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Stocks to Watch: Biogen, Goldman Sachs, Home Depot, Jones Apparel, NovaStar Financial

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

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Stocks to watch for Friday, August 10,2007:

  • Biogen Idec (BIIB) named Paul Clancy executive vice president and chief financial officer, effective Aug. 13. He has been serving as senior vice president of finance for Biogen since 2001.
  • California Pizza Kitchen (CPKI) reported second-quarter net earnings of $6.32 million, or 21 cents a share, up 5.1% from $6.01 million, or 20 cents a share, in the year-ago period. CPKI said revenue in the three months ended July 1 rose 16.4% to $158.6 million from $136.2 million in the same period last year, while comparable restaurant sales increased 5.4%.
  • Goldman Sachs' (GS) North American Equity Opportunities hedge fund had $767 million under management earlier this year. The Fund was down over 15% this year, through July 27, according to investors and was down more than 11% in July alone. It is not known how much the fund has sold in recent days.
  • Home Depot (HD) said it is renegotiating terms of the $10.3 billion sale of its supply business to three private-equity firms, as credit markets make buyouts increasingly difficult. The restructuring of the deal, which had been set to close Aug. 16, could lead to a reduction in the sale price of HD Supply, the retailer said yesterday.
  • Jones Apparel Group (JNY) said it did not receive a new proposal from Fast Retailing to acquire its Barneys New York subsidiary by Thursday's 5 p.m. deadline. Jones said it is now moving ahead with the sale of Barneys to Dubai-based Istithmar PJSC. On Wednesday, Jones said Istithmar agreed to raise its offer for Barneys to $942.3 million in cash, but the two companies also raised the deal's breakup fee to $34.7 million.
  • NovaStar Financial (NFI) swung to a second-quarter loss of $52.9 million, or $5.84 a share, from a profit of $34.7 million, or $3.97 a share, a year earlier, due to pretax impairments of $116.9 million on mortgage securities, credit loss provisions and other items. Per-share earnings reflect the company's July 27 1-for-4 reverse stock split. NFI's revenue dropped to $130.5 million from $132.8 million in the year-ago period.
  • Nvidia (NVDA), after the bell, reported a fiscal second-quarter profit that almost doubled from a year ago as the graphics chipmaker reported strong demand for its chips used in notebook and desktop computers.


Market Update

  • Asian trading closed with the Hang Seng -2.88%, Nikkei -2.37%, Sensex -1.54%, Taiwan -2.74% and Shanghai -0.10%.
  • A quick check across the pond finds the CAC -3.04%, DAX -1.62%. FTSE -3.05%, ATX -3.11%, Swiss Mkt. -2.80% and Stockholm -3.75%.
  • Crude oil is trading lower -0.80 to 70.79 and gold is also down -1.3 to 671.5 this morning.
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