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Stocks to Watch: Dell, GlaxoSmithKline, Krispy Kreme, Microsoft

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Stocks to watch for Tuesday, September 12

  • Acergy (ACGY) said it has priced its offering of $500 million of convertible notes due 2013. The proceeds will be used, in part, for the upgrade and rejuvenation of its fleet, the British oil-services provider said.
  • Action Products International (APII) said Chief Financial Officer John Oliver has resigned. Chief Executive Ronald Kaplan was appointed CFO, and will serve in the position until Oliver's successor is named.
  • AEP Industries (AEPI) reported third-quarter net earnings of $20.1 million, or $2.28 a share, compared with $4.68, or 54 cents a share, during the year-ago period. Adjusted earnings before interest, taxes, depreciation and amortization were $25.8 million compared with $15.1 million.
  • AmeriCredit (ACF) said it plans to offer $500 million of senior notes. The automobile finance company added that it plans to use the net proceeds for moves such as purchasing convertible note hedges and buying back $200 million of its shares.
  • Bally Total Fitness (BFT) said it swung to a loss of $733,000, or 2 cents per basic share, in the second quarter due to lower membership figures. In the same period last year, the Chicago-based operator of fitness centers posted net earnings of $1.61 million, or 5 cents per basic share.
  • Blue Coat Systems (BCSI) said it will take additional and material non-cash stock-based compensation expenses relating to stock-option award dates. The company said the actual measurement dates of certain stock options granted primarily from fiscal 2000 to 2004 differ from the recorded grant dates of the awards.
  • Bristol-Myers Squibb (BMY), whose board meets Tuesday, is under pressure to fire Chief Executive Peter Dolan over management lapses including the failure to delay a generic competitor to its blood-thinner Plavix. A federal monitor's report has recommended the board dismiss Dolan, according to the Wall Street Journal.
  • Circuit City Stores (CC) said it has named Peter Weedfald as chief marketing officer. Weedfald joined the company this year as senior vice president, general merchandise manager for entertainment and content.
  • Credence Systems (CMOS) said the third-quarter net loss widened as the company took a goodwill impairment charge of $423.9 million. The provider of semiconductor test solutions said the quarterly net loss was $461.4 million, or $4.61 a share, compared with a net loss of $41.7 million, or 43 cents a share, during the same period in the prior year.
  • Cree (CREE) said it has filed a patent-infringement lawsuit against BridgeLux Inc. to seek monetary damages and injunctive relief to prohibit BridgeLux from infringing several patents. Boston University, which owns one of the patents and licensed it to Cree on an exclusive basis, is a co-plaintiff.
  • Cross Country Healthcare (CCRN) said it has reached an agreement in principle to settle a wage and hour class action lawsuit filed against some of the company's subsidiaries by field employees. The Boca Raton, Fla.-based provider of healthcare staffing services said the settlement, which is subject to court approval, would entail payment of up to $10 million, and expects a third-quarter pre-tax charge of $8.8 million.
  • Dell (DELL) will delay filing its results due to an SEC inquiry and its own accounting probe. Dell also was subpoenaed by the U.S. attorney.
  • Dril-Quip (DRQ) said it has approved a 2-for-1 stock split in the form of a stock dividend. The additional shares will be distributed Oct. 5 to shareholders as of Sept. 21.
  • Franklin Resources (BEN), parent of the Franklin and Templeton mutual funds, reported preliminary assets under management of $505.6 billion as of Aug. 31, compared with $494.4 billion at July 31 and $444.7 billion in the same month a year ago. The fund giant said assets of its international stock funds rose to $215.7 billion in August vs. $211.1 billion in July.
  • Two private-equity groups are locked in a battle for control of Freescale Semiconductor (FSL), in a potential $16 billion buyout.
  • Gannett (GCI) said total August revenue rose 0.5% to $585.7 million from $582.7 million during the same period in the prior year. The company added that monthly advertising revenue fell 0.9% to $390.6 million from $394.1 million in the prior year.
  • GlaxoSmithKline (GSK) will pay the U.S. government $3.4 billion to settle a two-decade-long dispute over how to tax dealings between the British company and its U.S. unit.
  • Krispy Kreme Doughnuts (KKD) said it expects second-quarter revenue to fall 21% to $110 million from $140 million in the same period last year due to a decline in the number of company stores, among other factors. The company expects to report a net loss for the second quarter.
  • L-1 Identity Solutions (ID) said it has agreed to acquire SpecTal LLC for $100 million in cash. L-1 Identity said SpecTal shareholders could earn up to an additional $10 million if certain thresholds are met.
  • Majesco Entertainment (COOL) reported a third-quarter net loss of $724,000 vs. a net loss of $37.5 million during the year-ago period. The net loss attributable to common shareholders was also $724,000, or 3 cents a share, compared with a net loss of $37.5 million, or $1.69 a share, a year ago.
  • McKesson (MCK) said it will record a credit to income tax expense of $80 million in its quarter ending Sept. 30. The company said a private letter ruling from the Internal Revenue Service held that its payment of about $960 million to settle a securities class action is fully tax deductible.
  • Microsoft (MSFT) officially launched its Live Search service, the successor to the Web-search tool on its MSN portal.
  • Pinnacle Airlines (PNCL) traffic in August fell 1.7% to 379.3 million revenue passenger miles. Load factor, or the percentage of the plane filled with passengers, rose 3.5 percentage points to 76.8%, while capacity fell 6.2% to 494.1 million available seat miles.
  • Quantum Fuel Systems Technologies Worldwide (QTWW) said the first-quarter net loss widened to $13.4 million, or 23 cents a share, from a net loss of $8.15 million, or 15 cents a share, during the same period in the prior year.
  • Source Interlink (SORC) said second-quarter net income rose to $4.09 million, or 8 cents a share, from $2.63 million, or 5 cents a share, during the same period in the prior year. Excluding items such as amortization, the company reported quarterly per-share income of 12 cents, flat with last year's result.
  • A former Tyco (TYC) tax official was charged with filing a false tax return for the company that failed to report more than $170 million in income.
  • Verint Systems (VRNT) said second-quarter revenue rose 24% to $92.3 million from $74.7 million last year. The Melville, N.Y.-based software provider said it has delayed the filing of its Form 10-Q for the period due to an ongoing stock-option review at Comverse Technology (CMVT), which owns 57% of Verint.
  • Vertex Pharmaceuticals (VRTX) said it plans to offer 8 million newly issued shares in an underwritten public offering.


Market Update

  • Asian trading closed with the Hang Seng +0.75%, Nikkei -0.48%, Sensex +0.95%, Shanghai +1.25 and Jakarta -0.83.
  • A check of the European bourses finds the CAC +0.25%, DAX +0.15%, FTSE +0.08% and Swiss Market +0.35%.
  • Crude oil is trading +0.29 to 65.90 while gold is +6.40 to 603.7 for their part stateside futes are fair value.
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No positions in stocks mentioned.

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