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Stocks to Watch: Apple, Google, Schering-Plough

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Stocks to watch for Wednesday, August 30

  • Ace Cash Express (AACE) reported fourth-quarter net earnings of $7.3 million, or 50 cents a share, compared with $6.6 million, or 48 cents a share, in the same period last year. The provider of financial services said quarterly revenue rose 27% to $80.3 million from $63.4 million.
  • Adeza Biomedical (ADZA) shares rose after a Food and Drug Administration advisory panel said clinical data for the company's pre-term labor prevention drug is adequate for approval.
  • Apple Computer (AAPL) said Google (GOOG) Chief Executive Eric Schmidt has been named to the Macintosh and iPod maker's board. AAPL is also working to resolve an awkward dispute over alleged labor abuses by an iPod manufacturer in China.
  • AT&T (T) said hackers broke into one of its computer systems and stole credit-card numbers and other personal data from about 18,000 to 19,000 customers.
  • Cendant (CD) said the management proposals presented at its annual shareholder meeting have been approved, and the company will be renamed Avis Budget Group Inc. Also, a 1-for-10 reverse stock split will be effective on the New York Stock Exchange at the opening of the market on Sept. 5, and the stock's trading symbol will be changed to "CAR."
  • Chevron (CVX) received official notification from the government of Chad asking it to leave the country over government claims that the oil company has failed to pay taxes.
  • Dow Jones (DJ) said its ability to use $155 million of capital-loss, carry-forwards related to its possible sale of six of its Ottaway community newspapers will depend on factors such as the amount of newspapers sold and the prices that the company receives.
  • Dycom Industries (DY) said fourth-quarter results swung to a net gain from the prior year's results that included a goodwill impairment charge of 59 cents per share related to the company's White Mountain Cable Construction unit.
  • Emulex (ELX) said it has signed a definitive agreement to buy Sierra Logic Inc. for $180 million cash, assumed debt and stock options, plus employee equity incentive compensation.
  • Home Depot (HD) said it will adopt a majority-vote standard for board elections, acknowledging complaints from shareholders.
  • Standard & Poor's said Hanesbrands (HBIWI) will replace Tecumseh Products (TECUA) in the S&P MidCap 400 index after the close of trading on Sept. 5. Hanesbrands is being spun off by S&P 500 and S&P 100 index constituent Sara Lee (SLE).
  • Majesco Entertainment (COOL) named President Jesse Sutton as interim chief executive and a member of the board, effective immediately. The role of interim CEO and chairman had previously been filled by Morris Sutton, who will return to his role as chairman emeritus.
  • Micros Systems (MCRS) reported fourth-quarter net earnings of $21.4 million, or 53 cents a share, compared with $18.1 million, or 45 cents a share, in the same period last year. Quarterly revenue rose 12% to $191.8 million from $172 million.
  • OrthoLogic (OLGC) said an interim analysis of data from a trial of synthetic peptide Chrysalinin indicates that treatment with Chrysalin did not demonstrate benefit compared to placebo. The company has terminated the study.
  • Progress Software (PRGS) said its financial results since fiscal 1996 should no longer be relied upon, and the company sees recording additional non-cash charges of $20 million to $30 million for stock-based compensation covering the period from Dec. 1, 1995 to Feb. 28.
  • Rackable Systems (RACK) said it has signed a definitive agreement to buy Terrascale Technologies Inc. for $38 million.
  • Reynolds American (RAI) R.J. Reynolds Tobacco Co. subsidiary said a federal district court in Massachusetts has dismissed a lawsuit brought against the company and other tobacco manufacturers by United Seniors Association Inc. United Seniors was seeking to recover medical expense reimbursements made by Medicare since Aug. 4, 1999, to treat its recipients for illnesses attributable to cigarette smoking.
  • Schering-Plough (SGP) agreed to pay $435 million and a unit pleaded guilty to settle allegations of fraudulent drug marketing and pricing.
  • Semtech (SMTC) said an internal review of its stock-option practices has concluded that accounting measurement dates for grants differ from the measurement dates previously used for such awards. The chip producer said it sees recording additional non-cash compensation expense and restating its results for fiscal 2002 through 2006, but it has yet to determine the tax consequences.
  • Sigma Designs (SIGM) said it is not in a position to provide detailed financial information for the second quarter due to an internal review of the stock-option grants. The silicon-based media processors company added that it may miss the deadline to file second-quarter results.
  • Systemax (SYX) said first-quarter net income rose as revenue gained and the results included a 12-cent per share benefit from the sale of a warehouse facility. The distributor and manufacturer of computer hardware said quarterly net income reached $17.6 million, or 48 cents a share, compared with $2.64 million, or 7 cents a share, during the same period in the prior year.
  • VA Software (LNUX) said it swung to a net profit of $696,000, or 1 cent a share, in the fourth quarter, as the company's gross margin widened and sales rose. Quarterly sales rose 35% to $10.5 million from $7.78 million.
  • Versant (VSNT) said it swung to a net profit of $1.01 million. In the same period last year, Versant posted a net loss of $14.4 million. Quarterly revenue rose 8.7% to $3.75 million from $3.45 million in the prior year.


Market Update

  • Asian trading closed with the Hang Seng +1.18%, Nikkei -0.12%, Sensex +0.15%, Shanghai +0.25 and Taiwan +1.65%.
  • A check of the European bourses finds the CAC +0.38%, DAX +0.35%, FTSE +0.45% and ATX +0.79%.
  • Crude oil is trading +0.25 to 69.96 while gold is +3.10 to 622.2 this morning.
No positions in stocks mentioned.

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