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Stocks to Watch: Anadarko, Bank of America, Bristol-Meyers, Exxon, KLA-Tencor, PortalPlayer

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Rounding the last turn

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Stocks to watch for Friday, July 28

  • Aetna (AET) reported trouble in raising premiums quickly enough to keep up with rising medical costs. Shares slid 17% to a 52-week low.
  • Allegheny Energy (AYE) reported second-quarter net income of $31.1 million, or 18 cents a share, reversing a year-ago loss of $18.4 million, or 12 cents a share. Excluding special items, second-quarter earnings from ongoing operations were $37.8 million, or 22 cents a share, compared with $12.7 million, or 8 cents, in the year-ago period.
  • Anadarko Petroleum (APC) said second-quarter net income rose as the company benefited by 32 cents per share from adjustments to estimated future tax liabilities. The Houston-based oil and gas explorer and producer said quarterly net income rose to $815 million, or $1.76 a share, from $507 million, or $1.06 a share, during the same period in the prior year.
  • Bank of America (BAC) is close to overtaking Citigroup as the world's largest bank by market value, a goal it has long pursued. Chesapeake Energy (CHK) posted an 86% jump in second-quarter profit Thursday, built on an aggressive drilling and gas field acquisition program that boosted the company's energy output by 45%.
  • Bristol-Myers' (BMY) offices were raided by the FBI as part of a probe into a deal struck by the U.S. drug maker and France's Sanofi to delay launching a generic version of Plavix.
  • Boston Scientific (BSX) reported a net loss on higher sales in the second quarter, both resulting from its April purchase of medical-device maker Guidant.
  • DaimlerChrysler's (DCX) net more than doubled on a rebound at Mercedes, but Chrysler's profit slid as sales of trucks and SUVs fell. Volkswagen posted higher earnings.
  • Denny's (DENN) reported second-quarter net earnings of $1.85 million, or 2 cents a share, compared with $2.07 million, or 2 cents a share, in the same period last year. The Spartanburg, S.C.-based restaurant chain said the decrease was partly due to rising gas prices and interest rates.
  • Digital River (DRIV) reported second-quarter net earnings of $13.3 million, or 30 cents a share, up 30% from $10.2 million, or 26 cents a share, during the year-ago period. The e-commerce outsourcing company posted revenue of $71.3 million vs. $51.1 million.
  • Eastman Chemical (EMN) reported a second-quarter net income of $114 million, or $1.37 a share, down from $206 million, or $2.51 a share, a year ago.
  • Exxon Mobil's (XOM) net jumped 36% to $10.36 billion, its second-highest profit ever; Shell's net rose 40% on soaring oil prices.
  • Federated Investors (FII) said second-quarter net income rose to $49.9 million, or 47 cents a share, from $37.8 million, or 35 cents a share, during the same period in the prior year. Quarterly revenue rose to $236.4 million from $217.7 million.
  • Forward Industries Inc.'s (FORD) shares fell 24% to $4.38 in after-hours trading after the company reported third-quarter net earnings of $285,000, or 4 cents a share, compared with $2.57 million, or 33 cents a share, in the same period last year.
  • Friedman, Billings, Ramsey Group (FBR) said it swung to a second-quarter net loss as the company took a non-cash 25-cent per share write-down of certain equity investments in the firm's merchant banking portfolio.
  • Frontier Airlines Holdings Inc. (FRNT) said it swung to net profit as revenue climbed. The Denver-based company said quarterly net income was $3.96 million, or 10 cents a share.
  • Hasbro (HAS) said it has authorized an additional $350 million for the repurchase of shares.
  • Kellogg reported second-quarter profit rose 2.9% on robust sales growth, and said it plans to raise the price of cereal brands and frozen foods beginning in September to offset higher costs.
  • KLA-Tencor (KLAC) reported its fiscal fourth-quarter sales rose 18% to $579 million on increased demand for its machines used to make semiconductors that power a wide range of consumer electronic devices.
  • Kraft Foods (KFT) said it will sell its Minute Rice business to Spain's Ebro Puleva for about $280 million.
  • Lawson Software (LWSN) delayed its final results, expected to a show a net loss, as it works through accounting for a recent acquisition. The company also said its finance chief resigned and it eliminated the role of its chief operating officer.
  • Massey Energy (MEE) said second-quarter net income fell as interest expense and costs related to coal, among other items, rose. Quarterly net income decreased to $3.2 million, or 4 cents a share, from $37 million, or 44 cents a share, during the same period in the prior year.
  • McKesson (MCK) reported a rise in its fiscal first-quarter net profit, powered by sales in its pharmaceutical solutions division.
  • Microsoft (MSFT) plans to spend "hundreds of millions of dollars" in coming years on its effort to take on Apple's iPod with a music player named Zune.
  • National City (NCC) snapped up its second Florida bank of the month, agreeing to buy Fidelity Bankshares for about $1 billion.
  • NYSE Group (NYX) said second-quarter profit more than doubled when the Big Board's results were combined with those of acquiree Archipelago Holdings.
  • Odyssey Re Holdings (ORH) reported second-quarter earnings of $204.4 million, or $2.80 a share, compared with $51.1 million, or 74 cents a share, in the same period last year.
  • PerkinElmer Inc. (PKI) earned $24.5 million, or 19 cents a share, in its second quarter, down from $28.9 million, or 22 cents in the year-ago period.
  • PortalPlayer (PLAY) said second-quarter net income fell as revenue dropped. The maker of chip technology said net income fell to $1.39 million, or 5 cents a share, from $6.33 million, or 25 cents a share. Also, the company said Gary Johnson, president, chief executive and a director, plans to resign by the end of the year.
  • Rackable Systems (RACK) reported second-quarter net earnings of $5.32 million, or 18 cents a share, compared with $1.18 million, or 7 cents a share, in the same period last year.
  • RealNetworks (RNWK) said second-quarter profit surged more than eight-fold, helped by a gain related to a legal settlement with Microsoft Corp., as sales rose 8% on higher demand for the digital music and video games it sells over the Internet.
  • Roper Industries (ROP) said second-quarter net income grew as sales rose. The maker of engineered products said net profit rose to $48.1 million, or 53 cents a share, from $35.6 million, or 41 cents a share, during the same period in the prior year.
  • Sears (SHLD) named Craig Monaghan CFO as Chairman Edward Lampert continued to reshape the retailer.
  • Sierra Wireless (SWIR) reported second-quarter net earnings of $3.77 million, or 15 cents a share. In the same quarter last year, the maker of wireless communications products posted a net loss of $26.7 million, or $1.05 a share.
  • Standard Pacific (SPF) said second-quarter net income fell as the cost of sales and other expenses rose. The homebuilder said net income decreased to $96.5 million, or $1.44 a share, from $107.6 million, or $1.54 a share, during the same period in the prior year.
  • Starwood Hotels (HOT) posted a sharply higher profit, aided by a tax benefit stemming from its sale of 33 hotels. Shares slid on a downbeat outlook.
  • THQ (THQI) reported a first-quarter net loss of $12.1 million, or 19 cents a share, compared with a net loss of $3.96 million, or 6 cents a share, during the year-ago period. On a pro forma basis, the loss was $10.5 million, or 16 cents a share.
  • US Airways Group (LCC) reported a second-quarter profit of $305 million, underscoring the continuing recovery of the U.S. airline industry.
  • Wal-Mart (WMT) plans to exit the German market by selling its 85 stores in the country to European supermarket chain Metro.
  • Wendy's (WEN) reported a second-quarter loss on costs from writing down the value of its struggling Baja Fresh Mexican Grill chain and cutting jobs at its corporate offices.


Market Update:

  • Asian trading closed with the Hang Seng +0.23%, Nikkei +1.07% and Sensex +1.94%.
    A quick look across the pond finds the CAC -0.74%, DAX -0.47%, FTSE -0.15%, Swiss mkt -0.29%.
  • Crude oil is trading -0.69 to 73.94 while gold is -4.9 to 627.6.
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