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Stocks to Watch: Citigroup, Lowe's, Saks, Sprint, Verizon


Keep your eyes on the prize


Stocks to watch for Tuesday, August 22

  • AOL accepted the resignation of its chief technology officer and dismissed two other employees in the wake of its release of subscribers' Web-search data.
  • Ashland (ASH) agreed to sell its highway-construction unit to Irish building-materials maker CRH for $1.3 billion.
  • Candela (CLZR) reported fourth-quarter net earnings of $2.4 million, or 10 cents a share, down 26% from $3.22 million, or 14 cents a share, during the year-ago period. The Wayland, Mass.-based medical-laser technology company posted revenue of $41.3 million vs. $38.6 million.
  • Cheesecake Factory (CAKE:) said it has received a letter from Nasdaq stating it's not in compliance with filing requirements for continued listing because the company failed to file its second-quarter report by the due date.
  • Citigroup (C) is cutting back on the amount of cash some cardholders can earn on purchases made at supermarkets, gasoline stations and drugstores.
  • Crawford & Company (CRDA) (CRDB) said it has agreed to acquire Platinum Equity's portfolio company, Broadspire Services, for $150 million. The transaction is expected to close in the fourth quarter.
  • DaimlerChrysler (DCX) must reimburse a group of ex-Daimler-Benz shareholders because their stakes were undervalued when Daimler merged with Chrysler in 1998, a German court ruled.
  • Directed Electronics (DEIX) said it has agreed to acquire Polk Audio, a provider of home and mobile audio equipment, for $136 million in cash. Vista, Calif.-based Directed said it expects the acquisition to add to its pro forma earnings this year.
  • Harman International Industries (HAR:) said Douglas Pertz, chief executive officer, is resigning effective immediately. Bernard Girod, the prior CEO and current vice chairman, will serve as interim CEO. Harman had named Pertz CEO earlier this year.
  • Iconix Brand agreed to acquire the London Fog brand of outerwear for $37.5 million in cash and stock.
  • Inter-Tel (INTL) confirmed it has received a revised unsolicited proposal from Steven Mihaylo and Vector Capital to acquire the company for $23.25 a share. Mihaylo is Inter-Tel's founder, former chairman and chief executive, and largest shareholder.
  • Lowe's (LOW) cut its outlook for the year, underscoring that the economic malaise created by high energy prices and flattening home prices is spreading to more retailers. Quarterly profit rose 11%.
  • Northrop Grumman (NOC) said it plans to confirm its previously announced 2006 outlook at meetings with investors on Wednesday through Friday this week. In late July, the Los Angeles-based defense company said it expected 2006 earnings from continuing operation of $4.35 to $4.45 a share on revenue of $30.5 billion.
  • Salton (SFP) said the New York Stock Exchange has accepted its proposed plan for continued listing on the exchange. The NYSE will conduct quarterly reviews of the company over an 18-month period to ensure compliance with the goals and initiatives outlined in the plan.
  • Luxury retailer Saks (SKS) announced that the president and chief operating officer of its Saks Fifth Avenue Enterprises division, Andrew Jennings, has resigned.
  • Sprint (S) said Chief Operating Officer Len Lauer will leave the cellphone carrier, which is grappling with lower subscriber growth than rivals and a slumping stock.
  • Tandy Brands Accessories (TBAC) said the fourth-quarter net loss was $1.04 million, or 16 cents a share, compared with a net loss of $2.12 million, or 33 cents a share, during the same period in the prior year. Revenue in the fourth quarter rose to $47.1 million from $42.9 million in the prior year.
  • Verizon (VZ) and BellSouth (BLS) won't pass on savings that result from a change in government telecom rules to their DSL subscribers.

Market Update

  • Asian trading closed with the Hang Seng +0.83%, Nikkei +1.33%, Sensex -0.08%, Taiwan +1.30% and Shanghai -0.19%.
  • A check of the European bourses finds the CAC -0.35%, DAX -0.23%, FTSE -0.44%, ATX -0.69%, Swiss Mkt -0.34% and Stockholm +0.13%.
  • Crude oil is trading +0.18 to 72.63 while gold is -0.2 to 635.0 this morning. For their part, stateside futes are mixed to fair value.
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