Stocks to Watch: Bristol-Myers, Chevron, Ford, Veritas, Viacom
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Stocks to watch for Tuesday, September 5
- AnorMed (AOM)) said it will evaluate Genzyme's (GENZ) unsolicited $8.55-a-share acquisition offer. AnorMed said it plans to issue a recommendation regarding the $380 million bid, and advised shareholders to take no action at this time.
- Atari (ATAR) said it has received a non-compliance notice from Nasdaq over the company's failure to maintain a minimum share price of $1.
- Audi of America, which is owned by Volkswagen, said August sales rose 3%, to 7,115 units from 6,911 units in the same month last year. Sales of the Audi A4 fell 1.3% in August to 3,183.
- Bristol-Myers Squibb (BMY) late Friday lowered its earnings projection for this year. During the week a federal judge halted shipments of generic versions of the company's popular Plavix blood thinner, but refused to recall generic versions of the product that already have been distributed. The company expects full-year per-share income from continuing operations of no less than 95 cents; in July it forecast a result of $1.15 to $1.25.
- Chevron (CVX), Devon Energy (DVN) and Statoil (STO) announced the first successful oil production from a deep-water region in the Gulf of Mexico. The area could become the U.S.'s biggest new domestic source of oil since Alaska's North Slope.
- Disney's (DIS) Hong Kong Disneyland all but acknowledged it will miss attendance targets for its first year of operations, following a slow start and marketing challenges.
- Ford's (F) chief executive said the auto maker must change the way it does business. In an email to employees, Bill Ford said the company's business model "is no longer sufficient to sustain profitability."
- France's CGG agreed to acquire Veritas (VTS), a Houston provider of geophysical information and services, for about $3.1 billion in cash and stock.
- Intel (INTC) is set to announce sweeping job cuts later on Tuesday, amid speculation that up to 10 percent of its staff could go. Intel is expected to slash its 100,000-strong workforce after second-quarter net profit fell 56 percent as it cut prices to compete with arch rival Advanced Micro Devices (AMD).
- J.C. Penney (JCP) awarded its $430 million advertising account to Publicis Groupe's Saatchi & Saatchi.
- News Corp.'s (NWS) MySpace.com social networking site is forming a partnership with Snocap Inc., a service that facilitates sales of musical downloads, The Wall Street Journal reported. MySpace has been testing a Snocap service, formed by the founder of Napster, that allows visitors to MySpace to buy songs for 79 cents each. NWS also launched thelondonpaper, diving into London's already crowded market for free newspapers -- a relatively new but increasingly lucrative source of media revenue.
- Sands Regent (SNDS) said its shareholders have approved the company's acquisition by Herbst Gaming Inc. Reno, Nev.-based Sands, a hotel and casino operator, agreed in May to be acquired by Herbst for $15 a share. The deal is expected to close by the end of the year.
- Sun Microsystems (SUNW) and Unisys (UIS) jointly filed a lawsuit against Hynix Semiconductor over alleged price-fixing of the South Korean chip maker's DRAM chips.
- Tyco (TYC) backed off a 1999 plan to grant a backdated stock-option award after being warned against the practice by a consultant.
- Viacom (VIA) said Tuesday its current president and CEO Tom Freston has resigned his position with the company. Freston will be replaced by Philippe P. Dauman, who is currently a member of the Viacom Board of Directors, the company said in a prepared statement.
- XL Capital (XL) and Banco Itau Holding Financeira S.A. said they have entered a definitive agreement to form a joint venture insurance company in Brazil. The new insurance company, Itau XL Seguros Corporativos S.A., will combine the current Brazilian property, casualty and specialty commercial insurance business of Itau and XL and will operate in Brazil's commercial insurance market.
- Asian trading closed with the Hang Seng -0.43%, Nikkei +0.17%, Sensex -0.08%, Shanghai +0.40 and Taiwan -0.24%.
- A check of the European bourses finds the CAC -0.85%, DAX -0.78%, FTSE -0.37% and Swiss Market -0.51%.
- Crude oil is trading -0.99 to 68.20 while gold is +7.30 to 639.9, for thier part stateside futes are mixed to fair value.
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