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Stocks to Watch: Advanced Micro Devices, GlaxoSmithKline, Take-Two, TXU, Valspar

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

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Stocks to watch for Tuesday April 10:

  • 99 Cents Only Stores (NDN) said fourth-quarter same-store sales rose 2.9% from the year-ago period, as total sales rose 9.4% to $277.9 million. Retail sales for the quarter ended March 31 were $267.2 million, up 9.2%, the company said.
  • Advanced Micro Devices (AMD) cut its prediction for first-quarter revenue for the second time as the chip maker's own miscues added to pressure from rival Intel (INTC). The company, which was forced to cut prices to compete with Intel's latest products, also experienced sharply lower unit sales to distributors -- in part because it failed to deliver the products those customers wanted in sufficient volumes, analysts said.
  • DivX (DIVX) said it expects fiscal first-quarter revenue and pre-tax earnings to come in above its previous forecast. The company now expects revenue of $19.8 million to $20.2 million and for pre-tax earnings to be flat to up sequentially. DivX had previously forecast first-quarter revenue of $17.3 million to $19.3 million and for pre-tax earnings to be flat to slightly down when compared with the fourth quarter.
  • GlaxoSmithKline (GSK) and Adolor Corp. (ADLR) said they will put their development program for alvimopan on hold to evaluate findings from its long-term safety study. GlaxoSmithKline said Adolor has also suspended enrollment in Study 228 in rotator cuff surgery patients, a co-administration study being conducted as part of Adolor's combination product development program, until a more complete understanding of data is available. There are currently no other ongoing studies with alvimopan.
  • Lawson Software (LWSN) said it failed to earn a profit during its fiscal third quarter, despite an 118% increase in revenue. Lawson said net income for the quarter ended Feb. 28 fell to a loss of $9.77 million, or 5 cents a share, from a profit of $10 million, or 9 cents a share during the period a year earlier. Meanwhile revenue rose to $191.2 million, beating analysts' expectations. Excluding certain items, Lawson said it earned a profit of 6 cents a share, also beating expectations of 3 cents a share on $188 million in revenue. For its current fiscal fourth quarter, Lawson said it expects revenue of between $187 million and $195 million, and earnings between a loss of 2 cents a share and a profit of 3 cents a share.
  • Marathon Oil (MRO) said its first-quarter refining and wholesale marketing margins will be flat vs. last year, despite stronger market indicators for the refining sector in the U.S. Gulf Coast and the Midwest. In an interim earnings report, Marathon said the types of crude its refineries process are being priced at a wider premium against West Texas Intermediate crude delivered at Cushing, Okla.
  • Masco (MAS) said that Chairman and Chief Executive Richard Manoogian will transition from CEO to executive chairman in July. Manoogian has recommended to the board that Chief Financial Officer Timothy Wadhams become CEO in July, said the manufacturer of home improvement and building products. The board is expected to consider the recommendation in the next few months.
  • Pixelworks (PXLW) named Richard Brooks interim financial chief, replacing Mike Yonker who resigned effective March 31.
  • Seagate Technology (STX) said it now expects third-quarter revenue of about $2.8 billion, down from its previous forecast of $2.9 billion to $3 billion. Analysts polled by Thomson Financial are currently looking for revenue of $2.94 billion for the quarter. The maker of hard disc drives also said that GAAP and non-GAAP gross margins didn't achieve expectations. Primary factors impacting revenue and profitability, which became evident toward the end of March, were a lower-than-expected industry demand for 3.5-inch ATA disc drives and a more aggressive than planned pricing environment for high capacity 3.5-inch ATA disc drives, the company said.
  • SGI (SGIC) said it has named Robert Ewald as chief executive, effective immediately. Ewald, who most recently served as chairman and CEO of Linux Networx Inc., was also appointed to the board of directors.
  • Take-Two Interactive (TTWO) said that Karl Winters has resigned as chief financial officer, effective immediately. The New York-based video-game publisher said it has named Lainie Goldstein, currently serving as senior vice president of finance, as interim CFO. A search for a permanent CFO is underway, the company said. On March 29, a group of Take-Two's shareholders won control of the board, and ousted Chief Executive Paul Eibeler. The group also launched a review of the employment status of the CFO Winters.
  • TXU (TXU) has thrown out plans to build a large fleet of coal-fired power plants in Texas but hasn't altogether abandoned its expansion efforts. Instead, it hopes to build the biggest nuclear-power plants in the U.S.
  • Valspar (VAL) said it expects to report second-quarter earnings of 36 cents to 40 cents a share, excluding any adjustment for Huarun minority interest shares, compared with 46 cents a share a year earlier. The Minneapolis-based maker of paint and coatings said sales and profits for the quarter ending April 27 are being hurt by continued soft demand in its architectural paint and wood coating product lines. The company now expects fiscal 2007 earnings at the low end of its previous range of $1.80 to $1.90 a share.


Market Update

  • Asian trading closed with the Hang Seng +0.68%, Nikkei -0.45%, Taiwan -0.10% and Shanghai +1.33%.
  • A quick check towards Europe finds green with the CAC +0.23%, DAX +0.72%, FTSE +0.30%, ATX +1.13%, Swiss Mkt. +0.41% and Stockholm +0.71%.
  • Gold is trading up +4.7 to 681.6 and crude oil is also higher +0.22 to 61.73 this morning.
No positions in stocks mentioned.

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