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Stocks To Watch: Capital One, Chevron, Google, Liz Claiborne, Tercica


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


Stocks to watch for Wednesday, July 11:

  • Audiovox (VOXX) said fiscal first-quarter net income rose to $2.23 million, or 10 cents a share, from $1.52 million, or 7 cents a share, a year earlier, on particularly strong accessories sales. Income from continuing operations fell to a penny a share from 8 cents a share. Sales increased 15.2% to $128.3 million from $111.3 million.
  • California Pizza Kitchen (CPKI) put its second-quarter revenue at $158.6 million, up 16% from a year ago. The Los Angeles-based chain said same-restaurant sales increased 5.4%, compared with 4.8% a year earlier. The company had predicted an increase of 5% to 6%. California Pizza Kitchen forecast second-quarter earnings of 21 cents a share, or 23 cents a share excluding certain items. On average, analysts polled by Thomson Financial predict second-quarter earnings and revenue of 24 cents a share and $160.1 million, respectively.
  • Capital One Financial's (COF) Chairman and CEO sold approximately 505K shares over a period from May through Fri. as COF endured poor 1Q results, pressure from the subprime-mortgage meltdown, and job cuts. Mr. Fairbanks sold the shares at an average price of $78.49 per share after paying $8.2 million to exercise the options. Yesterday, COF shares were down $3.17 at $75.68.
  • Chevron (CVX) expects second-quarter results to benefit from higher commodity prices in its upstream segment and stronger refining margins in its downstream segment. The energy company also expects to benefit from a gain on the sale of its interest in Dynegy (DYN).
  • Compuware (CPWR) said it expects first-quarter revenue of about $278 million, below the mean analyst estimate of $303 million. The developer of testing, management and development sees break-even earnings per share for the first-quarter. The company said restructuring costs cut net income for the quarter by 4 cents a share. Analysts polled by Thomson Financial, on average, are looking for earnings of 10 cents a share.
  • Google (GOOG) is introducing a new feature on its GoogleMaps application that allows users to chose from dozens of mini-applications that will overlay the map. YouTube videos, pictures, crime statistics, and countless other information supplements can now me used in conjunction with maps.
  • Innovo Group (INNO) swung to a fiscal second-quarter profit of $422,000, or 1 cent a share, from a loss of $5 million, or 15 cents a share, a year earlier, which the company attributed to particularly strong sales in its Joe's Jeans unit. Excluding a settlement charge, Innovo said it would have swung to a profit of $2.14 million from a loss of $2.33 million for the year-ago period.
  • Liz Claiborne (LIZ) is seeking to divest itself of 16 of its 36 apparel brands, representing $800 million of its $5 billion in annual sales.
  • Sealy (ZZ) reported fiscal second-quarter net earnings of $16.1 million, or 17 cents a share, up from $126,000, or breakeven a share, in the year-ago period. The mattress maker said revenue in the three months ended May 27 rose 6.7% to $401.8 million from $376.7 million in the comparable period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 22 cents on revenue of $399 million.
  • Sigma-Aldrich (SIAL) and Sangamo BioSciences (SGMO) announced an alliance to develop laboratory research reagents based upon Sangamo's ZFP technology.
  • STMicroelectronics NV (STM) said it will slow down and close operations at its six-inch wafer fab facility in its eight-inch fab facility in Phoenix and its back-end packaging and test facility in Ain Sebaa, Morocco, over the next two to three years. The semiconductor said the closures will affect about 4,000 employees, and it expects to offer transfers or other incentives to most of them.
  • Tercica (TRCA) said it signed an agreement with Genentech (DNA) worth up to $53 million for the development, manufacture and commercialization of two products. Genentech will also buy 708,591 shares of Tercica stock for $4 million in connection with the transaction. The two products contain Genentech's recombinant human growth hormone Nutropin AQ and Tercica's recombinant insulin-like growth factor-1 Increlex.
  • Vital Images (VTAL) said it expects a second-quarter loss of 2 cents to 5 cents a share. The provider of visualization services put its revenue at $15.1 million to $15.4 million. Vital also cut its 2007 revenue estimate to $75 million to $80 million from $90 million to $95 million. The company's shares were recently halted and last listed a price of $26.47.
  • Ryland Group (RYL) said it expects to report a second-quarter loss of $1.25 to $1.35 a share. The homebuilder said that due to "continued deterioration in the housing market," it expects to incur $145 million to $155 million in pre-tax charges related to inventory impairments and write-offs in the quarter. Excluding inventory impairments and write-offs, Ryland said it expects to a post second-quarter profit of 75 cents to 80 cents a share. In addition, the company said preliminary sales for the second quarter were 2,521 units, down 16.6% from last year.

Market Update:

  • Asian trading closed with the Hang Seng -1.22%, Nikkei -1.11%, Sensex -0.66%, Taiwan -1.00% and Shanghai +0.33%.
  • A quick check across the pond finds the CAC -1.14%, DAX -1.41%, FTSE -0.64%, ATX -0.77%, Swiss Mkt. -0.84% and Stockholm -0.71%.
  • Crude oil is trading lower -0.26 to 72.55 while gold is higher +2.4 to 666.8 this morning.
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No positions in stocks mentioned.

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