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Stocks to Watch: Aramark, Cisco, GM, Sprint

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Hitting the half way point

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Stocks to watch for Wednesday, August 9

  • Alkermes (ALKS) said the first-quarter net loss was $715,000, or a penny a share, compared with a net loss of $13.7 million, or 15 cents a share, during the same period in the prior year. Quarterly revenue reached $51.5 million, compared with $24.8 million in the prior year.
  • Allied World Assurance (AWH) said second-quarter net income came in at $102.4 million, or $2.02 a share, up 43% from a year earlier when the Bermuda-based insurer and reinsurer made $71.5 million, or $1.41 a share.
  • American International Group (AIG) said it was initiating the sale of its 24% stake in reinsurer IPC Holdings (IPCR).
  • Andrx (ADRX) said second-quarter net income fell as revenue declined and operating expenses rose. The Fort Lauderdale, Fla.-based pharmaceutical company said quarterly net profit was $1.44 million, or 2 cents a share, compared with $8 million, or 11 cents a share, during the same period in the prior year.
  • Aramark (RMK) to be acquired by private-equity investors, including the food-service company's CEO, for about $6.3 billion.
  • Bob Evans Farms (BOBE) said sales at its restaurants open at least a year fell in July, and the company forecast a fiscal first-quarter per-share profit below Wall Street's average forecast.
  • Chordiant Software (CHRD) said Robert Mullen stepped down as president of worldwide field operations. The outgoing executive will assist the firm through the end of the year. Also, the company said it faces a shareholder derivative complaint related to its practices for granting stock options. The company added that its preliminary third-quarter net loss narrowed on a 26% jump in revenue, though its services business in Europe turned in a weaker-than-expected performance and it increased investments.
  • Record Kentucky Derby weekend revenue, along with higher simulcast and video-poker revenue, helped Churchill Downs (CHDN) post higher second-quarter profit. Revenue hit $175 million, up from $163 million.
  • Cisco (CSCO) reported flat earnings, hurt by options expenses, but its acquisition of Scientific-Atlanta helped boost revenue 21%.
  • Dendrite International (DRTE) reported a second-quarter net loss of $713,000, or 2 cents a share. In the same period last year, the company posted net earnings of $12 million, or 28 cents a share.
  • Digene (DIGE) said it swung to fourth-quarter net income as revenue gained. The company reported quarterly net profit of $3.01 million, or 13 cents a share. During the same period in the prior year, the company reported a net loss of $3.76 million, or 19 cents a share.
  • Emdeon (HLTH) said it has agreed to sell its practice services unit, a software and services vendor that caters to physicians and small health clinics, to Sage Software Inc. for $565 million in cash. .
  • EnerSys (ENS) reported fiscal first-quarter net earnings of $12.2 million, or 26 cents a share, up 39% from $8.8 million, or 19 cents a share, last year. Revenue rose to $359 million from $303.8 million.
  • Essex (KEYW) said second-quarter net income fell as the cost of goods sold increased. The Columbia, Md.-based provider of security solutions said quarterly net profit was $1.57 million, or 7 cents a share, compared with $1.78 million, or 8 cents a share, during the same period in the prior year.
  • Gemstar-TV Guide International (GMST) said it swung to second-quarter net income as publishing operating expenses fell. The Los Angeles-based media company said quarterly net profit was $14.6 million, or 3 cents a share. During the same period in the prior year, the company reported a net loss of $5.11 million, or a penny a share.
  • General Motors (GM) revised downward its retiree-related obligations by more than $23 billion as a result of its work-force reduction efforts.
  • Lincoln National (LNC) reported a 76% jump in second-quarter net income as the annuity and life insurance company got a lift from its acquisition of rival Jefferson-Pilot.
  • Maidenform Brands (MFB) said second-quarter net income rose to $9.42 million from $2.56 million during the same period in the prior year. Maidenform said quarterly revenue rose to $117.1 million from $102.3 million in the prior year.
  • Multi-Fineline Electronix (MFLX) reported third-quarter net earnings of $8.29 million, or 32 cents a share, compared with $8.79 million, or 35 cents a share, in the same period last year. Quarterly revenue rose 54% to $130.3 million vs. $84.4 million.
  • News Corp.'s (NWS.A) net rose 19%, helped by a gain from the sale of radio stations, but satellite-TV operations reported a slowdown.
  • Omrix Biopharmaceuticals (OMRI) said it swung to second-quarter net income as revenue gained. Quarterly net profit was $5.31 million, or 38 cents a share. During the same period in the prior year, the net loss was $3.67 million, or 34 cents a share.
  • Pixar executives received option grants priced at the stock's annual lows at several times. Cablevision (CVC) is reviewing its options program
  • Quest Software (QSFT) posted second-quarter revenues of $126.9 million, compared to $107.1 million in the same period last year. Quest did not report quarterly net earnings due to an ongoing investigation of the company's stock-option grant practices.
  • Sapient (SAPE) reported second-quarter net earnings of $8.52 million, or 7 cents a share, compared with $2.76 million, or 2 cents a share, during the year-ago period. The Cambridge, Mass.-based business software company posted revenue of $102.7 million vs. $77.4 million.
  • Sara Lee (SLE) swung to a modest fourth-quarter profit but said certain long-term goals will take longer than expected to achieve.
  • Seagate Technology (STX) reported its fiscal fourth quarter income narrowed to $7 million, or 1 cents a share, versus net income of $280 million, or 55 cents a share, in last year's same period. Sales rose to $2.5 billion from $2.2 billion.
  • Sprint (S) said it will spend up to $3 billion to build a wireless network based on WiMax technology.
  • 3Com (COMS) named Edgar Masri as president and chief executive, replacing Scott Murray, who resigned effective Aug. 17. Masri is chief operating officer for privately held Redline Communications.
  • Warnaco Group (WRNC) said it expects second-quarter net earnings of 6 cents to 8 cents a share. Last year, New York-based Warnaco reported second-quarter earnings of 14 cents a share.
  • Wireless Facilities (WFII) reported that it swung to a quarterly loss and said it has entered into a definitive agreement to buy Madison Research Corp. for $69 million. Warnaco also said it will restate its financial results for 2005 and first quarter of 2006 due to errors relating to the accounting for certain returns and vendor allowances at its Chaps menswear division.


Market Update:

  • Asian trading closed with the Hang Seng +1.75%, Nikkei +1.24%, Shanghai -0.13%, Taiwan +1.09%, Jakarta +1.22% and Sensex +1.18%.
  • A quick look across the pond finds the CAC +0.20%, DAX -0.18%, FTSE -0.18%, Swiss mkt +0.14%.
  • Crude oil is trading +0.31 to 76.62 while gold is unchanged at 657.3.
No positions in stocks mentioned.

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