Stocks to Watch: ABN Amro, Apple, Chevron, Qualcomm, Xilinx
Today's big stories and some stocks with potential to move...
Stocks to Watch fopr Thursday, April 26:
- ABN Amro (ABN) said it has agreed to provide Royal Bank of Scotland, Santander and Fortis with the same information that it shared with Barclays Plc (BCS), subject to the execution of confidentiality agreements. Earlier Wednesday, a consortium led by the RBS said it may bid around $101 billion for ABN Amro, but only if LaSalle Bank remains in the ABN group. The proposed bid is worth 39 euros a share, or around 74.5 billion euros. The group said its takeover offer is 13% higher than the deal ABN Amro reached with Barclays.
- Apple's (AAPL) profit jumped 88% on a 21% sales jump, aided by lower costs for flash-memory chips and other components. Shares soared over 6% to $101.39 after hours.
- Alcon (ACL) reported first-quarter net earnings of $346.2 million, or $1.14 a share, up 17% from $295.7 million, or 95 cents a share, during the year-ago period. Excluding a charge related to the impairment of certain assets, adjusted earnings were $367 million, or $1.21 a share. The Swiss eye-care company posted revenue for the three months ended March 31 of $1.32 billion vs. $1.16 billion.
- Bristol-Myers (BMY) plans to name James Cornelius, who has served as interim CEO since September, as permanent chief executive.
- Chevron (CVX) increased its quarterly dividend 11.5% to 58 cents a share, payable on June 11 to shareholders of record as May 18.
- Citrix Systems (CTXS) said it wasn't releasing full first-quarter results due to an ongoing voluntary stock-option review. Citrix said the audit committee found that incorrect measurement dates were used to account for certain historical stock-option grants from 1996 through 2006. As a result, the company said it expects material noncash stock-based compensation expense and will restate previously issued financial statements.
- Dow Chemical (DOW) reported a 20% decline in quarterly profit, as results were weighed down by significantly lower licensing revenue from the performance-plastics segment.
- F5 Networks (FFIV) said that fiscal second-quarter net income rose 24% to $20 million, or 47 cents a share, from $16.1 million, or 39 cents a share, a year earlier.
- Marathon Oil (MRO) declared a 2-for-1 stock split, to be distributed in the form of a stock dividend on June 18 to shareholders of record as of May 23. Additionally, the company increased its quarterly dividend 20% to 48 cents from 40 cents a share, on a pre-split basis.
- NutriSystem (NTRI) said first-quarter net income surged to $37.9 million, or $1.04 a share, from $22.3 million, or 60 cents a share, a year earlier, on growth in the core women's market. The Horsham, Pa., provider of weight management and fitness products and services said revenue increased 62% to $238.4 million from $146.8 million a year ago.
- Pfizer (PFE) subsidiary Pharmacia and Upjohn Co. pleaded guilty in federal court to one count of offering a kickback to a pharmacy benefit manager and was sentenced to pay a fine of $19.7 million, the government said. The U.S. Attorney's Office said the company offered the kickback in an effort to obtain improved formulary status for its drug products.
- Qualcomm (QCOM) reported fiscal second-quarter profit rose 22% on higher sales of cell phone chips that use the company's technology. The firm also raised its full-year forecast for sales and profit.
- Ryland Group (RYL) said it swung to a first-quarter net loss of $24.4 million, or 58 cents a share, from net earnings of $90 million, or $1.86 a share, in the year-ago period. Excluding certain items, the company said first quarter 2007 earnings came in at 70 cents a share. The homebuilder said revenue in the three months ended March fell 34% to $706.4 million from $1.06 billion the comparable period last year.
- Shares of Wendy's International (WEN) surged more than 13% late Wednesday after the fast-food chain operator reported a 71% drop in first-quarter profit and said it was considering strategic options to enhance shareholder value, including the possible sale of the company.
- Xilinx's (XLNX) fiscal fourth-quarter profit fell 21% to $87.6 million, or 27 cents a share, from $110.7 million, or 32 cents a share, a year earlier, due partly to declines in defense, wireless and consumer-application sales. The logic-chip maker said Wednesday that revenue for the quarter ended March 31 fell 6% to $443.5 million from $472.3 million in the year-earlier quarter.
- Zimmer Holdings's (ZMH) first-quarter net income rose to $233.4 million, or 98 cents a share, from $205.6 million, or 82 cents a share, a year earlier on 10% higher sales. The maker of reconstructive and spinal implants, trauma and related surgical products revenue rose to $950.2 million from $860.4 million a year ago.
- Asian trading closed with the Hang Seng +0.64%, Nikkei +1.12%, Sensex +0.08%, Taiwan +0.19% and Shanghai +1.04%.
- A quick look across the pond finds the CAC +0.33%, DAX +0.85%, FTSE +0.64%, ATX +0.95%, Swiss Mkt. +0.44% and Stockholm +0.42%.
- Crude oil is trading lower -0.43 to 65.41 and gold is also down -2.3 to 685.1 this morning.
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