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Stocks To Watch: Blockbuster, Motorola, Micron, Palm, Research in Motion

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

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Stocks to watch for Friday, June 29:

  • 3Com (COMS) reported a fiscal fourth-quarter net loss of $66.2 million, or 17 cents a share, versus $15.2 million, or 4 cents a share, in the year-ago period. The company said separately it plans to launch an initial public offering of stock of its TippingPoint subsidiary.
  • ABX Air (ABXA) said it has received an unsolicited "indication of interest" from Astar Air Cargo Holdings LLC to acquire ABXA for $7.75 a share in cash. No formal offer has yet been made, said ABXA, a cargo airline.
  • Accenture (ACN) said net income for the three months ended May 31 rose to $345.4 million, or 54 cents a share, from $342.3 million, or 56 cents a share, in the year-ago quarter. Analysts polled by Thomson Financial had forecast 55 cents a share in the most recent quarter. The technology consulting and outsourcing company said revenues rose 15% to $5.5 billion. Excluding reimbursements, net revenues rose to $5.08 billion, also up 15%. The company has raised its outlook for earnings per share for its fiscal year 2007 to a range of $1.94 to $1.96 from the previous range of $1.88 to $1.93.
  • American Home Mortgage Investment (AHM) expects a second-quarter loss on substantial charges for credit-related expenses and withdrew its 2007 earnings guidance. The mortgage real estate investment trust said it will have "substantial" delinquency-related charges in the quarter and will reclassify a portion of its other losses. American Home Mortgage said it is withdrawing its earnings forecast because of the second-quarter results and current conditions in the mortgage industry. It expects to reissue guidance toward the end of the year.
  • Apollo Group's (APOL) third-quarter net income fell slightly to $131.4 million, or 75 cents a share, from $131.5 million, or 75 cents a share, in the year-ago period. The education company's revenue rose 12% to $733.4 million from $653.4 million in the year-ago period. On average, analysts expected per-share earnings of 67 cents on revenue of $703.3 million, according to a poll by Thomson Financial.
  • Arrow International's (ARRO) fiscal third-quarter net income rose 4.4% to $14.5 million, or 31 cents a share, from $13.9 million, or 31 cents a share, a year earlier.
  • Black Box (BBOX) reported preliminary fiscal fourth-quarter net earnings of $6.97 million, or 39 cents a share, up from $4.66 million, or 26 cents a share, in the year-ago period. Excluding certain items, the company earned 71 cents a share versus 53 cents a share last year.
  • Blockbuster (BBI) expects to close 282 of its U.S. stores this year, according to a filing Thursday with the Securities and Exchange Commission.
  • Champion Industries (CHMP) agreed to acquire the Herald-Dispatch from publisher GateHouse Media (GHS) for $77 million.
  • Christopher & Banks's (CBK) fiscal first-quarter net income fell 20% to $11.7 million, or 32 cents a share, from $14.6 million, or 39 cents a share, a year earlier. The women's retailer's total sales rose 5% for the quarter ended June 2 to $149.4 million from $142.5 million for the year-ago period. Analysts surveyed by Thomson Financial expected, on average, per-share earnings of 30 cents on revenue of $149 million. Same-store sales fell 4%. The company said it sees fiscal second-quarter per-share net income of between 11 cents and 12 cents, while analysts expect per-share earnings of 20 cents.
  • Finish Line (FINL) said it swung to a fiscal first-quarter loss of $3.87 million, or 8 cents a share, from a profit of $4.36 million, or 9 cents a share, a year earlier on $5.67 million in operating losses. The retailer said revenue for the quarter ended June 2 fell slightly to $288.3 million from $289 million a year ago. On average, analysts polled by Thomson Financial predicted a first-quarter loss of 10 cents a share and revenue of $288.4 million. Analyst estimates exclude items.
  • Heelys (HLYS) said it has withdrawn its registration statement with the Securities and Exchange Commission for a secondary public offering of 4.5 million shares by some of its stockholders.
  • Micron Technology (MU) said it swung to a fiscal third-quarter loss of $225 million as the maker of chip memory technology saw huge price declines across most of its major product lines.
  • Motorola (MOT) started selling the next generation of its Razr cellphone in South Korea ahead of a global launch scheduled for July.
  • Palm (PALM) reported fiscal fourth-quarter net earnings of $15.4 million, or 15 cents a share, down 44% from $27.2 million, or 25 cents a share, in the year-ago period. Excluding items, the company earned 17 cents a share. Revenue in the quarter ended May 31 fell to $401.3 million from $403.1 million. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 15 cents on revenue of $407 million. Palm forecast fiscal first-quarter per-share results in a range of a loss of a penny to a profit of penny. Excluding items, the company expects earnings of 7 cents to 9 cents a share. Palm forecast revenue of $355 million to $365 million. Analysts are looking for a per-share profit of 14 cents on revenue of $393 million.
  • Research in Motion (RIMM) said strong BlackBerry sales pushed its fiscal first-quarter earnings up 73%.
  • Robbins & Myers (RBN) late Thursday said it swung to a fiscal third-quarter net profit of $13.2 million, or 77 cents a share, from a year-ago net loss of $75,000, or a penny a share. The maker of equipment for the pharmaceutical, energy and industrial markets said revenue in the three months ended May 31 rose to $171.4 million from $153.2 million in the comparable period last year. The company said it expects fourth quarter earnings of 75 cents to 85 cents a share, and increased its fiscal 2007 earnings forecast to a range of $2.60 to $2.70 a share from its previous view of $2.20 to $2.40 a share. Analysts are looking for fourth-quarter earnings of 72 cents a share and fiscal 2007 earnings of $2.40 a share.
  • Soletron's (SLR) third-quarter net income fell 71% to $42 million, or 1 cent a share, from $42 million, or 5 cents a share, a year earlier. Excluding items, the company recorded adjusted per-share earnings of 6 cents. The electronics company's revenue rose 10% to $2.99 billion from $2.7 billion in the year-ago period. On average, analysts expected adjusted per-share earnings of 5 cents on revenue of $2.99 billion, according to a poll by Thomson Financial.
  • Western Digital (WDC) agreed to acquire Komag (KOMG) for about $1 billion. The $32.25-a-share offer is a 9% premium to Komag's Thursday close of $29.58. Separately, Komag cut its second-quarter revenue outlook, prompting it to project a "substantial" operating loss for the period.


Market Update

  • Asian trading closed with the Hang Seng -0.75%, Nikkei +1.15%, Sensex +1.01%, Taiwan -0.11% and Shanghai -2.39%.
  • A quick check across the pond looks mostly red with the CAC -0.34%, DAX -0.19%, FTSE -0.63%, ATX +0.64%, Swiss Mkt. -0.26% and Stockholm -0.58%.
  • Crude oil is trading higher +0.61 to 70.17 and gold is also up +2.2 to 652.6 this morning.
No positions in stocks mentioned.

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