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Stocks to Watch: Cablevision, Countrywide, IBM, Intel, Yahoo


Wednesday's top stories and stocks with potential to move...


Stocks to watch for Wednesday, October 17, 2007:

  • Bon-Ton Stores (BONT) said it doesn't expect to meet its previously stated full-year fiscal 2007 earnings guidance, due to "continued general softness in the retail environment." In August, the department store chain predicted full-year earnings of $2.75 to $2.90 a share. Analysts expect year earnings of $2.44 a share. The company plans to update guidance Nov. 29.
  • Cablevision's (CVC) largest institutional shareholder, Clearbridge Advisors, plans to vote against the Dolan family's bid to move the company private. ClearBridge, which owns about 14% of Cablevision's public stock, believes the bid of $36.26 per share is too low and has said the shares should be worth more than $50.
  • CBS Corp. (CBS) said Chief Executive Les Moonves received an extended employmenty agreement through Sept. 30, 2011, receiving a salary of $3.5 million a year, compared with $5.9 million in his previous contract. Moonves will be eligible for an annual performance bonus and equity-based compensation, tied to the performance of the company's shares.
  • Countrywide Financial (CFC) said it will incur a pre-tax restructuring charge of $125 million to $150 million stemming from lower mortgage market origination volumes. Of the total amount of the pre-tax restructuring charge, about $57 million is expected to be recognized in the quarter ending Sept. 30, with the remaining expected to be reflected primarily in the following quarter.
  • CSX Corp. (CSX) posted a third-quarter profit of $407 million, or 91 cents a share, up from $328 million, or 71 cents a share, a year ago. Excluding 24 cents a share from discontinued operations, the most recent quarterly profit came in at 67 cents a share. Revenue for the railroad operator rose 3% to $2.5 billion, as improved revenue per unit more than made up for a decline in volume. Analysts had expected a profit of 62 cents a share on sales of $2.49 billion.
  • IBM Corp. (IBM) reported a third-quarter profit from continuing operations of $2.36 billion, or $1.68 a share, on $24.12 billion in revenue. Analysts surveyed by Thomson First Call had forecast a profit of $1.67 a share on $24.09 billion in sales. IBM said its total services revenue reached $13.67 billion and the company reported new services bookings of $11.8 billion.
  • Intel (INTC), reported a 43% increase in third quarter profit, boosted by strong demand in the computer market. The company posted earnings per share of 31 cents, up more than 40% from the same quarter last year, beating Wall Street's estimate of 30 cents.
  • News Corp.'s (NWS) MySpace and eBay's (EBAY) Skype agreed to add an Internet call feature into MySpace's instant-messaging to help boost the products users and the distribution of the services.
  • NovaStar Financial (NFI) agreed to sell its mortgage servicing rights and advances related to Saxon Mortgage Services Inc. for about $175 million to reduce debt. The company plans to reduce its workforce, currently of about 300 people, upon completion of the deal.
  • Seagate Technology (STX) said its fiscal first-quarter net income rose to $355 million, or 64 cents a share, from $19 million, or 3 cents a share, in the year-ago period. Revenue rose to $3.29 billion from $2.79 billion a year ago. Analysts estimated earnings of 64 cents a share on revenue of $3.22 billion.
  • Steel Dynamic's (STLD) third-quarter net income fell 15% to $100.6 million, or $1.06 a share, from $118.7 million, or $1.09 a share, a year earlier. The company's revenue rose 27% to $1.16 billion from $911.9 million in the year-ago period. Analysts expected per-share earnings of $1.06 on revenue of $1.04 billion. Steel Dynamics said it expects fourth-quarter per-share earnings of $1.02 to $1.07, excluding any impact from the planned acquisition of OmniSource Corp.
  • Yahoo (YHOO) said its fiscal third-quarter profit fell 5% from the period a year earlier. It said net income for the period ended in September fell to $151.3 million, or 11 cents a share, from $158.5 million, or 11 cents a share in the same period a year earlier. Meanwhile total revenue rose to $1.77 billion from $1.58 billion. Analysts expected Yahoo to report earnings of 8 cents a share, and net sales of $1.24 billion.

Market Update

  • Asian trading closed with the Hang Seng +1.19%, Nikkei -1.07%, Sensex -1.76%, Taiwan -0.32% and Shanghai -0.92%.
  • A quick look across the pond finds the CAC +0.76%, DAX -0.10%, FTSE +0.91%, ATX +0.92%, Swiss Mkt. +0.42% and Stockholm +0.32%.
  • Crude oil is lower by -0.31 to 87.30 while gold is higher by +1.60 to 763.60 this morning.
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