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Stocks to Watch: Johnson & Johnson, Nike, Wal-Mart, Wyeth

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Living on the edge

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Stocks to watch for Thursday, July 13

  • Barnes & Noble (BKS) said a shareholder has filed a complaint in New York County Supreme Court alleging improprieties in the company's issuance of stock options. The complaint names certain current and former executives of the New York-based retailer, as well as members of the board.
  • Cendant (CD) subsidiary Galileo International said it has entered into a 5-year, full content agreement with Northwest Airlines (NWACQ) , in which Northwest's published fares and inventory will be available to all of the users of Galileo's GDS system.
  • Chaparral Steel (CHAP) reported fourth-quarter net earnings of $56.1 million, or $2.33 a share, compared with $14.7 million, or 65 cents a share, during the year-ago period.
  • Cree (CREE) said it expects fourth-quarter earnings will be below its previously forecast range of 22 cents a share to 24 cents a share. The Durham, N.C.- based semiconductor materials maker said it also expects its fourth-quarter gross margin to be below its previously reported outlook and revenue to be on the lower end of its forecast.
  • Eli Lilly's (LLY) raloxifene helped prevent breast cancer in post-menopausal women, but raised the risk of blood clots and fatal strokes, a recent study found.
  • H&E Equipment Services (HEES) said a restatement of its first-quarter results will decrease its net income to $3.9 million, or 12 cents a share, from the previously reported $9.9 million, or 29 cents a share.
  • H.J. Heinz (HNZ) said the five nominees proposed by the Trian Group are not qualified to serve on the board because they fail to meet the company's corporate governance standards.
  • A Johnson & Johnson (JNJ) unit said results from a Phase III study of its investigational drug, paliperidone extended-release, showed robust efficacy and a statistically significant delay in the recurrence of symptoms in patients with schizophrenia.
  • MI Developments (MIM) named Robert Kunihiro chief financial officer, effective on or about Aug. 15. Kunihiro has most recently served as CFO of Xenos Group Inc.
  • Nike (NKE) said it plans to launch the Nike+iPod sport kit, the first product developed through its partnership with Apple Computer (AAPL). The Nike+iPod sport kit allows Nike+ ready footwear to communicate with Apple's iPod nano through a sensor in the Nike+ footwear and a receiver plugged into the nano.
  • Novavax (NVAX) said it has appointed John Marsh Jr. to its audit committee, satisfying Nasdaq and Securities Exchange Commission requirements.
  • Opsware (OPSW) named David Conte chief financial officer, effective Wednesday. Conte has been with the Sunnyvale, Calif.-based provider of IT automation software since 1999.
  • Resources Connection (RECN) said higher revenue helped boost fourth-quarter net income to $15.75 million, or 31 cents a share, from $15.71 million, or 31 cents a share, during the same period in the prior year.
  • Sealy (ZZ) said it recorded expenses associated with its initial public offering as second-quarter net income fell to $126,000, or breakeven on a per-share basis, from $6.42 million, or 9 cents a share, in the prior year.
  • Sento (SNTO) said it now sees a first-quarter net loss of $1.4 million to $1.5 million, or 36 cents to 38 cents on a per-share basis, and an operating loss of $1.5 to $1.6 million. In May, the company had expected to report a quarterly operating profit.
  • Texas Industries (TXI) reported higher revenue as fourth-quarter net income rose to $41.9 million from $41.7 million during the same period in the prior year.
  • Tekelec (TKLC) said first-quarter revenue fell as the company swung to a net loss of $16.5 million, or 25 cents a share. For the same period in the prior year, the company reported net income of $17.5 million, or 24 cents a share.
  • Wal-Mart (WMT) was downgraded from buy to neutral by Merrill Lynch.
  • Walt Disney (DIS) is considering several hundred job cuts as part of a restructuring of its movie studio.
  • Wyeth (WYE) doesn't expect to launch its experimental depression drug DVS-233 until 2007, holding off until it can do further tests after recent trials in which the medicine triggered nausea.


Market Update:

  • Asian trading closed with the Hang Seng -1.31%, Nikkei -0.99% Shanghai -4.84% Taiwan -1.00% and Sensex -1.13%.
  • A quick look across the pond finds the CAC -1.50%, DAX -1.43%, FTSE -1.20%, Stockholm -1.02% and ATX -1.31%.
  • Crude oil is trading +0.82 to 75.77 while gold is +1.2 to 652.4. For their part, stateside futes are below fair value.
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No positions in stocks mentioned.

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