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Stocks To Watch: Bear Stearns, Cardinal Health, DaimlerChrysler, Heartland Express, Wal-Mart


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


Stocks to watch for Tuesday, May 15:

  • Bear Stearns (BSC) took full ownership of Bear Wagner Specialists, a floor-trading firm in which it held a majority stake and will book a $225 million charge to reflect the reduced value of the business.
  • CACI International (CAI) said it has agreed to acquire the Institute for Quality Management Inc., a provider of consulting and support services to the intelligence community and homeland security markets. Financial terms weren't disclosed. CACI said it expects the deal to add to its fiscal 2008 earnings.
  • Cardinal Health (CAH) plans to buy Viasys (VAS), a maker of respiratory-care products, for $1.4 billion.
  • CV Therapeutics (CVTX) and Astellas Pharma (ALPMF) said that CV Therapeutics has submitted a new drug application to the Food and Drug Administration seeking approval of regadenoson for use in myocardial perfusion imaging studies. The application triggers a $7 million milestone payment from Astellas to CV Therapeutics. If regadenoson is approved by the FDA, Astellas will be responsible for all commercial activities in the United States. CV Therapeutics retains all rights to regadenoson outside of North America.
  • DaimlerChrysler (DCX) said net income more than doubled to $2.64 billion.
  • Hansen Natural (HANS) said it has filed its Form 10-Q for the quarter ended Sept. 30, 2006, with revisions to its previously issued financial results. The beverage company said accounting errors arising from certain stock option grants from the period Jan. 1, 2001, through Nov. 13, 2006, caused non-cash compensation expense, together with related employment taxes, to be understated by a total of $1 million over the period. Hansen said the net income adjustments were not material to its past financial statements.
  • Heartland Express (HTLD) declared a special dividend of $2 a share, payable May 30 to shareholders of record as of May 24. The trucking company said the dividend will total roughly $197 million.
  • ICF International (ICFI) reported first-quarter net earnings of $8.68 million, or 60 cents a share, up from $1.09 million, or 11 cents a share, in the year-ago period. The provider of management and technology consulting services said revenue in the three months ended March 31 rose to $151.7 million from $53.4 million in the comparable period last year. Revenue from The Road Home contract, which was awarded in June 2006, was $96.8 million in the first quarter of 2007, the company said.
  • Perry Ellis International (PERY) said it expects first-quarter per-share earnings of 60 cents on revenue of $228 million. Analysts polled by Thomson Financial are forecasting earnings of 57 cents a share for the quarter. The apparel company also said it still expects fiscal 2008 per-share earnings of $1.81 to $1.84 on revenue of about $900 million to $910 million. Perry Ellis is scheduled to release its first-quarter results on May 21.
  • Rick's Cabaret International (RICK) reported fiscal second-quarter net earnings of $492,344, or 8 cents a share, down from $706,070, or 14 cents a share, in the year-ago period. The strip-club operator said revenue in the three months ended March 31 rose 24% to $7.57 million from $6.12 million in the comparable period last year.
  • Wal-Mart's (WMT) net income rose 8.1% amid gains abroad and at its Sam's Club chain, even as its namesake stores saw lower same-store sales.

Market Update

  • Asian trading closed with the Hang Seng -0.53%, Taiwan -0.69%, Shanghai -3.64, Nikkei -0.93% and Sensex 0.26%.
  • A quick look across the pond finds the CAC -0.46%, DAX -0.35%, FTSE -0.22%, ATX +0.08%, Swiss Mkt. -0.39% and Stockholm -0.44%.
  • Crude oil is -0.15 to 62.31 and gold is -3.00 to 667.1 this morning.
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No positions in stocks mentioned.

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