Stocks to Watch: Boeing, Citadel, Ford, SanDisk, Wal-Mart
On the road again...
Stocks to watch for Monday, August 21
- Boeing (BA) ordered some suppliers to stop work on the C-17 cargo plane program, the first step toward a shutdown in 2009.
- Broadcom (BRCM) said it has received a delisting notice from Nasdaq due to the delayed filing of its second-quarter Form 10-Q with the Securities and Exchange Commission. The Irvine, Calif.-based chip company plans to request a hearing before a Nasdaq panel and appeal the determination. The request will automatically stay the delisting of shares.
- Bristol-Myers's (BMY) board stopped short of reiterating its support for its CEO amid a government probe of a failed patent accord.
- Citadel (CDL) is agitating to renegotiate some terms of its $2.7 billion deal to buy most of Disney's radio assets, spurred by a 27% slide in its stock price because of poor performance by ABC radio.
- Comverse Technology (CMVT) said the Nasdaq listing qualifications panel has granted its request for continued listing with certain requirements.
- Delphi said about 6,300 employees represented by the IUE-CWA chose early retirement or buyouts under a deal reached in June.
- Dollar General (DG) said it now expects second-quarter earnings of 14 cents to 15 cents a share, down from its June forecast of per-share earnings of 18 cents to 22 cents. The Goodlettsville, Tenn.-based discount retailer said the quarterly gross margin was below expectations, as the impact of adding more national brand items to the consumables mix was more negative than planned. The gross margin was also negatively impacted by the mix of sales, the company said. Back-to-school sales were also below expectations, Dollar General noted.
- Ford Motor (F) said it will slash the number of vehicles it builds in North America in the fourth quarter by 21% in response to its flagging U.S. sales.
- Medarex (MEDX) said it plans to restate its financial results for 2000 through the first fiscal quarter of 2006 following the company's review of its historical stock option grant practices.
- Microsoft (MSFT) announced a shift in the timing of its plans to buy back $40 billion worth of its own shares, saying it expects to acquire $3.8 billion worth in an undersubscribed tender offer that expired overnight and shifting the balance to its long-term program.
- Pilgrim's Pride (PPC) launched an unsolicited takeover offer of $20 a share, or $1 billion, for rival chicken processor Gold Kist.
- SanDisk (SNDK) plans to introduce a $249.99 MP3 player with twice the capacity of rival Apple's comparably priced iPod Nano.
- A Wal-Mart (WMT) advocacy group declined to name any leading candidates to succeed its chairman, Andrew Young, who resigned in the wake of criticism of comments he made about minority groups.
- Asian trading closed with the Hang Seng -1.86%, Nikkei -0.85%, Sensex +0.40%, Taiwan -3.20% and Shanghai +0.20%.
- A check of the European bourses finds the CAC -0.49%, DAX -0.50%, FTSE +0.09%, ATX -0.13%, Swiss Mkt -0.11% and Stockholm -0.18%.
- Crude oil is trading +0.80 to 71.94 while gold is +9.8 to 631.5 this morning. For their part, stateside futes are below fair value.
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