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Stocks to Watch: AT&T, AIG, General Motors, Morgan Stanley, Teva Pharmaceuticals


Friday's top stories and stocks with potential to move...


Stocks to watch for Friday, September 28, 2007:

  • Accenture's (ACN) fiscal fourth-quarter net income fell to 8.6% to $316.8 million, or 50 cents a share, from $346.4 million, or 56 cents a share, a year earlier. The number of outstanding shares fell to 846.9 million from 881 million. The management consulting and outsourcing company said revenue climbed 27% to $5.57 billion from $4.39 billion.
  • American International Group (AIG) said its integration of 21st Century Insurance Group with one of its subsidiaries will result in job cuts and office closures, affecting 11% of the combined operation's workforce. AIG said that a substantial portion of the two-year process for the new operations will take place in 2008.
  • AT&T (T), after several years of focusing on US acquisitions, is now looking to expand abroad and offer global telecommunications services. For now, the company is focusing on India, which analysts expect will have 500 million cellphone subscribers by the end of the decade, more than double the current number.
  • Christopher & Banks' (CBK) fiscal second-quarter net income fell 57% to $3.39 million, or 9 cents a share. Results included 4 cents a share in charges related to the departure of the company's chief executive. Sales rose to $141.1 million from $131.6 million. Same-store sales increased 3%.
  • Cintas (CTAS) reported fiscal first-quarter net earnings of $81.1 million, or 51 cents a share, compared with $85 million, or 53 cents a share, a year ago. Revenue rose 6% to $969.1 million. Wall Street was looking for earnings of 53 cents a share on sales of $973 million. Cintas reiterated its full-year revenue outlook of $3.9 billion to $4.1 billion, and its earnings view of $2.15 to $2.25 a share.
  • Finish Line (FINL) reported a fiscal second-quarter loss of $1.8 million, or 4 cents a share, taking into account a charge of 17 cents a share for asset impairment, write-down of inventory and lease costs from the closure of 15 Paiva stores. The retailer said sales increased 1.3% to $343 million. while same-store sales declined 4.7%.
  • General Motors (GM), under its contract with the UAW, would have the ability to buy out up to 24,000 UAW workers and replace them with lower-paid employees.
  • Jabil Circuit (JBL) reported fiscal fourth-quarter profit of $11.7 million, or 6 cents a share. The company said revenue rose slightly to $3.1 billion from $3 billion a year ago. Excluding one-time items, Jabil said earnings were $59.9 million, or 29 cents a share.
  • Morgan Stanley (MS) will settle charges that it falsely claimed to arbitration claimants and regulators that it l;ost e-mails on September 11, 2001. MS will pay $12.5 mln including a $3 mln fine and $9.5 mln for a fund to pay the eligible arbitration claimants.
  • Teva Pharmaceutical Industries (TEVA) was approved to market generic versions of GlaxoSmithKline's (GSK) Avandia, Avandamet and Avandaryl oral tablets by the end of the first quarter of 2012, after the companies settled a district court case. Financial terms of the settlement weren't disclosed.

Market Update

  • Asian trading closed with the Hang Seng +0.29%, Nikkei -0.28%, Sensex +0.82%, Taiwan -0.02% and Shanghai +2.64%.
  • Peeking across the pond, we spy the CAC -0.40%, DAX -0.19%, FTSE -0.76%, ATX -0.49%, Swiss Mkt. +0.18% and Stockholm +0.07% this morning.
  • Crude oil is trading -0.34 to 82.54 while gold is higher +4.6 to 744.5. this morning.
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