Stocks to Watch: Applied Materials, Chevron, Ford, Pfizer, Time Warner
It's all in the hips...
- Applied Materials (AMAT) said its quarterly net income rose 39% from a year ago as the company sold more machines that make chips used in personal computers and other consumer electronics.
- Cheesecake Factory (CAKE) said it had delayed the filing of its Form 10-Q due to a review of its stock-option practices.
- Chevron (CVX) said its Australian unit has successfully bid for rights to deepwater natural-gas exploration off Western Australia.
- DaimlerChrysler (DCX) will give away nine cars through its "Ask Dr. Z" Web site in an effort to spark momentum for its Chrysler brands.
- Dell's (DELL) battery recall raises the profile of an issue with lithium-ion batteries that affects rival PC firms as well as makers of other electronic products.
- F5 Networks (FFIV) said it has received a noncompliance letter from Nasdaq indicating it is subject to delisting because it did not file Form 10-Q for the quarter ended June 30 on time.
- Ford (F) plans to trim the number of dealerships it has in 18 metropolitan areas across the country, blaming sliding car and truck sales.
- Jones Apparel Group (JNY) said its board has decided not to pursue a sale of the company. The apparel designer and marketer said that the company will continue the execution of its strategic plan instead.
- La-Z-Boy's (LZB) first-quarter earnings fell. The company said net income was $2.3 million, or 4 cents a share, on sales of $418.9 million vs. last year's profits of $3.2 million, or 6 cents a share, on sales of $428.9 million.
- Limited Brands (LTD) said Chief Financial Officer Ken Stevens has decided to retire. The retailer said Martyn Redgrave, chief administrative officer, will assume CFO responsibilities.
- Linn Energy (LINE) said it swung to net earnings of $10.2 million, or 36 cents a share, in the second quarter, on the back of strong revenue growth. In the same period last year, the company posted a net loss of $5.28 million, or 26 cents a share.
- Pep Boys (PBY) reported second-quarter earnings from continuing operations of $1.47 million, or 3 cents a share, compared with $832,000, or a penny a share, during the year-ago period.
- PetSmart (PETM) earned $34.6 million, or 25 cents a share, in its fiscal second quarter - down slightly from the $35.7 million, or 24 cents, recorded in the year-ago period.
- Pfizer (PFE) said its Chief Executive Jeffrey Kindler is establishing a new organizational structure that will include a new executive team. Vice Chairman David Shedlarz will expand his responsibilities and Vice Chairman Karen Katen will leave the company.
- Photronics (PLAB) reported third-quarter net earnings of $4.56 million, or 11 cents a share, compared with $14.8 million, or 35 cents a share, in the same period last year.
- Rambus (RMBS) said that former Chief Executive Geoff Tate plans to resign from the board. Tate was the sole member of the board's stock option committee plans during a period in which the company has found flaws in how it accounts for the cost of stock options.
- Carl Icahn has increased his Time Warner (TWX) stake, a sign he may be mulling a renewed bid for control.
- Wal-Mart's (WMT) net fell 26% after taking a loss on the sale of its German operation to Metro. Revenue at the retailer rose 11% despite tepid U.S. store sales.
- Western Gas Resources (WGR) said it has received the last remaining regulatory approval required to close its merger with a subsidiary of Anadarko Petroleum (APC).
- Asian trading closed higher with the Hang Seng +1.02%, Nikkei +1.61%, Sensex +1.20%, Taiwan +1.23%, Shanghai +1.30% and Jakarta +0.95%.
- A check across the pond finds markets lower for the most part with the CAC -0.15%, DAX -0.05%, FTSE -0.65%, ATX +1.20%, Swiss Mkt -0.13% and Stockholm -0.13%.
- Crude oil is trading -0.10 to 72.95 while gold is +3.2 to 636.1 this morning. For their part, stateside futes are below fair value.
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