • Lucent (LU) warned of lower revenue and per-share profit, blaming a drop in sales to U.S. wireless carriers and Chinese customers.
  • Power Integrations (POWI) said Nasdaq has extended the company's interim deadline to file its fiscal 2005 10-K form to August 2.
  • Hall Financial Group said it and affiliates have purchased 7.63 million shares of RadioShack (RSH), a 5.64% ownership interest. The group intends to "actively review" RadioShack, and could take actions such as trading in its shares and seeking board representation.
  • Nabors Industries (NBR) said its second-quarter results will be negatively affected by a $15.7 million, or 5 cents a share, charge to income tax expense. The drilling company said the charge arises from a one-time dividend withholding tax in the amount of $36 million, or 12 cents a share.
  • Regis (RGS) said it has promoted Chief Financial and Administrative Officer Randy Pearce to senior executive vice president.
  • Revlon (RV) warned second-quarter earnings will fall below expectations in the wake of disappointing results from two product lines. The cosmetics company is considering ways to strengthen its capital structure.
  • Sun (SUNW) is set to announce a new blade server, a sign that it is determined to play a bigger role in the fast-growing business-computer niche dominated by IBM and Hewlett-Packard.
  • Synergetics USA (SURG) said it believes it has a strong case in a patent infringement lawsuit filed against it by Iridex Corp. (IRX) despite a court interpretation that was unfavorable for the company. Synergetics added that even if Iridex wins the case, any damages to which the company would be reasonably entitled would be a small fraction of the $12 million in sales on which the case is based.
  • Time Warner (TWX) expects AOL to sacrifice nearly $1 billion in operating profit through 2009 under a plan to offer free online service
  • Univision Communications (UVN) estimated that 50 million viewers tuned in to the 2006 World Cup tournament on its three television networks - Univision, TeleFutura and Galavision.
  • Vonage (VG) said it bought three patents related to its Internet phone service from Digital Packet. Separately, Vonage was sued for patent infringement by Klausner Technologies, a patent-holding firm.WD-40 (WDFC) said higher revenue helped boost third-quarter net income to $7.05 million, or 42 cents a share, from $6.36 million, or 38 cents a share, during the same period in the prior year.
  • Websense (WBSN) said it expects second-quarter earnings of 16 cents to 17 cents a share, in line with the company's prior expectations.
  • WPS Resources (WPS) agreed to buy fellow utility Peoples Energy in a stock swap valued at about $1.54 billion. The deal follows a wave of mergers in the utility sector.


Market Update:

  • Asian trading closed with the Hang Seng -0.68%, Nikkei -0.51% Shanghai +0.66% Taiwan -0.65% and Sensex -0.65%.
  • A quick look across the pond finds the CAC -0.66%, DAX -0.87%, FTSE -0.22%, Stockholm -0.88% and ATX -0.83%.
  • Crude oil is trading -0.07 to 73.54 while gold is +6.6 to 632.9 .
No positions in stocks mentioned.

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