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Stocks to Watch: Fannie Mae, Freddie Mac, Genentech, GM, Microsoft


Keep your eye on the ball


Stocks to watch for Wednesday, July 12

  • Aksys (AKSY) said it has received a delisting notice from the Nasdaq due to a lack of compliance with the exchange's rule for the minimum value of listed securities.
  • AmerisourceBergen (ABC) said its AmerisourceBergen Canada Corp. subsidiary has agreed to buy Rep-Pharm Inc.
  • Barnes Group (B) said its aerospace unit has signed a long-term agreement with Goodrich's (GR) aerostructures division that will generate more than $300 million in sales.
  • California Pizza Kitchen (CPKI) said sales for the period ended July 2 rose 14.1% to $136.2 million from $119.4 million in the second quarter of 2005.
  • Citgo Petroleum said it will stop selling gasoline to hundreds of stations in 14 states over the next year.
  • Cleveland-Cliffs (CLF) said it has approved the buyback of up to an additional two million shares of its common stock.
  • Coca-Cola (CCE) named a new president for its struggling Japan unit as it tries to recover from weak sales of its canned coffee and bottled teas. Two Coke product samples were the target of a scheme to sell the company's trade secrets, new court filings show.
  • Constellation Brands (STZ) said it will spend about $89 million and cut about 236 jobs to integrate Vincor International Inc. into its operations. The company also raised its fiscal 2007 earnings outlook.
  • Curis (CRIS) said the company and Genentech (DNA) have halted enrollment in the basal cell carcinoma Phase I clinical trial, and have decided not to move forward with the Phase I molecule in its current formulation.
  • Treasury officials set meetings with Fannie Mae (FNM), Freddie Mac (FRE) and the 12 Federal Home Loan Banks to discuss potential new reporting requirements.
  • Gap (GPS) said Jenny Ming, who helped launch Old Navy and has been the apparel retailer's president since 1998, is resigning.
  • Genentech (DNA) reported a 79% profit jump and raised its forecast on strong sales of its cancer drugs Avastin and Herceptin.
  • General Motors (GM) is "completely open" to considering a Tracinda-backed proposal for an alliance with Renault and Nissan, CEO Wagoner said
  • Google (GOOG) plans to open a new facility in Ann Arbor, Mich., that will handle the company's AdWords unit, part of a state-funded effort to create jobs in the area.
  • Lycos plans to sell its Wired News online unit for $25 million to Conde Nast, which owns Wired Magazine.
  • The EU fined Microsoft (MSFT) $357 million for failing to obey its 2004 antitrust order and threatened new fines of $3.82 million a day beginning July 31. Microsoft called the fine unjust, saying it will go to court to get it overturned. Bill Gates said there was an 80% chance Microsoft's next-generation operating system, Vista, would be ready in January.
  • National City (NCC) is buying Harbor Florida Bancshares in a $1.1 billion deal marking the Midwest bank's entry into the Florida retail-banking market.
  • Panacos Pharmaceuticals (PANC) said it has appointed its chief operating officer, Graham Allaway, president. Allaway will continue as COO.
  • Petro-Canada (PCZ) (PCA) said its Nosara Holdings Ltd. unit has increased its acquisition offer for Canada Southern Petroleum (CSPLF) to $13 a share from $11.
  • Premier Foods said it will buy Campbell Soup's (CPB) U.K. and Irish businesses, which include brands Homepride, Oxo and Batchelors, for $845 million.
  • Procter & Gamble Pharmaceuticals Inc., a division of Procter & Gamble (PG), said it has entered into a strategic alliance with ARYx Therapeutics, a private drug discovery and development company. Under the agreement, P&G will develop and commercialize ARYx's drug, ATI-7505, for the treatment of gastrointestinal disorders such as gastroesophageal reflux disease and gastroparesis.
  • Regency Centers (REG) said it now sees second-quarter funds from operations of 92 cents a share to 94 cents a share, up from the previous outlook of between 84 cents a share to 89 cents a share.
  • Ruby Tuesday (RI) said it earned $31.7 million, or 53 cents a share, in its fiscal fourth quarter, up 22% from the $26 million, or 40 cents, a year ago.
  • Sears Holdings (SHLD) said its vice chairman, Alan Lacy, is leaving the company July 29.
  • Secure Computing (SCUR) said it has agreed to acquire CipherTrust Inc. for $273.6 million, comprising $185 million in cash, 10 million Secure Computing shares, and a $10 million seller note that is subject to certain performance obligations. The company also lowered its view for second-quarter income and revenue.
  • Smith & Wollensky Restaurant Group (SWRG) said comparable restaurant sales in June increased 2.9% from the same month last year to $10.4 million.
  • Tenneco (TEN) said Mark Frissora, chairman, chief and president, plans to resign July 19. Frissora has been named chief executive of Hertz Corp.
  • William Lyon Homes (WLSM) said it sees second-quarter new home orders of 550, down 52% from 1,154 during the same period in the prior year. The company expects the amount of homes closing to rise 24% to 768 from 619.

Market Update:

  • Asian trading closed with the Hang Seng +0.19%, Nikkei -1.45% Shanghai +0.33% Taiwan -0.08% and Sensex +2.97%.
  • A quick look across the pond finds the CAC +1.15%, DAX +1.37%, FTSE +0.45%, Stockholm +0.43% and ATX +1.20%.
  • Crude oil is trading +0.08 to 72.24 while gold is +4.5 to 647.6. For their part, stateside futes are mixed to fair value.
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