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Stocks to Watch: Cendant, Ford, GM, Intel, Marriott, Merck, Valero


Closing time


Stocks to watch for Friday, July 14

  • Alliance Semiconductor (ALSC) said it has entered into a settlement agreement with Prabhakara Balla and Trit Tek Research Ltd. to resolve a 21-year-old lawsuit they filed against Alliance. In 1985, Prabhakara Balla and Trit Tek filed a lawsuit in Canada against Alliance alleging misappropriation of certain technology.
  • AngioDynamics (ANGO) said it has amended its agreement with Bioniche Pharma Group Ltd. to be the sole distributor of Sotradecol in the United States.
  • Apollo Group (APOL) said it plans to request a hearing before the Nasdaq Listing Qualifications Panel in response to the Nasdaq's determination that the company is not in compliance with filing requirements.
  • Blackbaud (BLKB) said it sees reporting second-quarter license and total revenue results that are near the high-end of its prior view.
  • CalAmp (CAMP) reported first-quarter charges for development and goodwill impairment as the company swung to a net loss of $34.1 million, or $1.47 a share. During the same period in the prior year, the company reported net income of $1.98 million, or 9 cents a share.
  • Cendant (CD) board Thursday said it has approved the spin-offs of its real estate and hospitality services businesses through the distribution of 100% of the common stock of its Realogy Corp. and Wyndham Worldwide Corp. subsidiaries to its stockholders.
  • Centene (CNC) said it has closed the acquisition of OptiCare Health Systems Inc.'s managed vision business.
  • CHC Helicopter (FLI) reported fourth-quarter net earnings of C$10.8 million ($9.55 million), or 23 Canadian cents a share, compared with C$17.2 million, ($15.2 million) or 28 Canadian cents a share, during the year-ago period.
  • Cintas (CTAS) reported fourth-quarter net earnings of $91.9 million, or 55 cents a share, up 11% from $83 million, or 48 cents a share, during the year-ago period.
  • Coke (KO) and its top bottler began warehouse delivery in Texas, deepening a split with other bottlers.
  • CVS agreed to acquire MinuteClinic, highlighting a push by pharmacy chains and other retailers to offer in-store treatment for minor maladies.
  • Electro Scientific Industries (ESIO) said it swung to profit in the fourth-quarter on stronger sales. The Portland, Ore.-based manufacturing systems provider reported earnings of $5.93 million, or 20 cents a share. In the same period last year, the company reported a net loss of $753,000, or 3 cents a share.
  • EResearchTechnology (ERES) said it now sees second-quarter revenue of $22.5 million, below its prior view of $25 million to $27 million.
  • Estee Lauder (EL) said it has reached a settlement with the Internal Revenue Service regarding the examination of the company's consolidated federal income tax returns for the fiscal years ended June 30, 1998, through June 30, 2001 for $70 million.
  • Ford (F) said it will halve its dividend and cut directors' fees in reaction to stronger-than-expected "headwinds" in the auto industry.
  • General Motor's (GM) Wagoner urged lawmakers to consider a number of health-care reforms to help business deal with mounting health costs.
  • Gerber Scientific (GRB) said it will restate reported results for fiscal 2002 through 2005. The restatement is due to an accounting error related to the accounting for certain non-qualified pension assets, and impacts results of operations and cash flows.
  • GMH Communities Trust (GCT) said it is preparing to solicit acquisition bids as part of its evaluation of strategic alternatives.
  • H.B. Fuller (FUL) said it has approved a 2-for-1 stock split, payable on Aug. 4 to shareholders of record as of July 28.
  • Hercules (HPC) said the U.S. Court of Appeals for the Eighth Circuit affirmed a judgment by a district court against the company for $119.3 million.
  • Hertz is in final preparations for an IPO, just 6½ months after the car-rental company was bought by private-equity investors.
  • Hollinger (HLGC) said its board has directed the company's chairman, Stanley Beck, and its chief restructuring officer, Randall Benson, to resign their positions as representatives on Hollinger International (HLR) board. Hollinger Inc.'s board determined it was no longer appropriate for Beck and Benson to serve on International's board given the counterclaim the company has filed against International.
  • IHOP (IHP) after Thursday's closing bell said second-quarter system-wide same-store sales rose 3.1% from the same period in the prior year. The restaurant operator backed its prior same-store sales growth view for fiscal 2006 of 2% to 4%.
  • Intel (INTC) is laying off 1,000 managers as a result of an efficiency study. The cuts by the chip maker come amid stiffening competition.
  • Marriott's (MAR) profit rose 35% as higher room rates helped lift lodging revenue by 10%.
  • Merck (MRK) scored a victory as a New Jersey jury found that the drug maker wasn't responsible for a Vioxx user's heart attack.
  • Pepsi (PBG) reported a 14% profit rise, raised its outlook and announced a new alliance with Ocean Spray.
  • Texas Pacific Group to purchase Petco (PETC) for $29/share cash (19.45)
    Purchase price represents premium of 49.1%
  • Rocky Brands (RCKY) said it expects a second-quarter loss of 5 cents to10 cents a share. During the same period in the prior year, the company reported per-share income of 50 cents.
  • Spirit said a new ownership group has taken control of the airline with an injection of financing aimed at fueling the growth of its low-fare service into the Caribbean and Latin America.
  • Stratex Networks (STXN) said it expects first-quarter revenue to be at the high end of its previously forecast range of $62 million to $66 million.
  • Valero GP (VEH) said its initial public offering of 17.25 million units has priced as $22 each, raising $379.5 million and coming in at the low end of the expected range of $22 to $24 per unit.
  • WPS Resources (WPS) increased its quarterly dividend 1.8% to 57.5 cents from 56.5 cents a share. The dividend is payable Sept. 20 to shareholders of record as of Aug. 31, the Green Bay, Wis.-based utility said.

Market Update:

  • Asian trading closed with the Hang Seng -1.04%, Nikkei -1.67% Shanghai -1.04% Taiwan -2.13% and Sensex -1.19%.
  • A quick look across the pond finds the CAC -0.78%, DAX -0.85%, FTSE -0.28%, Stockholm -0.55% and ATX -0.98%.
  • Crude oil is trading +0.61 to 77.31 while gold is +8.1 to 662.5. For their part, stateside futes are just above fair value.

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