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Stocks to Watch: Cisco, Crocs, Gap, Medtronic, Sony


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


Stocks to watch for Friday, July 27, 2007:

  • Allegheny Energy (AYE) posted a second-quarter profit of $77 million, or 45 cents a share, up from $31.1 million, or 18 cents a share, a year ago, due to higher prices and cost cutting. Operating revenue rose to $826.5 million from $722.2 million a year earlier.
  • Celanese (CE) said it swung to a second-quarter net loss of $117 million, or 76 cents a share form a year-ago net profit of $103 million, or 60 cents a share. The chemicals company said revenue in the three months ended June 30 rose 7% to $1.56 billion from $1.46 billion in the comparable period last year.
  • Cisco Systems (CSCO) board authorized up to $5 billion in additional repurchases of its stock. The computer-networking company's board previously authorized up to $47 billion in stock buybacks.
  • Crocs' (CROX) second-quarter net income sky-rocketed to $48.5 million, or 58 cents a share, from $15.7 million, or 19 cents a share, a year earlier. The footwear company said revenue jumped to $224.3 million from $85.6 million a year ago. The company's strong quarter was due to "robust demand for our expanded footwear collection" in the U.S., Canada and Europe.
  • Gap (GPS), after a lengthy search, named Glenn Murphy, a Canadian retailing veteran, as its new chief executive officer.
  • Genworth Financial (GNW) said second-quarter net income came in at $387 million, or 86 cents a share, up 22% from a year earlier when the insurer made $317 million, or 68 cents a share. Income from continuing operations was $321 million, or 72 cents a share, the company added.
  • KLA-Tencor (KLAC) said its fiscal fourth-quarter profit rose 11% on higher sales of its equipment to make computer chips. KLA-Tencor reported net income of $147 million, or 75 cents a share, up from $132 million, or 65 cents a share, a year ago. For the three months ended June 30, the company posted sales of $736 million, up from $579 million a year ago.
  • McKesson (MCK) said its fiscal first-quarter profit rose 28%, helped by higher sales, margins and an acquisition. The drug wholesaler reported net income of $235 million, or 77 cents a share, up from $184 million, or 60 cents, in the year-ago period. Revenue climbed to $24.5 billion from $23.3 billion.
  • Medtronic (MDT) said on Friday that it would acquire Kyphon (KYPH) for $3.9 billion to expand its spinal treatment business.
  • Sony (SNE) currently has no plans for a further price cut to its PlayStation 3 (PS3) game console following a $100 cut in the U.S., the electronics conglomerate's president said on Friday.

Market Update

  • Asian trading closed with the Hang Seng -2.76%, Nikkei -2.36%, Sensex -3.43%, Taiwan -4.22% and Shanghai -0.03%.
  • A quick look across the pond finds the CAC -0.51%, DAX -0.59%, FTSE -0.25%, ATX -1.30%, Swiss Mkt. -0.04% and Stockholm -0.27%.
  • Crude oil is trading higher +0.46 to 75.41 and gold is lower -2.0 to 660.8 this morning.
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No positions in stocks mentioned.

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