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Stocks To Watch: Advanced Micro, Express Scripts, Footlocker, Juniper Networks, Toyota


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


Stocks to watch for Tuesday, April 24:

  • Advanced Micro Devices (AMD) said it plans to offer $1.8 billion of convertible senior notes in a private offering to qualified institutional buyers.
  • Specialty chemicals maker Albemarle (ALB) reported first-quarter net income of $58.1 million, or 60 cents a share, up from $34.4 million, or 36 cents, a year ago. Revenue for the three months ended March 31 fell 3%, however, to $589.2 million from $607.4 million.
  • Altera's (ALTR) first-quarter earnings grew nearly 28% to $75.1 million, or 21 cents a share, from a year-earlier profit of $58.7 million, or 16 cents a share. The semiconductor company's sales increased 4.1% to $304.9 million, from $292.8 million.
  • Apple's (APPL) former finance chief, Fred Anderson, settled with the SEC over alleged stock-option backdating. The agency is expected to pursue a civil suit against former general counsel Nancy Heinen.
  • Cardinal Health (CAH) said it has established a $600 million reserve associated with the possible resolution of a pending class-action securities lawsuit. The suit is related to Cardinal's financial reporting and disclosures between fiscal 2000 and 2004. The company said the reserve represents its current estimate to reach a mediated settlement. As a result, Cardinal said it take after-tax charge of $384 million in the third quarter.
  • Chubb (CB) said that first-quarter net income came in at $710 million, or $1.71 a share, up 6% from a year earlier when the property and casualty insurer made $672 million, or $1.58 a share. Operating earnings, which excludes net realized investment gains and losses, were $634 million, or a record $1.53 a share, the company added. Net written premiums for the first quarter declined 2% to $2.9 billion and the combined ratio, a closely watched measure of underwriting profitability, was 83.4%, Chubb said.
  • Express Scripts (ESRX) reported a 28% rise in first-quarter profit, boosted by higher sales of generic drugs, and lifted its forecast for the full-year period.
  • Forward Air (FWRD) reported first-quarter net earnings of $10.3 million, or 34 cents a share, down 6.5% from $11 million, or 35 cents a share, in the year-ago period. The transportation and logistics company said revenue in the three months ended March 31 rose 6.1% to $87.4 million from $82.3 million in the comparable period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 36 cents on revenue of $87 million.
  • Footwear retailer Genesco (GCO) said its board rejected Foot Locker's (FL) unsolicited proposal to acquire the company for about $1.2 billion.
  • Globecomm Systems (GCOM) said it has agreed to acquire the GlobalSat division of Lyman Bros. Inc. for $18.4 million in cash. GlobalSat, a provider of satellite-based telecommunications services, has 70 employees and had revenue of $21 million in 2006. Globecomm said it will partially fund the deal through a $16 million acquisition term loan to be provided by Citibank N.A. The transaction is expected to close in Globecomm's fiscal fourth quarter ending June 30.
  • Golfsmith International Holdings (GOLF) said preliminary results indicate a deeper than expected first-quarter loss of 31 cents to 32 cents a share, compared with the previous estimate of 20 cents to 22 cents a share. The specialty retailer of golf and tennis equipment, apparel and accessories said the loss was impacted by higher than anticipated selling, general and administrative expenses and gross margin pressure. Golfsmith also estimates revenue of about $77.6 million, in line with its previous estimate of $77 million to $79 million.
  • IRobot (IRBT) and Boeing (BA) signed a pact to develop and deliver a small unmanned ground vehicle, or SUGV, to military, civil and commercial users. Financial terms of the agreement weren't disclosed. The maker of behavior-based robots iRobot and Boeing (BA) said the robot will enable users to remotely conduct reconnaissance and secure real-time intelligence.
  • JDA Software's (JDAS) first-quarter net income rose sharply to $5.42 million, or 16 cents a share, from $487,000, or 2 cents a share, a year earlier. Excluding items, the supply-management software company earned 28 cents a share for the quarter, up from 7 cents a share a year earlier. Revenue rose 89% to $90.7 million from $47.9 million a year earlier.
  • Juniper Networks (JNPR) reported first-quarter net earnings of $66.6 million, or 11 cents a share, down 12% from $75.8 million, or 13 cents a share, during the year-ago period. The network-equipment maker posted total revenue of $626.9 million vs. $566.7 million. Pro forma earnings were $112.4 million or 19 cents a share, compared with $113.4 million, 19 cents a share, last year.
  • Target (TGT) said that April sales will be "much weaker" than originally forecast, sending shares lower in after-hours trading.
  • Toyota (TM) became the world's top auto seller in the first three months of the year, passing rival General Motors (GM) for the first time.

Market Update

  • Asian trading closed with the Hang Seng +0.08%, Nikkei -0.02%, Sensex +1.50%, Taiwan +0.43% and Shanghai +0.26%.
  • A quick look towards Europe shows the CAC -0.20%, DAX -0.66%, FTSE -0.58%, ATX -0.45%, Swiss Mkt. -0.16% and Stockholm -0.95%.
  • Gold is trading +0.7 to 694.9 while crude oil is -0.03 to 65.86 this morning.
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No positions in stocks mentioned.

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