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Stocks to Watch: Boeing, Caterpillar, Lehman, Yahoo


Keep on truckin'


Stocks to watch for Thursday, September 14

  • Ace Comm (ACEC) said it swung to a fourth-quarter net loss as revenue declined and costs rose. The provider of operations support systems said the quarterly net loss was $492,000, or 3 cents a share. During the same period in the prior year, net income was $337,000, or 2 cents a share.
  • Applied Materials (AMAT) said it has amended its corporate governance guidelines to implement a majority voting policy for electing directors.
  • Boeing (BA) said it expects world air cargo growth at an average annual rate of 6.1% over the next 20 years. The aerospace giant also sees growth of Asian air cargo markets topping its prior view, with the domestic Chinese market expanding at 10.8% a year.
  • Calpine (CPNLQ) said the federal court overseeing its bankruptcy case has approved the sale of its Dighton power plant to BG North America LLC, a unit of the BG Group , for about $90.2 million.
  • Caterpillar (CAT) signed an agreement with China to help promote the development of a remanufacturing industry focused on remaking and recycling used parts and machines that could be worth as much as $10 billion a year.
  • Collectors Universe (CLCT) said fourth-quarter net income fell to $904,000, or 10 cents a share, from $1.19 million, or 13 cents a share, during the same period in the prior year. Quarterly revenue rose to $10.6 million from $8.48 million in the prior year.
  • Farmer (FARM) reported a fiscal fourth-quarter net loss of $800,000, or 6 cents a share, compared with a net loss of $3.7 million, or 27 cents a share, in the same quarter last year. Sales inched up to $50.5 million from $50.2 million.
  • Lattice Semiconductor (LSCC) said it now expects third-quarter revenue to grow 1% to 3% sequentially. The Hillsboro, Ore.-based company had previously forecast third-quarter revenue to be in a range of flat to up 4% sequentially.
  • Lehman's (LEH) earnings rose 4.2%, aided by stronger-than-expected performance in its bond business. Its shares jumped 3% to $70.06
  • Municipal Mortgage & Equity (MMA) said it plans to restate its consolidated financial statements for the years ended Dec. 31, 2003 through 2005, as well as for the quarter ended March 31, 2006. The company said it needs to record adjustments for errors related primarily to accounting for syndication fees, accounting for equity commitments related to affordable housing projects, and the classification of cash received from investors in guaranteed tax credit equity funds.
  • Par Pharmaceutical (PRX) said it has entered into a settlement and license agreement with Solvay Pharmaceuticals resolving patent litigation on AndroGel that permits Par to launch its generic version no later than Feb. 28, 2016.
  • Watson Pharmaceuticals (WPI) said it has reached its own settlement with Unimed on outstanding AndroGel patent litigation.
  • Pfizer (PFE) won a patent challenge to Lipitor in the Netherlands. A court blocked an Indian rival from releasing a generic version of the cholesterol-busting drug.
  • Stanley (STLY) said it expects third-quarter sales to be below its prior view due to continued weakness in retail furniture. The company now sees a sales decline of 8% to 10%, with earnings per share of 27 cents to 29 cents, compared with its prior view of 38 cents to 41 cents.
  • TRC (TRR) said it has delayed filing its annual report on Form 10-K for the fiscal year ended June 30, 2006 with the Securities and Exchange Commission.
  • Vonage (VG) customers who didn't pay for stock they agreed to buy in the company's IPO are receiving letters demanding payment.
  • Western Digital (WDC) said it is delaying filing its report for fiscal 2006 pending the completion of a voluntary, company-initiated review of its stock-option grants. A material adjustment to prior financial statements could be required.
  • Yahoo (YHOO) appointed former Knight Ridder executive Hilary Schneider as senior vice president of a new business unit called Marketplaces, which will include its shopping and classifieds business.

Market Update

  • Asian trading closed with the Hang Seng -0.15%, Nikkei +1.22%, Sensex +0.67%, Shanghai +0.02% and Taiwan -0.99%.
  • A check of the European bourses finds the CAC +0.08%, DAX +0.25%, FTSE +0.49% and Swiss Market -0.13%.
  • Crude oil is trading +0.43 to 64.40 while gold is 3.70 to 600.0.
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