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Stocks to Watch: Boeing, Goldman Sachs, Oracle, Yahoo!

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We're Half-Way There

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Stocks to watch for Wednesday, September 20

  • Agile Software (AGIL) said the preliminary first-quarter net loss widened to 7 cents a share from a net loss of 6 cents per share during the same period in the prior year. Agile said preliminary revenue fell to $31 million from $34.4 million in the prior year. The company added that a delay in revenue recognition related to transactions by the company's Taiwan sales office will result in cutting per-share income by a penny in both the fourth quarter of fiscal 2006 and the first quarter of fiscal 2007.
  • Amaranth scrambled to explain how its risk controls went awry and led to a loss of roughly $5 billion from natural-gas trading.
  • Applied Micro Circuits (AMCC) said it will delay its special stockholder meeting until Oct. 20 due to an ongoing review of the company's historical stock option grant practices.
  • Autodesk (ADSK) said it will request a hearing before the Nasdaq's Listing Qualifications Panel in response to a staff determination letter indicating that the company is not in compliance with the filing requirements for continued listing.
  • A Boeing (BA) -led team won a Homeland Security contract, estimated at $2 billion, to help secure the border with Mexico.
  • Broadcom (BRCM) said Chief Financial Officer William Ruehle has decided to retire, effective immediately, accelerating his retirement as a result of Broadcom's previously disclosed equity award review.
  • Cbeyond (CBEY) said it has filed a registration statement with the Securities and Exchange Commission ahead of a proposed public offering of up to 4.11 million shares by some of its shareholders.
  • Chaparral Steel (CHAP) said first-quarter net income rose, as revenue gained, to $59.1 million, or $1.23 a share, from $17.8 million, or 39 cents a share, during the same period in the prior year.
  • Christopher & Banks (CBK) reported second-quarter net earnings of $7.92 million, or 21 cents a share, compared with $5.69 million, or 16 cents a share, in the same period last year, on the back of strong sales.
  • Citigroup (C) has put its Associates First Capital unit in place of Carlyle Group in its consortium to bid for an 85% stake in Guangdong Development Bank.
  • CKE Restaurants (CKR) said second-quarter net income rose, as revenue gained, to $14.2 million, or 20 cents a share, from $8.45 million, or 13 cents a share, during the same period in the prior year.
  • Connetics (CNCT) said the Food and Drug Administration has approved Verdeso foam, 0.05%, for the treatment of mild-to-moderate atopic dermatitis.
  • ConocoPhillips (COP) Chairman and Chief Executive Jim Mulva said that he expects "pretty tight surplus capacity" for crude oil production in the years ahead, with return to the five million-per-day supply cushion of years past highly unlikely.
  • Daimler Chrysler (DCX) is cutting production and could face another restructuring. CEO Zetsche conceded his turnaround strategy failed in the face of rising gasoline prices, slowing demand for trucks and higher health-care costs.
  • Darden Restaurants (DRI) said Chief Financial Officer Linda Dimopoulos will retire effective June 30, 2007. The Orlando, Fla.-based restaurant operator named corporate controller Brad Richmond CFO, effective Dec. 1. The company added that it earned $88.5 million, or 59 cents a share in its fiscal first quarter, up from $85.5 million, or 53 cents, in the year-ago period. Sales at the casual-dining-chain operator rose 3.3% to $1.46 billion.
  • Dentsply International (XRAY) increased its quarterly cash dividend 14% to 4 cents from 3.5 cents a share. The dividend is payable on Jan. 9 to shareholders as of Dec. 28.
  • Disney (DIS) said it has sold 125,000 digital copies of films through Apple's iTunes store in less than a week, generating $1 million.
  • Dollar General (DG) said it has extended the term of Chief Executive David Perdue's employment contract by one year to March 31, 2008. The Goodlettsville, Tenn.-based discount retailer also said it increased Perdue's base salary by $100,000 and granted him 365,000 restricted stock units that are scheduled to vest ratably over a three-year period.
  • En Pointe Technologies (ENPT) said it has agreed to acquire 70% of the stock of two privately-owned Pakistan companies, headquartered in Lahore, that provide business process outsourcing services.
  • Focus Media Holding (FMCN) announced a secondary offering of 2.5 million American Depositary Shares for $57 each. The shares, each of which represents ten ordinary shares, are being offered by David Feng Yu, current president of Focus Media, certain Carlyle funds and other former shareholders of Target Media.
  • Ford (F) is offering generous white-collar separation packages while waving retention bonuses in front of a small segment of salaried workers.
  • Goldman Sachs (GS) is scouting for investments in a range of industries riding India's fast growth, as the U.S. investment bank pushes forward with a plan to pump $1 billion into the country over the next two years, a top executive said.
  • Herley Industries (HRLY) said it has received notice from Nasdaq that it has regained compliance with the exchange's rules and its securities will continue to be listed.
  • Hewlett-Packard (HPQ) Chairman Patricia Dunn and General Counsel Ann Baskins helped direct the company's board-leak probe as early as summer 2005, internal emails suggest.
  • Hiland Holdings GP priced its initial public offering of 7 million units at $18.50 each, raising $130 million. Hiland Holdings' common units will begin trading Wednesday on the Nasdaq under the ticker symbol "HPGP."
  • ImClone (IMCL) said it crafted a three-part strategy for dealing with a judge's decision to award ownership of the cancer treatment Erbitux to Israeli scientists.
  • International Paper (IP) said it has accepted for purchase around $1.385 billion of its stock in a Dutch auction tender offer that expired on Sept. 13. The paper company repurchased 38.5 million shares, or 7.8% of its outstanding stock, for $36 each.
  • Marsh & McLennan (MMC) said there have been repeated inquiries over the last few months by parties interested in either acquiring or partnering with its subsidiary, Putnam Investments. President and Chief Executive Michael Cherkasky said he has decided to do a market check to determine the value others would put on Putnam.
  • Medtronic (MDT) said the Food and Drug Administration's orthopedic and rehabilitation devices advisory panel has unanimously recommended approval of its Prestige cervical disc system. Also, the company has received Japanese regulatory approval and will begin sales of the Micro-Driver coronary stent system.
  • MetLife (MET) said it has been awarded a contract by the Office of Personnel Management to provide dental benefits for federal employees and beneficiaries of annuities.
  • Mips Technologies (MIPS) said it has received a non-compliance letter from Nasdaq due to the delayed filing of its Form 10-K for the fiscal year ended June 30.
  • Monster Worldwide (MNST) said its board has suspended its general counsel, Myron Olesnyckyj, effective immediately, pending the results of the company's ongoing review of its stock-option-grant practices.
  • Nike (NKE) said it plans to consolidate two distribution centers in Oregon and Tennessee into a single location by 2008. The athletic footwear maker said the change will result in $200 million in cost savings over 20 years, reduced shipping times and increased service capabilities.
  • Oracle's (ORCL) profit climbed 29% on strength in its core database business as it integrates acquisitions. Shares surged 13% after hours
  • Peregrine Pharmaceuticals (PPHM) said new research shows that a fusion protein approach combining two proprietary Peregrine technology platforms has demonstrated significant anti-tumor potential.
  • Sycamore Networks (SCMR) said it plans to restate past financial results to record additional non-cash charges for stock-based compensation expense. An ongoing review has found certain stock-option grants were misdated.
  • Valero (VLI) said it has signed a definitive purchase and sale agreement to acquire Koch Supply and Trading LP's St. James crude oil facility located in Louisiana for $140 million.
  • Ventana Medical Systems (VMSI) said it has commenced patent litigation against Vision Systems Ltd.'s BioSystems unit. Ventana alleges that Vision's Bond X and maX OCR instruments infringe its patent for scheduling algorithms that enable optimal sequencing of multiple tests.
  • Wal-Mart (WMT) will distribute voter packets to its U.S. employees urging them to register to vote and study political issues -- but not directing them on how to vote.
  • Yahoo (YHOO) warned that weakening Internet ad sales, particularly in the auto and finance sectors, would hurt its third-quarter revenue. Shares fell 11%.


Market Update

  • Asian trading closed with the Hang Seng +0.96%, Sensex +1.16%, Nikkei -0.98%, Shanghai -0.16% and Taiwan -0.06%.
  • A check of the European bourses finds the CAC +0.62%, DAX +0.66%, FTSE +0.21% and Swiss Market +0.75%.
  • Crude oil is trading -0.77 to 60.89 while gold is -3.0 to 580.2. For their part, stateside futes are above fair value.
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No positions in stocks mentioned.

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