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Stocks to Watch: Cisco, Dell, General Motors, Merix, Western Union

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It's a slow ride, take it easy.

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Stocks to watch for Tuesday, September 26

  • Advanced Medical Optics (EYE) said it now sees 2006 adjusted per-share earnings of $1.90 to $1.95, compared with its prior view of $2.05 to $2.21. The medical device company also lowered its outlook for annual revenue, and now sees it ranging from $1.01 billion to $1.02 billion, compared with the prior view $1.02 billion to $1.04 billion.
  • Alexandria Real Estate Equities (ARE) said it will sell 2.5 million of its shares in a public offering. Gross proceeds will be $240 million, which the company intends to use to reduce the outstanding balance on its unsecured line of credit, among other moves.
  • American Railcar Industries (ARII) said it will make and sell 2,400 tank railcars to American Railcar Leasing, which is controlled by Carl Icahn, ARI's chairman and principal shareholder.
  • AngioDynamics (ANGO) said first-quarter net income rose, as sales gained, to $1.9 million, or 12 cents a share, from $1.29 million, or 10 cents a share, during the same period in the prior year.
  • Arena Pharmaceuticals (ARNA) said an investigational niacin receptor agonist, being developed under partnership with Merck (MRK), is no longer in development for the treatment of atherosclerosis.
  • Avid Technology (AVID) said softness in the company's audio business is adversely impacting expected third-quarter results. The company said it is narrowing its estimate for pro-forma, per-share income to the lower half of its prior outlook that ranged from 35 cents to 49 cents.
  • Bear Stearns (BSC) named Michel Peretie to the new role of chief executive of the bank's activities in Europe. The move comes as Bear Stearns boosts its presence in the region.
  • Cabot (CBT) said it plans to eliminate 130 positions as part of cost reduction. The plans are projected to result in a $15 million pretax charge, of which about $8 million is expected to be recorded in the fourth quarter.
  • Cephalon (CEPH) said it has received approval from the Food and Drug Administration to market Fentora, a tablet to manage breakthrough pain in patients with cancer who are already receiving and tolerant to opioid therapy for underlying persistent cancer pain.
  • Cisco (CSCO) is launching a set of products that allow large businesses to create and distribute video messages, taking a page from YouTube's model.
  • DaimlerChrysler (DCX) is considering "structural" changes as it deals with bloated inventories, production cuts and a third-quarter operating loss, the auto maker's CEO said. The company hopes to announce details in the fourth quarter on a partnership to produce a new subcompact car.
  • Dell (DELL) said it plans to hire 500 engineers to work on product development in Texas, as the computer maker strives to move on in the midst of a laptop battery recall and accounting investigation.
  • EpiCept (EPCT) said Myriad Genetics (MYGN) has reported positive clinical results for Azixa, a compound discovered by EpiCept and licensed to Myriad. Based on the results, Myriad intends to initiate Phase II clinical trials, triggering a milestone payment to EpiCept.
  • Helix Energy Solutions Group (HLX) said it has named Martin Ferron chief executive, effective Oct. 1. The company said Ferron, a former chief operating officer at Helix, will succeed Owen Kratz, who will continue with the company as executive board chairman.
  • Hewlett-Packard (HPQ) should overhaul its board of directors in the wake of the leak-investigation scandal, corporate-governance experts say.
  • Innovex (INVX) said it has cut its fourth-quarter revenue outlook to $32 million from its prior estimate of $39 million to $42 million. Innovex said the revision is due to lower demand from its disk drive industry customers.
  • Interpool (IPX) said its board has approved raising the dividend for each quarter in 2007 to 25 cents a share, for an annual dividend rate of $1. The current annual dividend rate is 32 cents per share.
  • Lear (LEA) said it is consolidating its North American Customer Group into three product groups: Seating, Electrical and Interior Systems. The supplier of automotive interior systems and components said the move aims to improve operating efficiency.
  • Loudeye (LOUD) said it has received approval for its acquisition by Nokia (NOK). The Seattle-based digital music distributor said it received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
  • Merix (MERX) said it now expects first-quarter earnings of $3 million to $3.6 million, or 15 cents to 17 cents a share, on revenue of about $106 million. On a pro forma basis, Merix said it now sees per-share earnings of $4 million to $4.6 million, or 19 cents to 21 cents. The circuit-board maker had previously forecast per-share earnings of 25 cents to 30 cents, or 31 cents to 35 cents on a pro forma basis, on revenue of $102 million to $106 million.
  • Murphy Oil (MUR) said its USA Inc. unit has reached a proposed $330 million settlement for the consolidated class action litigation pending in U.S. District Court for the Eastern District of Louisiana. The litigation involves an oil spill from a crude oil storage tank that occurred in the wake of Hurricane Katrina.
  • Progressive Gaming International (PGIC) said it will defend a lawsuit alleging patent infringement filed against it by Paltronics Inc.
  • Pegasus Wireless (PGWC) said it has applied to withdraw its stock from Nasdaq by Oct. 26. The shares will trade on another listed exchange or on the OTC Bulletin Board. The company cited volume increases, price reductions and volatility in its stock as the reason for the switch.
  • Perrigo (PRGO) said it has received approval from the Food and Drug Administration to manufacture and market over-the-counter famotidine tablets. The FDA determined the tablets to be bioequivalent to Maximum Strength Pepcid AC tablets indicated for the relief of heartburn due to acid indigestion.
  • PMC-Sierra (PMCS) said it cut its third-quarter revenue outlook to $114 million to $116 million from $122 million to $124 million.
  • A top Renault official said General Motors (GM) hasn't displayed the same urgency as its potential partners in confronting Toyota's (TM) expansion.
  • Reynolds American (RAI) R.J. Reynolds Tobacco subsidiary said it plans to appeal a federal judge's decision earlier Monday approving a class certification in a "lights" case that charges cigarette makers with racketeering.
  • Standard & Poor's said Western Union (WUWI) will replace Andrew (ANDW) in the S&P 500 after the market's close on Friday.
  • URS (URS) said its EG&G Division has been awarded an indefinite delivery/indefinite quantity contract by the Air Force to provide spare parts and repair services on allied weapon systems. The five-year contract has a maximum value of $275 million.


Market Update

  • Asian trading closed with the Hang Seng -1.36%, Sensex +1.21%, Nikkei -0.49%, Shanghai -0.56% and Taiwan -0.14%.
  • A check of the European bourses finds the CAC +1.22%, DAX +0.77%, FTSE +0.84% and Swiss Market +0.92%.
  • Crude oil is trading -0.32 to 61.13 while gold is -1.6 to 594.3. For their part, stateside futes are slightly below fair value.
No positions in stocks mentioned.

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