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Stocks to Watch: AMD, Brocade, Ford, Google, Halliburton, Honeywell, Nokia, Wachovia


Coming down to the final stretch


Stocks to watch for Friday, July 21

  • Advanced Micro (AMD) said net rose to $88.8 million on a 53% sales increase. Demand was strong for many semiconductor companies, but a high-profile price war overshadowed sales.
  • Armor Holdings (AH) said second-quarter costs rose as net income fell to $33.9 million, or 92 cents a share, from $37.4 million, or $1.05 a share, during the same period in the prior year.
  • Black & Decker (BDK) said it has increased its buyback program by 8 million shares, which account for more than 10% of the company's shares outstanding.
  • Brocade's (BRCD) former CEO and two other executives were charged with securities fraud in an alleged stock-options backdating scheme. The SEC is probing more than 80 firms for possible backdating.
  • Capital One Financial (COF) said second-quarter net income rose 4%. Results missed analyst estimates, mostly because of deterioration in the U.K. credit environment.
  • Chartered Semiconductor Manufacturing (CHRT) reported second-quarter net earnings of $12.3 million. A year ago, the company posted a net loss of $67.1 million.
  • Groups led by Citigroup (C) and Société Générale submitted revised bids for 85% of Guangdong Development Bank.
  • Coca-Cola (KO) authorized a new buyback of up to 300 million shares, representing nearly 13% of total outstanding shares.
  • Cognos (COGN) said the Securities and Exchange Commission has concluded its review of Cognos' periodic reports, and does not object to its revenue recognition policy.
  • Compuware (CPWR) reported first-quarter net earnings of $29.3 million, or 8 cents a share, compared with $24.6 million, or 6 cents a share, last year, as lower expenses offset slightly lower sales.
  • Continental Airlines (CAL) said its quarterly net profit nearly doubled as rising travel demand and fare increases helped offset higher fuel costs.
  • EarthLink (ELNK) posted a sharp drop in earnings, but executives said key growth initiatives, including Internet calling and municipal Wi-Fi services, will bolster results later this year.
  • F5 Networks (FFIV) said it can't publish income results for the third quarter until a special committee has completed its review of its stock-option grants, and that it is unlikely to file its quarterly report by an Aug. 14 deadline.
  • Ford (F) reported a surprise $123 million loss and said it would accelerate or deepen its restructuring plan. Its shares fell to $6.19.
  • Google's (GOOG) profit more than doubled and revenue surged 77% as the company continued to capitalize on strong Web-advertising demand and its dominance of online searches.
  • Gymboree (GYMB) said it expects to take a one-time, pretax charge of $3.4 million, or 7 cents a share, in the second quarter due to the retirement of its chairwoman, Lisa Harper.
  • Halliburton (HAL) reported a 51% increase in its second-quarter profit, with a sharp rise in oilfield services revenue more than offsetting a loss for its KBR subsidiary caused by a decline in U.S. Defense Department contracts.
  • Harrah's Entertainment (HET) increased its quarterly cash dividend 10.3% to 40 cents from 36.25 cents a share. The dividend is payable Aug. 23 to shareholders of record as of Aug. 9, the Las Vegas-based casino operator said.
  • The board of H.J. Heinz (HNZ) unveiled a series of corporate-governance changes as it tries to win shareholder favor in the middle of a proxy fight with a dissident shareholder group, led by billionaire Nelson Peltz.
  • Honeywell (HON) said its second-quarter profit rose 73% on strong sales growth. The maker of aerospace and control technologies also raised its full-year guidance.
  • Transport company Hub (HUBG) reported second-quarter net earnings of $12.5 million, or 30 cents a share, compared with $7.9 million, or 18 cents, a year ago. Revenue for the three months ended June 30 totaled $395.3 million, up 9.2% from $361.8 million in the year-ago quarter.
  • Hutchinson Technology (HTCH) said the third-quarter cost of sales and other expenses rose as net income fell to $5.84 million, or 22 cents a share, from $19.6 million, or 65 cents a share, during the same period in the prior year.
  • Hyperion Solutions (HYSL) reported fourth-quarter net earnings of $18.3 million, or 31 cents a share, compared with $20.7 million, or 33 cents a share, during the year-ago period. The Santa Clara, Calif.-based business software company posted revenue of $233.9 million vs. $189 million.
  • International Business Machines (IBM) said it has signed a 10-year business transformation outsourcing agreement with CVS (CVS) to manage human resources services for CVS pharmacies.
  • Leggett & Platt (LEG), with a year's worth of steep restructuring costs behind it, said its second-quarter profit rose 6.3% from a year ago and nudged up the lower end of its 2006 earnings forecast.
  • Nokia's (NOK) net rose 43%, driven by strong sales of high-end cellphones that include cameras, music players and offer Internet access. Revenue rose 22%.
  • Oakley (OO) said second-quarter operating expenses rose as net income fell to $17.9 million, or 26 cents a share, from $24 million, or 35 cents a share, during the same period in the prior year. The California sunglasses company said quarterly revenue rose to $203.6 million from $170.5 million.
  • PG&E (PCG) Pacific Gas and Electric Co. said its $1.74 billion proposal to invest in new high-tech electric and gas meters has received approval from the California Public Utilities Commission. To fund the installation, PG&E said it is seeking "slight" rate increases.
  • Roche's (RHHDY) diagnostics unit Thursday evening said a New York district judge has ruled in its favor on aspects of patent infringement allegations brought by EnzoBiochem (ENZ). The company added that the order will allow it to request a further ruling declaring that Switzerland's Roche does not infringe on the patent.
  • Sara Lee (SLE) said its board has approved the capital structure for the planned tax-free spinoff of its apparel business into a separate, publicly traded company called Hanesbrands Inc. Sara Lee will receive a spinoff-related one-time payment of $2.4 billion.
  • Sirius (SIRI) said that some of its satellite radio units with FM transmitters don't comply with FCC rules. The company said it has taken steps to correct the issue.
  • Skyworks Solutions (SWKS) said third-quarter cost-of-goods-sold rose as net income fell to $3.01 million, or 2 cents a share, from $7.39 million, or 5 cents a share, during the same period in the prior year.
  • Spansion (SPSN) said it narrowed its loss from a year earlier, aided by higher sales of its flash memory chips used in consumer electronics.
  • Tempur-Pedic International (TPX) reported second-quarter net earnings of $26.1 million, or 30 cents a share, compared with $24.9 million, or 24 cents a share, last year.
  • NBC and Toyota (TM) have struck an advertising deal that calls for the network's shows to meet not only ratings guarantees but also measures of audience attentiveness.
  • VeriSign (VRSN) reported second-quarter net earnings of $349.9 million, or $1.42 a share, up from $41.3 million, or 15 cents a share, in the year-ago period.
  • Wachovia (WB) and BB&T posted strong profit gains, but the interest-rate squeeze pushed net lower at Fifth Third and Comerica.

Market Update:

  • Asian trading closed with the Hang Seng -0.05%, Nikkei -0.84%, Taiwan -0.37%, Sensex -2.58%, Jakarta -0.08% and the Shanghai +0.62%.
  • A quick look across the pond finds the CAC -0.47%, DAX -0.76%, FTSE -0.33%, Stockholm -0.36% and ATX -1.31%.
  • Crude oil is trading +0.40 to 74.67 while gold is -3.5 to 629.00. For their part, stateside futes are above fair value.
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