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Stocks to Watch: AMD, ATI, Brocade, Dell, Halliburton, Johnson & Johnson


Get your motor running


Stocks to watch for Monday, July 24

  • AK Steel Holding (AKS) said union members have ratified a new 6-year labor agreement covering about 1,400 hourly production and maintenance employees at the company's Butler Works.
  • Allied World Assurance (AWH) said it has priced an underwritten offering of $500 million of senior notes due 2016.
  • Advanced Micro (AMD) struck a $5.4 billion deal to buy ATI Technologies (ATYT), making a bold bet that broadening its product line will help it compete with Intel.
  • American International Group (AIG) director Pei-yuan Chia plans to resign in September.
  • ATI Technologies (ATYT) shares rose 8% on a report that Advanced Micro Devices Inc. (AMD) may be planning a $5.6-billion takeover bid for Markham, Ontario-based ATI.
  • AT&T (T) said its shareholders have approved the acquisition of BellSouth Corp. (BLS) in a transaction valued at $67 billion.
  • Barnes & Noble (BKS) said the Securities and Exchange Commission is conducting an informal inquiry into the company's stock-option practices.
  • Boston Communications Group (BCGI) said Friday the Securities and Exchange Commission has notified the company of an informal inquiry into certain option grants the company made between 1998 and 2002. Also Friday, the company said it will pay $55.3 million to Freedom Wireless to settle the outstanding patent litigation against Boston Communications and its carrier customers.
  • 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.
  • Dell (DELL) warned it will miss sales and profit forecasts, as the PC maker faces a slowing market. Shares slid 9.9% to a four-year low.
  • Graphic Packaging (GPK) said it has approved a management succession plan. The Marietta, Ga.-based company said David Scheible, the current chief operating officer, will become president and chief executive, while Steve Humphrey, the company's current president and CEO, will be become vice chairman, effective Jan. 1.
  • Halliburton (HAL) says it will take steps to separate its Kellogg Brown & Root unit in a tax-free spinoff to shareholders within nine months, amid unexpected problems with the unit's IPO.
  • Herbalife (HLF) and its Herbalife International Inc. indirect subsidiary said they completed refinancing an existing $225 million senior secured credit facility.
  • Johnson & Johnson's (JNJ) Pharmaceutical Research and Development LLC unit said a review by the Food and Drug Administration's psychopharmacologic drugs advisory committee on the company's new drug application for paliperidone extended release tabloids has been canceled. The company said the cancellation came at the request of the division of psychiatry products after communicating it had not identified any issues at this time requiring advisory committee feedback.
  • Landry's Restaurants (LNY) said it will retain Wachovia Securities and Northpoint Advisors to assist in evaluating strategic alternatives for its Joe's Crab Shack chain. Landry's added that certain underperforming Joe's Crab restaurants have been closed, and it expects to record a charge of $5.98 million, or 27 cents per share after tax.
  • Lilly (LLY) swung to a profit of $822 million, boosted by sales of drugs for depression and lung cancer.
  • Philips (PHG) has bids of more than $10.2 billion for its semiconductor unit from three groups of private-equity firms.

Market Update:

  • Asian trading closed with the Hang Seng +0.10%, Nikkei -0.18%, Taiwan -0.94%, Sensex +1.28%, Jakarta -0.87% and the Shanghai +0.04%.
  • A quick look across the pond finds the CAC +0.44%, DAX +0.82%, FTSE +0.72%, Swiss Mkt +0.94, Stockholm +1.10% and ATX +0.36%.
    Crude oil is trading -0.75 to 73.68 while gold is -4.6 to 615.6. For their part, stateside futes are above fair value.
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No positions in stocks mentioned.

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