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Stocks To Watch: Bear Stearns, Citigroup, Clear Channel Radio, Nike, Oracle


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


Stocks to watch for Wednesday, June 27:

  • Arbitron (ARB) said Clear Channel Radio (CCU) has signed a multi-year agreement for portable people meter radio ratings services in 46 markets. Financial terms of the deal, which expires at the end of 2011, were not disclosed.
  • AeroVironment (AVAV) swung to a fiscal fourth-quarter profit of $5.57 million, or 27 cents a share, from a year-earlier loss of $532,000, or 4 cents a share. Revenue for the period ended April 30 jumped 66% to $50.7 million from $30.6 million due to growth at the company's unmanned aircraft systems unit. On average, analysts polled by Thomson Financial expected earnings of 26 cents a share on revenue of $48 million. For fiscal 2008, the producer of unmanned aircraft systems expects revenue to rise 20% to 25%.
  • Bear Stearns (BSC) said it needs to invest only half of the $3.2 billion it initially pledged to rescue one of its ailing hedge funds, and does not expect to rescue a second troubled fund.
  • Citigroup (C) is in advanced talks to buy Automated Trading Desk, an electronic trading firm, for about $700 million.
  • ConAgra Foods' (CAG) fiscal fourth-quarter profit is expected to come in at 31 cents a share.
  • Ennis (EBF) reported first-quarter net earnings of $10.8 million, or 42 cents a share, down from $11.3 million, or 44 cents a share, in the year-ago period. The business forms producer said revenue in the three months ended May 31 rose 5.3% to $152.8 million from $145.1 million in the comparable period last year.
  • Exxon Mobil (XOM) and ConocoPhillips (COP) are walking away from their multibillion-dollar investments in Venezuela, further evidence that the relationship between Western oil companies and oil-rich countries is more troubled than at any point since the 1970s.
  • Gannett (GCI) said it has agreed to sell $1 billion of unsecured senior convertible notes due 2037 in an underwritten public offering.
  • GSI Commerce (GSIC) said it "remains comfortable" with its second-quarter and annual financial guidance. The e-commerce company said in April that it expects a second-quarter loss of $6.5 million to $7.5 million on revenue of $125 million to $135 million. The company expects 2007 revenue of $710 million to $760 million.
  • InVentiv Health (VTIV) said it has agreed to acquire Chandler Chicco Agency for $65 million in cash and stock and Innovative Health Strategies Inc. for $75 million in cash and stock. Both transactions include earn-out payments for exceeding certain financial targets.
  • News Corp. (NWS) and Dow Jones (DJ) reached a preliminary accord on a framework to protect the editorial integrity of The Wall Street Journal and other publications.
  • Nike (NKE) said fourth-quarter profit surged 32%, driven by gains in the U.S. and Europe.
  • Nuvelo (NUVO) said it will resume development of alfimeprase, an investigational treatment for multiple blood clot-related disorders, in the second half of the year. The company also said that it and a Bayer (BAY) unit have terminated their collaboration agreement. Nuvelo will receive $15 million for waiving notification terms for Bayer HealthCare, but it has granted Bayer one-time options to reacquire rights to alfimeprase upon the initiation of a pivotal stroke trial. Nuvelo also that it doesn't expect to exceed its previous forecast for operating expenses and net cash in operating activities of $30 million to $35 million for the first half of 2007.
  • Oracle (ORCL) reported fiscal fourth-quarter profit rose 23% from a year ago as the software giant recorded increased sales of new software contracts and said it was gaining market share in key areas from some of its top rivals.
  • Spectrum Control's (SPEC) fiscal second-quarter net income rose 59% to $2.75 million, or 20 cents a share, from $1.73 million, or 13 cents a share, a year earlier on a significant decline in material costs. The provider of electronic control products said sales for the quarter ended May 31 increased 5.3% to $33.6 million from $31.9 million a year ago. Spectrum expects third quarter earnings of 22 cents to 23 cents a share and revenue of $34.5 million to $35.5 million, the company said.
  • Topps (TOPP) said Upper Deck's subsidiary, UD Co., has launched a tender offer to purchase all of Topps' outstanding shares for $10.75 each in cash. New York-based Topps, a creator and marketer of sports cards and entertainment products, said it plans to review the Upper Deck offer and issue a recommendation by July 9. On March 5, Topps agreed to be acquired by the Tornante Co. LLC and Madison Dearborn Partners LLC for $9.75 a share in cash, and Topps said its board has not changed its recommendation with respect to the offer.

Market Update:

  • Asian trading closed with the Hang Seng -0.45%, Nikkei -1.20%, Sensex -0.48%, Taiwan -0.24% and Shanghai +2.65%.
  • A quick check of European bourses find the CAC -0.33%, DAX -0.50%, FTSE -0.43%, ATX -0.53%, Swiss Mkt. -0.28% and Stockholm -0.01%.
  • Crude oil is trading down -0.51 to 67.26 and gold is also lower -1.5 to 643.8 this morning.
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