Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stocks to Watch: Bank of America, Countrywide, Men's Warehouse, National Oilwell Varco, Rambus


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


Stocks to watch for Thursday, August 23, 2007:

  • Abercrombie & Fitch (ANF) reported second-quarter net earnings of $81.3 million, or 88 cents a share, up 24% from $65.7 million, or 72 cents a share, in the year-ago period. The teen retailer said revenue rose to $804.5 million from $658.7 million.
  • Bank of America (BAC) received a $2 bln equity stake in Countrywide (CFC) in a bid to bolster the confidence of creditors and investors in the mortgage lender. Bank of America invested the $2 billion in the form of a nonvoting 7.25% APY convertible preferred security, which can be converted into common stock at $18 a share with trading restrictions for 18 months after conversion.
  • Boeing (BA) changed the management of a surveillance project along the U.S.-Mexican border after falling behind schedule.
  • Cyberonics (CYBX) will cut its employee base by about 12% to reduce operation costs. The company said it will book about $2.5 million in staff-reduction costs in the fiscal second quarter.
  • Foot Locker (FL) said it swung to a second-quarter net loss of $18 million, or 12 cents a share, from net earnings of $14 million, or 9 cents a share, in the year-ago period. The athletic apparel and footwear chain said revenue for the three months ended Aug. 4 fell 1.5% to $1.28 billion from $1.3 billion. Second quarter comparable-store sales decreased 7.3%.
  • Gymboree's (GYMB) second-quarter net income increased to $5.8 million, or 19 cents a share, from $544,000, or 2 cents a share, a year earlier. The designer of children's clothing's revenue increased to $182.4 million from $152.1 million.
  • Hot Topic's (HOTT) second-quarter loss widened to $1.73 million, or 4 cents a share, from a year-earlier loss of $905,000, or 2 cents a share. The retailer said revenue for the quarter ended Aug. 4 increased to $161.7 million from $160.3 million, while same-store sales fell 5.8%.
  • Macy's (M) plans to launch an estimated $100 million ad campaign featuring such celebrities as Martha Stewart and Donald Trump
  • Men's Wearhouse's (MW) second-quarter net income rose 52% to $54.2 million, or $1 a share, from $35.6 million, or 65 cents a share, a year earlier.
  • National Oilwell Varco's (NOV) board approved a 2-for-1 stock split to be effected in the form of a stock dividend, to be made Sept. 28. In after-hours trading, National Oilwell shares were recently at $113.48 after trading as high as $115.01.
  • OptionsXpress Holdings (OXPS) said that David Kalt plans to step down as chief executive officer, effective Sept. 30. The firm said it has named President David Fisher to succeed Kalt as CEO, and also will take his seat on the board.
  • Rambus (RMBS) confirmed that the European Commission issued a Statement of Objections against the company alleging violations of European Union competition law. Rambus said the European Commission's statement represents the agency's preliminary view in its antitrust investigation of the company.
  • Synopsys (SNPS) reported third-quarter net earnings of $24.9 million, or 17 cents a share, up from $7.55 million, or 5 cents a share, in the year-ago period.

Market Update

  • Asian trading closed with the Hang Seng +2.77%, Nikkei +2.61%, Sensex -0.59%, Taiwan +2.82% and Shanghai +1.05%.
  • A quick look across the pond finds the CAC +0.96%, DAX +0.96%, FTSE +0.94%, ATX +1.73%, Swiss Mkt. +1.04% and Stockholm +1.01%.
  • Crude oil is trading +0.54 to 69.80 and gold is also higher +4.7 to 673.4 this morning.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos