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Stocks To Watch: Black & Decker, Citigroup, Eli Lilly, Goldcorp, Time Warner


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


Stocks to watch for Tuesday, April 17:

  • Black & Decker (BDK) late Monday boosted its first-quarter earnings forecast to about $1.60 a share on better-than-expected sales and operating margin. The maker of home improvement products had predicted first-quarter earnings of $1.25 to $1.30 a share. On average, analysts polled by Thomson Financial predict first-quarter earnings of $1.26 a share. Black & Decker also expects to report 3% sales growth for the quarter, primarily from currency translation and its 2006 acquisition of Vector Products Inc.
  • Citigroup's (C) profit fell 11% due to a big charge tied to its cost-cutting program. Revenue rose faster than expenses, increasing 15%. Wachovia's net climbed 33%.
  • Coca-Cola (KO) posted a 14% rise in first-quarter net income as unit-case volume saw its highest growth in five years amid continued international strength.
  • Con-Way (CNW) reported first-quarter net earnings of $33.6 million, down 28% from $46.4 million in the year-ago period. The company reported net income available to common shareholders of $31.9 million, or 65 cents per diluted share, down from $44.7 million, or 81 cents a share, last year. The transportation and logistics company said revenue in the three months ended March 31 fell to $1 billion from $1.05 billion. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 60 cents on revenue of $1.02 billion. For 2007, the company still expects earnings from continuing operations of $3.60 to $3.90 a share.
  • Credence Systems (CMOS) named Joy Leo as chief financial officer, effective upon the filing of the company's quarterly report, which is expected by June 8.
  • Eli Lilly (LLY) reported a 39% drop in first-quarter profit on various charges, but revenue rose 14% on higher sales of treatments for mental illness and impotence.
  • Fair Isaac (FIC) cut its fiscal second-quarter and 2007 forecasts. The company now expects second-quarter earnings of $20 million to $22 million, or 35 cents to 37 cents a share, on revenue of $200 million to $202 million, down from its previous forecast for earnings of 48 cents a share on revenue of $215 million. The Minneapolis-based company also forecast third-quarter earnings of 33 cents a share on revenue of $195 million to $200 million, and cuts its fiscal 2007 earnings forecast to a range of $1.55 to $1.65 a share on revenue of $795 million to $805 million. Fair Isaac had previously forecast 2007 earnings of $2.15 a share on revenue of $870 million.
  • Motorola (MOT) said it agreed to pay $190 million to settle a class-action securities lawsuit related to Turkish mobile operator Telsim Mobil Telekomunikasyon. The wireless communications company said the settlement will be booked as a charge in its recently ended first quarter. Insurance recoveries will offset about $75 million of the charge, Motorola said
  • Nu Horizons Electronics (NUHC) said the company and its Titan Logistics Corp. unit received subpoenas from the Securities and Exchange Commission requiring them to produce documents related to their business relationship with Vitesse Semiconductor (VTSS).
  • Silver Wheaton (SLW) has agreed to pay $485 million in cash to acquire 25% of the life-of-mine silver produced from Goldcorp's (GG) Penasquito project, the companies said late Monday.
  • Quiksilver (ZQK) named Joe Scirocco chief financial officer, replacing Steve Brink, who the company said is resigning to pursue other interests. The outdoor-sports clothing and accessories company also named David Morgan chief operating officer.
  • Steel Dynamics (STLD) said first-quarter net income jumped 34% to $102.2 million, or $1.01 a share, from $76 million, or 76 cents a share, a year earlier. The steel maker's sales rose 30% to $865.7 million from $665.9 million, helped by the acquisition of Roanoke Electric Steel Corp. On average, analysts polled by Thomson Financial expected first-quarter earnings of 96 cents a share on revenue of $855 million. Analysts estimates typically exclude items. Steel Dynamics expects second-quarter earnings of 95 cents to $1 a share. Wall Street expects earnings of $1 a share.
  • Time Warner (TWX) executives are weighing whether to substantially reduce the company's cable-TV holdings amid Web competition. Some inside Time Warner wonder whether it should buy a major Internet company. Universal Forest Products (UFPI) reported first-quarter net earnings of $3.89 million, or 71 cents a share, down 76% from $15.9 million, or $2.38 cents a share, in the year-ago period. The company said revenue fell to $549 million from $665.6 million in the comparable period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 45 cents on revenue of $590 million.
  • Werner Enterprises (WERN) said first-quarter net income fell 29% to $15.7 million, or 21 cents a share, from $22 million, or 27 cents a share, a year earlier, as results were hampered by lower freight demand. On average, analysts polled by Thomson Financial expected earnings of 23 cents a share. The transportation and logistics company said an increase in truck capacity and softness in freight demand made for a continued challenging market, and rising fuel prices and significant winter storms pressured costs. The company's operating revenue increased 2.4% to $503.9 million from $491.9 million, but operating income fell to $27.3 million from $36.8 million a year ago.

Market Update

  • Asian trading closed with the Hang Seng +0.15%, Nikkei -0.57%, Sensex -0.65%, Taiwan -1.05% and Shanghai +0.43%.
  • A quick check across the pond finds the CAC -0.59%, DAX -0.52%, FTSE -0.74%, ATX -0.80%, Swiss Mkt. -0.50% and Stockholm -0.45%.
  • Gold is trading -2.0 to 692.5 and crude oil is up +0.51 to 64.12 this morning.
No positions in stocks mentioned.

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