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Stocks to Watch: Anadarko, Cisco, GM, IBM, ImClone, Viacom

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Coming down to the wire

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Stocks to watch for Friday, August 11

  • Accuride (ACW) said second-quarter net profit rose to $18.3 million, or 53 cents a share, from $17 million, or 54 cents a share, during the same period in the prior year. Quarterly revenue rose to $361.7 million from $342.8 million in the prior year.
  • Anadarko Petroleum (APC) said it has completed its acquisition of Kerr-McGee (KMG). Under the terms of the deal, Kerr-McGee shareholders will receive $70.50 in cash for each share they own.
  • Analog Devices (ADI) said its fiscal third-quarter net income rose 22% to $144.7 million, or 39 cents a share, up from $121.4 million, or 32 cents a share, in last year's same period. Sales rose 14% to $663.7 million from a year ago.
  • AngioDynamics (ANGO) reported fourth-quarter net earnings of $2.04 million, or 15 cents a share, up 22% from $1.67 million, or 13 cents a share, during the year-ago period. The medical device maker posted revenue of $23.6 million vs. $17.3 million.
  • Big 5 Sporting Goods (BGFV) earned $7.4 million, or 33 cents a share in its second quarter - up from $6.1 million, or 27 cents in the year-ago period. Revenue came in at $211.8 million, a 6.9% gain as same-store sales grew 2.9%.
  • Cisco Systems (CSCO) said it has invested in Nuova Systems to accelerate product development in the data center. Nuova Systems will become a majority-owned Cisco subsidiary.
  • Cree (CREE) reported a fiscal fourth-quarter profit of $13.2 million, or 17 cents a share, on revenue of $106.7 million. During the year-ago period, the maker of semiconductors used in lighting, power and communications products earned $21 million, or 27 cents a share, on $99 million in revenue.
  • Emulex (ELX) reported fourth-quarter net earnings of $12.7 million, or 14 cents a share, compared with $25.3 million, or 28 cents a share, in the same period last year, as stock-based compensation expenses increased. Quarterly revenue fell 8.6% to $98.9 million vs. $108.2 million.
  • Expedia's (EXPE) earnings rose 30% as strong hotel bookings offset lower airfare revenue at the online travel company.
  • Evercore Partners said it has priced its initial public offering of 3.95 million shares at $21 each. The investment firm said it expects shares to start trading Friday under the symbol "EVR."
  • E-Z-EM (EZEM) said fourth-quarter net income rose to $1.35 million, or 12 cents a share, from $1.34 million, or 12 cents a share, during the same period in the prior year. E-Z-EM said quarterly revenue rose to $37.1 million from $32 million in the prior year.
  • General Motors (GM) said it will slow production of its new lineup of large SUVs as sales of the vehicles sag amid surging gasoline prices.
  • Goldcorp (GG) reported second-quarter net earnings of $190.4 million, or 49 cents a share, up from $98 million, or 28 cents a share, during the year-ago period. The Canadian mining company posted revenue of $491.5 million vs. $301.6 million.
  • H&E Equipment Services (HEES) said second-quarter net profit rose to $19.8 million, or 52 cents a share, from $4.29 million, or 17 cents a share, during the same period in the prior year. Quarterly revenue rose to $202.5 million from $137.7 million in the prior year.
  • Hewitt Associates (HEW) said it has appointed Russell Fradin as the company's chairman and chief executive, beginning Sept. 5. Fradin, who has most recently served as president and CEO of the Bisys Group (BSG), succeeds Dale Gifford, Hewitt's chairman and CEO, who intends to retire.
  • IBM agreed to pay $1.6 billion for FileNet, a maker of content-management software, heightening its competition with EMC
  • ImClone (IMCL) has decided not to sell itself, saying multiple takeover offers were too low. The biotech firm's shares slid 13%
  • Dot Hill Systems (HILL) said it has identified certain miscellaneous discrepancies relating to its option-grant practices from fiscal 2000 through 2003. Dot Hill added that it will be unable to file its report for the June quarter until the board's audit committee has completed a review.
  • Imation (IMN) said Chairman and Chief Executive Bruce Henderson is beginning radiation therapy for a malignant brain tumor. Chief Operating Officer Frank Russomanno will continue to manage day-to-day operations.
  • Juniper Networks (JNPR) said its board has concluded that the company will need to restate historical financial results to record additional non-cash charges for expenses related to option grants.
  • Martin Marietta Materials (MLM) said its board has elected C. Howard Nye president and chief operating officer.
  • MEMC Electronic Materials (WFR) said it has filed its 2005 Form 10-K, its Form 10-Q for the third quarter of 2005 and restated Form 10-Qs for the first and second quarters of 2005. The St. Peters, Mo.-based supplier of wafers to the semiconductor industry said it has made no changes to its fiscal 2005 income statement, other than those it reported on July 26.
  • RadioShack (RSH) said it would cut between 400 and 450 support positions to reduce overhead costs and improve its long-term competitive position.
  • RenaissanceRe Holdings (RNR) said it's created a new executive position to monitor the Bermuda-based reinsurer's risks. Todd Fonner, the reinsurer's current treasurer, will take on the new chief risk officer role and will also become chief investment officer.
  • TD Ameritrade Holding (AMTD) reported 210,000 average client trades per day in July. Qualified accounts totaled 3.23 million, the Omaha, Neb.-based company said.
  • Titan International (TWI) said this year's acquisition of two tire manufacturing facilities will add a combined $340 million in sales for Titan.
  • Viacom (VIA) (VIAB) and Adobe Systems (ADBE) said they are partnering to deliver Web and mobile content. Viacom will deliver branded content using the Adobe Engagement Platform, and Adobe will become Viacom's preferred technology provider for rich media authoring tools and interactive online video solutions.
  • Vimicro International (VIMC) reported second-quarter net earnings of $1.79 million, or 1 cent a share, compared with $4.24 million, or 4 cents a share, in the same period last year. The semiconductor company said the quarterly results included $1.3 million in inventory write-downs and $2.3 million in unexpected professional fees incurred.


Market Update:

  • Asian trading closed with the Hang Seng +0.16%, Nikkei -0.42%, Jakarta +1.25% and Sensex +0.39%.
  • A quick look across the pond finds the CAC +0.40%, DAX +0.18% and FTSE +0.01%.
  • Gold is trading lower -7.0 to 641.0 and crude oil is up +0.64 to 74.64.
No positions in stocks mentioned.

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