Stocks to Watch: BP, FedEx, Google, Sprint Nextel, Texas Pacific, Wal-Mart
Livin' on a prayer
Stocks to watch for Tuesday, August 8
- Aircastle Limited said its initial public offering of 9.09 million shares has priced at $23 each, raising more than $209 million.
- AmeriCredit (ACF) reported fourth-quarter net earnings of $78.8 million, or 55 cents a share, compared with $76.9 million, or 48 cents a share, in the same period last year. The Texas car finance company said quarterly revenue rose 24% to $487.8 million vs. $394.2 million.
- AMN Healthcare Services (AHS) said second-quarter net profit hit $7.27 million, or 21 cents a share, compared with $4.42 million, or 14 cents a share, during the same period in the prior year. Quarterly revenue reached $261.2 million, compared with $160.7 million in the prior year.
- Axis Capital Holdings (AXS) reported a 35% jump in second-quarter net income as the Bermuda-based insurance and reinsurance company collected more premiums.
- Bitstream (BITS) reported second-quarter net earnings of $1.25 million, or 12 cents a share, compared with $6,000, or breakeven on a per-share basis, in the same period last year. Quarterly revenue rose 31% to $4.99 million vs. $3.81 million.
- BP's decision to shut down an Alaskan field sent oil prices surging, highlighting the dangers of wear and tear facing the U.S.'s aging energy infrastructure.
- California Pizza Kitchen (CPKI) earned $6.01 million, or 30 cents a share, in its second quarter, down slightly from the $6.2 million or 31 cents a year ago.
- Cedar Shopping Centers (CDR) said second-quarter net income applicable to common shareholders hit $2.13 million, or 7 cents a share, compared with $1.47 million, or 7 cents a share, during the same period in the prior year. Quarterly per-share funds from operations reached 31 cents, compared with 23 cents in the prior year.
- Cray (CRAY) reported a second-quarter net loss of $7.17 million, or 32 cents a share, compared with a net loss of $23.8, or $1.08 a share, in the same period last year. The Seattle maker of supercomputers said quarterly revenue fell 27.9% to $38.5 million vs. $53.4 million.
- Cutera (CUTR) said its second-quarter results swung to a net loss as the company recorded patent litigation settlement and stock-based compensation expenses. Cutera said the quarterly net loss was $9.05 million, or 73 cents a share. During the same period in the prior year, Cutera recorded net income of $2.7 million, or 20 cents a share. Quarterly revenue rose to $24.4 million from $17.6 million in the prior year.
- Dollar Thrifty Automotive Group (DTG) said it is decreasing its executives by 10%, effective immediately, to streamline the senior management structure.
- 51Job (JOBS) said second-quarter net income rose to 26 million renminbi, 0.46 renminbi per share (12 cents per American Depositary Share), from 15.9 million renminbi, or 0.28 renminbi per share, during the same period in the prior year.
- FedEx (FDX) plans to roll out the prototype for 200 smaller Kinko's stores that will open within the next year, in a move to rekindle growth at the chain.
- General Growth Properties (GGP) said it swung to a second-quarter net loss as the company recorded higher interest expense, and experienced uneven timing of land sales and continued increases in short-term interest rates. The Chicago-based real estate investment trust said quarterly per-share funds from operations were 62 cents, compared with 71 cents in the prior year's period.
- Google (GOOG) won a race for the right to provide search technology and sell related ads on News Corp.'s MySpace.com Web site. Under the terms of the agreement, Google promises to pay the media titan a minimum of $900 million in cash between 2007 and the second quarter of 2010, contingent on certain Web traffic thresholds being met by MySpace and several other Web sites owned by News Corp.'s fledging Fox Interactive Media division.
- Inspire Pharmaceuticals (ISPH) said it has terminated its Phase II clinical trial of INS50589 Antiplatelet, based on the unanimous recommendation of its independent data monitoring committee following a planned interim safety analysis.
- Martha Stewart agreed to pay $195,000 and accept a five-year ban as a company director to settle SEC insider-trading charges.
- One-time gains from the sale of operations helped medical products maker Mentor (MNT) to a 10-fold increase in first-quarter earnings, as the company reported operational earnings that beat analyst forecasts.
- Myogen (MYOG) said the second-quarter said the second-quarter net loss was $18.5 million, or 44 cents a share, compared with a net loss of $21.5 million, or 60 cents a share, during the same period in the prior year. Quarterly revenue rose to $4.1 million from $1.58 million in the prior year.
- Neurocrine Biosciences (NBIX) said it will cut 100 jobs at its San Diego campus as part of its restructuring program. Following the layoffs, Neurocrine said it will have around 280 employees in San Diego.
- PC Mall (MALL) said it swung to a second-quarter net gain as expenses fell. Quarterly revenue fell to $234.1 million from $253.2 million in the prior year. Also, PC Mall said it has won a Blanket Purchase Agreement for up to $100 million to provide products through the GSA Global Supply's Expanded Direct Delivery Program.
- Progressive Gaming International (PGIC) reported a second-quarter net loss of $14.4 million, or 42 cents a share. In the same period last year, the Las Vegas-based provider of software and games posted net earnings of $1.89 million, or 7 cents a share.
- Sonus Networks (SONS) reported second-quarter revenue of $64.4 million, compared with $58.1 million in the same period last year. The company said it is unable to report net earnings for the quarter due to an ongoing review of its stock-option practices.
- Sprint Nextel (S) is expected to announce that it is choosing a nascent technology called WiMax to build a new wireless Internet network.
- II-VI (IIVI) reported a fourth-quarter net loss of $8.59 million, or 29 cents a share, or 31 cents a share excluding charges. In the same period last year, the Saxonburg, Pa.-based maker of laser-related products posted net earnings of $6.42 million, or 22 cents a share.
- Technical Olympic USA (TOA) bell reported second-quarter net earnings of $67.6 million, or $1.10 a share, compared with $45.7 million, or 79 cents a share, in the same period last year. The Hollywood, Fla.-based homebuilder said quarterly revenue rose 7% to $659.6 million.
- Tekelec (TKLC) said second-quarter net income rose as revenue gained. The company said the Securities and Exchange Commission has requested a voluntary meeting to discuss Tekelec's restatement of financial results.
- Buyout firm Texas Pacific has reached an agreement to acquire Aleris, an aluminum-sheet maker, in a $1.7 billion deal.
- THQ (THQI) said it has received an informal inquiry from the Securities and Exchange Commission requesting documents and information about stock-option-grant practices since Jan. 1, 1996.
- United Rentals (URI) reported second-quarter net earnings of $56 million, or 51 cents a share, compared with $50 million, or 48 cents a share, in the same period last year. The company revised its fiscal 2006 earnings outlook to $2.15 to $2.25, compared with its prior view of $2.17 to $2.27.
- Wal-Mart (WMT) is raising starting pay by an average 6% at about a third of its U.S. stores and introducing wage caps for the first time on each type of job in all stores.
- Asian trading closed with the Hang Seng +0.56%, Nikkei +2.05%, Shanghai +2.14%, Taiwan +1.33%, Jakarta -0.53% and Sensex +1.87%.
- A quick look across the pond finds the +0.31%, DAX +0.707%, FTSE +0.30%, Swiss mkt +0.37%.
- Crude oil is trading -0.38 to 76.60 while gold is -5.0 to 654.5.
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