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Stocks to Watch: Advanced Micro Devices, Bear Stearns, Citigroup, Google, SanDisk


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


Stocks to watch for Friday, October 19, 2007:

  • Advanced Micro Devices (AMD) reported a loss of $396 million on revenue of $1.63 billion in the quarter ended Sept. 29, down from a profit of $136 million on revenue of $1.33 billion in the same period last year. The company said the loss was related to its acquisition of ATI.
  • Avaya (AV) said fiscal fourth-quarter net income fell 27% to $35 million, or 8 cents a share, from $48 million, or 10 cents a share, a year earlier. Excluding restructuring charges and merger-related costs, earnings rose to $87 million, or 19 cents a share, from $80 million, or 17 cents a share, a year earlier.
  • Bear Stearns (BSC) is under investigation by Massachusetts security regulators over whether or not the company traded improperly with two of its hedge funds that went under within the past few months. The question is whether Bear Stearns traded mortgage-backed securities for its own account with the hedge funds without notifying the funds' independent directors in advance, people familiar with the investigation said.
  • Capital One Financial (COF) reported a third-quarter loss of $81.6 million, or 21 cents a share, from a profit of $750.4 million, or $1.89 a share, a year ago. The company reported a quarterly loan loss provision of $595.5 million up from $430.6 million last year.
  • Citigroup (C) that it had secured funding for $80 bln in structured investment vehicles. Citigroup SIVs can avoid the kind of forced selling at distressed prices begun by some other European SIV managers, the executives said, according to the Wall Street Journal.
  • Gilead Sciences (GILD) reported a third-quarter profit of $398.3 million, or 42 cents a share, up from its loss of $52.1 mln, or 6 cents a share a year earlier. The company's line of HIV products helped sales rise 41% to $1 bln.
  • Google (GOOG) said its 3Q profit rose from the year-ago period, reporting net income of $1.07 billion, or $3.38 a share, compared to $733.4 million, or $2.36 a share in the same quarter last year. Revenue rose 57% to $4.23 billion. The company reported earnings of $3.91 per share.
  • SanDisk (SNDK) reported a fiscal third-quarter profit of $84.6 million, or 36 cents a share. Revenue grew 38% to $1.04 billion. The company earned $103.3 million, or 51 cents a share on $751 million in revenue in the year-ago period. Excluding charges the company would have earned $130 million, or 54 cents a share, to beat analyst estimates of 34 cents a share on revenue of $941 million.
  • Xilinx (XLNX) reported a loss in fiscal second-quarter earnings of 3.5% from the previous year amid a decline in sales. Earnings for the period ended Sept. 30 were $89.7 million, or 30 cents a share, compared to earnings of $93 million, or 27 cents a share, for the same period last year. Revenue fell nearly 5% to $444.9 million. Analysts were expecting earnings of 29 cents a share on revenue of $444.8 million.

Market Update

  • Asian trading closed with the Nikkei -1.71%, Sensex -2.44%, Taiwan -0.26% and Shanghai -0.12%.
  • A quick look at European bourses finds the CAC +0.03%, DAX +0.16%, FTSE -0.13%, ATX +0.73%, Swiss Mkt. -0.25% and Stockholm -0.39%.
  • Crude oil is trading higher +0.11 to 88.15 and gold is also up +4.0 to 772.70 this morning.
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