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Stocks to Watch: Biomet, Coca-Cola, Sony, Wachovia, Xilinx


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


Stocks to watch for Friday, June 8, 2007:

  • Biomet's (BMET) board recommended a private-equity group's sweetened $11.4 billion bid for the orthopedic-device maker.
  • Cascade's (CAE) first-quarter net income more than doubled to $23.8 million, or $1.90 a share, from $11 million, or 84 cents a share, a year earlier, as revenue rose 15%. The forklift parts maker's sales for the quarter ended April 30 grew to $135.5 million from $117.8 million. On average, analysts expect per-share earnings 93 cents on revenue of $128 million, according to a poll by Thomson Financial. Cascade's shares closed Thursday down $1.79, or 2.7%, at $65.71.
  • Coca-Cola (KO) said it has closed its $4.1 billion acquisition of Energy Brands Inc., also known as Glaceau. Energy Brands products include Vitaminwater, Smartwater, Fruitwater and Vitaminenergy. Glaceau will now operate as a separate business unit of Coca-Cola North America, the company said. The deal was announced on May 25.
  • Forest City Enterprises (FCEA) swung to a fiscal first-quarter net loss of $17.2 million, or 17 cents a share, from year-earlier net income of $53.3 million, or 52 cents a share. The year-earlier period included a gain of $1.40 a share on the disposition of property and investments. The real estate developer's revenue grew 3% to $280.6 million, from $271.2 million in the year-earlier period ended April 30.
  • Herley Industries Inc. (HRLY) reported third-quarter net earnings of $3.88 million, or 27 cents a share, up from $1.7 million, or 11 cents a share, during the year-ago period. The company, which designs and manufactures microwave technology products, posted revenue of $44.4 million vs. $45.7 million last year. Analysts polled by Thomson Financial had forecast, on average, a per-share profit of 22 cents.
  • NeoMagic's (NMGC) fiscal first-quarter loss narrowed to $3.25 million, or 26 cents a share, from a year-earlier loss of $5.01 million, or 53 cents a share, on fewer shares outstanding. The most recent period included a gain of nearly $1 million on the revaluation of warrant liability. Revenue for the chipmaker increased to $482,000, from $86,000 a year earlier.
  • PC Mall (MALL) said Chief Financial Officer Ted Sanders will leave, effective June 30, to accept a position as CFO of ViewSonic Corp. PC Mall named Controller Brandon La Verne as interim CFO, treasurer and chief accounting officer. PC Mall is a marketer of computer hardware and software.
  • PepsiCo (PEP) and PepsiAmericas (PAS) won a bidding war for Sandora, agreeing to buy 80% of the Ukrainian juice firm for $542 million
  • Pinnacle Airlines, a unit of Pinnacle Airlines Corp. (PNCL) , said it transported 878,463 customers in May, up 10.2% from a year earlier. Traffic for the month rose 9.9% to 413.7 million revenue passenger miles from 376.4 million a year ago. Passenger load factor for the month was 80.3%, a decrease of 1.5 percentage points from May 2006. The airline had 514.9 million available seat miles in the month, up 11.8%.
  • Quality Systems (QSII) reported fourth-quarter net earnings of $8.51 million, or 31 cents a share, up 11% from $7.64 million, or 28 cents a share, during the year-ago period. The developer of computer-based applications for medical and dental group practices said that revenue for the three months ended March 31 rose to $45.1 million from $35.6 million. Analysts polled by Thomson Financial had forecast, on average, a per-share profit of 34 cents on revenue of $43 million. Additionally, Quality Systems said the previously disclosed investigation by the Securities and Exchange Commission into trading activity by the company's chief financial officer is ongoing. The company said it will continue to fully cooperate with the SEC. Also, Quality Systems said that based on an internal review, the audit committee has concluded it doesn't appear the CFO has engaged in any improper insider trading activity. The legal and professional service expenses associated with the review were in excess of a penny a share for the March quarter, the company said.
  • Sony's (SNE) U.S. videogame unit is cutting jobs to become more competitive, as the PlayStation 3 machine struggles against rival offerings from Microsoft (MSFT) and Nintendo.
  • Wachovia (WB), bidding for customers among the growing number of wealthy, said it will more than double the size of its private bank over the next three years.
  • Xilinx (XLNX) said it now expects first-quarter revenue to come in at the low end of the previously forecasted range of increases of 1% to 5% sequentially. The company also said it now sees gross margin of 62% to 63% for the quarter, up from its prior view of about 62%. Operating expenses are expected to decrease about 5% sequentially, an improvement from the prior outlook calling for a decrease of 4% to 5% sequentially, the company said. Xilinx designs logic chips that are programmed to perform specific computing chores and used in products such as cellular-phone base stations, network routers and DVD players.

Market Update

  • Asian trading closed with the Hang Seng -1.40%, Nikkei -1.52%, Sensex -0.86%, Taiwan -0.65% and Shanghai +0.57%.
  • A quick check across the pond finds the CAC -0.35%, DAX -0.44%, FTSE -0.46%, ATX -1.48%, Swiss Mkt. -0.49%, and Stockholm -0.79%.
  • Crude oil is trading -0.61 to 66.32. while gold is also lower -5.9 to 659.30.
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