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.
- 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.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter