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Stocks to Watch: Boston Scientific, FedEx, KB Home, Nike, Target


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Stocks to watch for Friday, September 22

  • Boeing (BA) won a reprieve on shutting down production of its C-17 military-cargo plane, thanks to fresh congressional funding.
  • Boston Scientific (BSX) forecast third-quarter revenue below analysts' expectations, citing a contraction in the cardiac rhythm management market and a slowdown in the drug-eluting stent market.
  • Cablevision (CVC) awarded options to a vice chairman after his 1999 death but backdated them to make it appear they were awarded when he was still alive. Cablevision restated its results as an options probe escalated.
  • Clarcor (CLC) reported third-quarter net earnings of $23 million, or 44 cents a share, compared with $20.9 million, or 40 cents a share, in the same period last year, on the back of stronger sales.
  • Cognos (COGN) said it has adopted a stock repurchase program for buying back the lesser of $200 million in stock of 8 million shares. The company said the program will commence Oct. 10 and end Oct, 9, 2007.
  • Corporate Office Properties Trust (OFC) said it has increased its quarterly dividend 11% to 31 cents from 28 cents a share. The dividend is payable Oct. 13 to shareholders as of Sept. 30.
  • Electroglas (EGLS) said the first-quarter net loss widened, as sales costs rose, to $5.83 million, or 22 cents a share, from a net loss of $3.91 million, or 18 cents a share, during the same period in the prior year.
  • FedEx (FDX) posted a 40% earnings surge, helped by strong demand for Asian exports, and forecast a solid holiday shopping season.
  • Finish Line (FINL) reported second-quarter net earnings of $9.92 million, or 21 cents a share, compared with $18.9 million, or 38 cents a share, during the year-ago period.
  • General Mills (GIS) reported a 6% gain in quarterly earnings, helped by improved sales and volume gains.
  • Hewlett-Packard (HPQ) CEO Mark Hurd offered to testify before a House panel examining the "pretexting" scandal related to the company's leak probe.
  • IHS (IHS) said third-quarter earnings rose to $16.1 million, or 28 cents a share, from $3.66 million, or 7 cents a share. Separately, the technical information provider said Chairman Jerre Stead will assume the additional role of chief executive, replacing Charles Picasso, who is retiring.
  • JDSU (JDSU) said it has approved a 1-for-8 reverse split of its common stock. The provider of communications test technology said the reverse split will reduce the number of the company's outstanding shares to 211 million from 1.7 billion.
  • KB Home (KBH) reported third-quarter revenue, but not income, due to an internal review of the company's stock-option grants. The homebuilder said quarterly revenue reached $2.67 billion, compared with $2.53 billion during the same period in the prior year.
  • Kos Pharmaceuticals (KOSP) said preliminary results for Icatibant, a treatment for hereditary angioedema, show the primary study endpoint was met in one trial, but not the other.
  • Medwave (MDWV) said Chief Executive Timothy O'Malley has resigned. The Danvers, Mass.-based maker of blood pressure monitoring technology named Frank Katarow, a director, as interim CEO.
  • Merck (MRK) filed an appeal of the first Vioxx trial, which took place in August 2005. A Texas jury had awarded $253.4 million to the widow of a man who took the painkiller and later died.
  • New York Times (NYT) said it expects third-quarter earnings to be less than those of a year earlier because of ongoing weakness in the print advertising market and due to the impact of staff reduction costs.
  • Nike (NKE) reported a nearly 13% drop in quarterly profit, hurt by stock-options expensing, but results beat Wall Street's expectations as revenue grew across all regions.
  • Palm (PALM) said its quarterly profit slipped, hurt by stock-option expenses, as the maker of the Treo phone struggles with competition in the smart-phone market.
  • Restaurant operator Rare Hospitality International (RARE) said it has planned several initiatives, including buying back of $125 million of the company's stock, and possibly selling its Bugaboo Creek chain.
  • Sanofi-Aventis (SNY) and Bristol-Myers Squibb (BMY) said the U.S. Court of Appeals for the Federal Circuit has denied Apotex's motion to stay the Aug. 31 preliminary injunction that ordered Apotex to halt its sales of a generic version of Plavix.
  • Starbucks (SBUX) reportedly is planning to increase the price of its coffee by about 5 cents a cup due to rising costs, including those for health care and raw ingredients.
  • Synnex (SNX) said third-quarter earnings increased to $13.8 million, or 43 cents a share, from $9.04 million, or 29 cents a share, a year ago. Revenue rose to $1.59 billion from $1.39 billion a year ago.
  • Take-Two Interactive Software (TTWO) said it has received a Nasdaq letter indicating that the company is not in compliance with the filing requirements for continued listing. The developer of entertainment software said a board committee is investigating the company's stock-option grants, which has delayed the filing of its report for the quarter ended July 31.
  • Target (TGT) said it is lowering prices on a number of generic drugs in the Tampa Bay area, effective immediately. The retailer said the move is consistent with its long-standing practice to be price competitive with Wal-Mart Stores (WMT), and it will match Wal-Mart's lower prices.
  • Texas Instruments (TXN) said it has approved the buyback of an additional $5 billion in shares. The chipmaker added that it plans to increase its quarterly cash dividend 33% to 4 cents a share.
  • Tribune (TRB) said its board has set a committee to oversee management's exploration of alternatives to create additional shareholder value, and the process is expected to conclude by year end. The media company also said it has reached an agreement to restructure two partnerships in which the Chandler family has an interest.
  • 3Com (COMS) reported a fiscal first-quarter loss of $14 million, or 4 cents a share, compared to a loss of $42 million, or 11 cents a share in the year-ago period. The networking equipment maker's sales rose to $300 million from $177.6 million a year ago.
  • Willis Group Holdings (WSH) said Don Bailey has been named chief executive of Willis North America. Bailey, currently Willis North America's chief operating officer, succeeds Mario Vitale.

Market Update

  • Asian trading closed with the Hang Seng -0.11%, Sensex -0.31%, Nikkei -1.26%, Shanghai -0.89% and Taiwan -0.06%.
  • A check of the European bourses finds the CAC -0.98%, DAX -0.97%, FTSE -0.83% and Swiss Market -0.80%.
  • Crude oil is trading +0.31 to 61.90 while gold is +8.0 to 596.3. For their part, stateside futes are below fair value.
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