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Stocks to Watch: Boeing, Disney, Ford, Pfizer, Wal-Mart

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I can seen clearly now the rain is gone

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Stocks to watch for Thursday, August 10

  • Affymetrix (AFFX) said it will restate financial results dating to 1997 after an internal review into its stock option granting practices.
  • Alleghany (Y) said second-quarter net income came in at $73.2 million, more than double a year ago when the company made $31.4 million.
  • American International Group (AIG) and IPC Holdings (IPCR) said AIG has agreed to sell its 24% stake in reinsurer IPC for $27 a share in an underwritten public offering. Also, AIG said second-quarter net income came in at $3.19 billion, or $1.21 a share, down 29% from a year earlier when the insurance giant made $4.49 billion, or $1.71 a share.
  • Andrew (ANDW) and ADC Telecommunications (ADCT) said they have agreed to terminate their merger agreement. Andrew also said its board has rejected an unsolicited proposal from CommScope Inc. to acquire the company for $9.50 a share in cash.
  • Atari (ATAR) reported a first-quarter net loss of $7.11 million, or 5 cents a share, compared with a net loss of $32.8 million, or 27 cents a share, in the same period last year. Quarterly revenue fell 18% to $19.5 million vs. $23.9 million.
  • Bank of America (BAC) said it has priced $3 billion of its senior and subordinated notes.
  • Boeing (BA) remains financially liable for a tainted Air Force cargo-plane contract, despite a recent settlement with the government.
  • Borland Software (BORL) said its quarterly net loss widened as higher expenses offset a 16% increase in revenue. Also, the company said it would use a 5-day extension to file its results with regulators.
  • Cendant (CD) swung into the red in its second quarter as the soon-to-be-broken-up conglomerate said it lost $754 million, or 75 cents a share; a year ago the company reported a profit of $387 million or 36 cents a share.
  • Cephalon (CEPH) said it will discontinue the development of Sparlon tablets following the receipt of a letter from the Food and Drug Administration stating that the company's supplemental new drug application is not approvable.
  • Comtech Group (COGO) reported second-quarter net earnings of $3.6 million, or 11 cents a share, compared with $2.56 million, or 10 cents a share, in the same period last year.
  • Comverse's Ex- CEO and two other former executives were charged with a decade-long fraudulent scheme to manipulate the telecom company's stock options to enrich themselves and other employees.
  • Credence Systems (CMOS) said it now expects third-quarter revenue of $108 million to $110 million, down from its previous outlook of $125 million to $128 million. Additionally, the company said it plans to reduce its workforce by 14%.
  • Bankrupt carrier Delta (DALRQ) said restructuring costs caused its second-quarter loss to balloon nearly six fold from a year ago, while strong demand coupled with higher ticket prices drove higher revenue.
  • Disney (DIS) posted a 39% jump in net on a rebound at its movie studio and said it sold its 50% stake in US Weekly for about $300 million
  • ECollege.com's (ECLG) reported second-quarter net earnings of $1.57 million, or 7 cents a share, compared with $1.56 million, or 7 cents a share, in the same period last year.
  • Ford (F) said its revamped restructuring will combine new cost cuts and accelerate the current plan. GM said new pickups will do well.
  • Hibbett Sporting Goods (HIBB) said it now sees second-quarter net income per share of 12 cents to 13 cents, compared with the company's prior view of 14 cents to 16 cents. The Alabama-based retailer said sales for the 13 weeks ended July 29 rose 11% to $104.4 million from $94 million during the same period in the prior year.
  • Integrated Silicon Solution (ISSI) said it's conducting a review of all its stock options grants since the company's initial public offering in February 1995. The Santa Clara, Calif.-based semiconductor company also said it will delay filing its third-quarter Form 10-Q with the Securities and Exchange Commission until the review is completed.
  • Inter Parfums (IPAR) reported second-quarter net earnings of $3.19 million, or 16 cents a share, compared with $3.21 million, or 16 cents a share, in the same period last year. The perfume company said quarterly revenue rose 15% to $70.3 million.
  • Lions Gate Entertainment (LGF) said the first-quarter net loss narrowed to $3.6 million, or 3 cents a share, compared with a net loss of $21.8 million, or 21 cents a share, during the same period in the prior year.
  • Loudeye (LOUD) reported second-quarter net earnings of $5.36 million, or 41 cents a share. In the same period last year, the Seattle-based provider of digital media services posted a net loss of $6.93 million, or 64 cents a share. Quarterly revenue rose 10% to $5.38 million vs. $4.89 million.
  • OpenTV (OPTV) reported a second-quarter net loss of $2.49 million, or 2 cents a share, compared with a net loss of $4.04 million, or 3 cents a share. Quarterly revenue rose 14% to $23.7 million.
  • A Pfizer (PFE) funded study found that Lipitor had only modest success in lowering the stroke rate in people with prior strokes.
  • Tenet Healthcare (THC) reported a second-quarter loss that widened sharply over the same period last year, largely on litigation and investigation costs.
  • Toll Brothers (TOL) said orders fell 47% last quarter. The home builder blamed an inventory glut and waning buyer confidence.
  • UnitedHealth Group (UNH) said it will delay filing its second-quarter results as the company's review of stock-option grants is ongoing. UnitedHealth said if the options are subject to variable accounting, the resulting non-cash charges are likely to be significant.
  • UTStarcom (UTSI) reported a second-quarter loss of $21.4 million, or 18 cents a share, on revenue of $549.1 million. During the year-ago quarter, the networking-technology company lost $73.9 million, or 64 cents a share, on $719.8 million in revenue.
  • Viacom's (VIA) net rose 24%, driven by gains at its cable-TV networks and its recent purchase of the DreamWorks movie studio.
  • VeriSign (VRSN) said it will delay filing its second-quarter financial report due to an ongoing review of the company's stock-option grants.
  • Wal-Mart (WMT) executives have met with Chinese trade-union officials to discuss union expansion into all of its Chinese stores
  • Willbros Group (WG: News, Quote) reported a second-quarter net loss of $38.2 million, or $1.77 a share, compared with a net loss of $9.92 million, or 47 cents a share, in the same period last year.


Market Update:

  • Asian trading closed with the Hang Seng -0.72%, Nikkei -0.16%, Jakarta -2.00% and Sensex +0.04%.
  • A quick look across the pond finds the CAC -1.36%, DAX -1.80%, FTSE -1.21% and ATX -0.77%.
No positions in stocks mentioned.

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