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Stocks To Watch: ABN Amro, Adobe, Ingersoll-Rand, Whole Foods, Yahoo


Today's top stories and some stocks with potential to move...


Stocks to watch for Monday, July 30:

  • ABN Amro (ABN) withdrew its formal recommendation of Barclays (BCS) takeover bid, citing the current value of the U.K. lender's offer as compared to a rival offer from the Royal Bank of Scotland, Banco Santander and Fortis. ABN also reported a 7% profit decline.
  • Adobe (ADBE) faces a wave of criticism from printing companies for a deal that gives FedEx's Kinko's copy stores a link on some Adobe software. The flap could hurt Adobe's standing with smaller print-shop customers.
  • Banco Santander-Chile (SAN) recorded second-quarter earnings of 84 cents an American depositary share on core revenue up 19%. On average, analysts expected the Santiago, Chile, company to record per-ADS earnings of 86 cents, according to a poll by Thomson Financial.
  • Bristol-Myers Squibb (BMY) and ImClone Systems (IMCL) said the companies amended the terms of their agreement for the co-development and co-promotion of Erbitux in North America. The companies will expand investment in ongoing clinical development for Erbitux, a cancer treatment, by up to several hundred million dollars. Bristol-Myers is responsible for all development costs up to an undisclosed threshold value. The companies will seek the addition of numerous Phase II and III trials to research Erbitux's activity in many therapeutic settings. ImClone shares rose 59 cents, or 1.8%, to $34.15 in after-hours trading, while Bristol-Myers shares were flat at $28.64.
  • Coca-Cola's (COKE) second-quarter net income rose 32% to $11.7 mln, or $1.28 a share, from $8.89 mln, or 97 cents a share, a year earlier, due in part to holiday promotions and its tea products and lower operating expenses. Results from the most recent quarter include $200,000 in restructuring costs. The beverage bottler's net sales increased to $390.4 mln from $386.6 mln in the year-ago period. The company expects restructuring charges to total as much as $2 mln after taxes in 2007.
  • Dow Jones's (DJ) controlling shareholders, the Bancroft family, were still deliberating late Sunday whether to sell to News Corp. (NWS), which has offered $5 bln for the publisher. Michael B. Elefante, the family's lead trustee, has given family members a deadline of today at 5 p.m. EST to present him with voting agreements to sell shares to NWS.
  • Hertz Global Holdings (HTZ) said that Chief Financial Officer Paul Siracusa plans to retire, effective Aug. 31. The car rental company said it has named Elyse Douglas as interim CFO while an internal and external search is conducted.
  • Imperial Chemical Industries rejected a new $15.8 billion offer from Akzo Nobel (AKZOY).
  • U.S. industrial conglomerate Ingersoll-Rand (IR) said it would sell its Bobcat machinery business and two other units to Doosan Infracore for $4.9 billion cash, the biggest ever overseas acquisition by a South Korean firm.
  • KVH Industries (KVHI) said it has agree to pay $5.3 mln to settle securities class action claims filed against the company and certain of its officers in 2004 by KVH shareholders, as well as two related lawsuits filed against certain of KVH's directors and officers. KVH says its insurance carrier will make the payment. KVH makes mobile satellite communications products.
  • Nike (NKE) it suspended a contract to sell athletic apparel associated with Atlanta Falcons quarterback Michael Vick, who has been accused of running a dog-fighting ring.
  • NovaStar Financial (NFI) said it has approved a 1-for-4 reverse stock split of its outstanding common shares. The stock will begin trading on a split-adjusted basis on July 30, the residential lender and mortgage portfolio manager said.
  • Whole Foods Market's (WFMI) purchase of Wild Oats Markets (OATS) will be tested this week as the FTC is going to court this week to try and block the merger. The FTC is stating that the companies operate in a distinct market for premium natural and organic groceries and that the $565 mln deal would diminish competition and raise prices for that segment. The FTC plans on using comments made by WFMI 's CEO John Mackey in which he suggests that WFMI 's playing field is different from a typical grocer's.
  • Yahoo (YHOO) named veteran telecom executive Maggie Wilderotter as a director, the first addition to the Internet icon's board since co-founder Jerry Yang took over as CEO.

Market Update:

  • Asian trading closed with the Hang Seng +0.75%, Nikkei +0.03%, Sensex +0.17%, Taiwan -0.98% and Shanghai +2.20%.
  • A quick look across the pond finds the CAC -0.05%, DAX -0.35%, FTSE -0.22%, ATX -0.61%, Swiss Mkt. -0.46% and Stockholm +0.19%.
  • Crude oil is trading lower -0.41 to 76.61 while gold is higher +1.3 to 661.4 this morning.
No position in stocks mentioned.

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