Stocks to Watch: Chevron, Dell, Qualcomm, Sun Microsystems, Wynn Resorts
Tuesday's top stories and some stocks with potential to move...
Stocks to watch for Tuesday, August 7, 2007:
- Blue Nile's (NILE) fiscal second-quarter net income rose to $3.78 million, or 23 cents a share, from $3.13 million, or 18 cents a share, a year earlier. Net sales for the online jewelry retailer rose 27% to $72.1 million for the period ended July 1 from $56.9 million.
- Chevron (CVX) won the right to help develop a PetroChina (PTR) natural-gas field in Sichuan province, people familiar with the situation said, marking a rare inroad by a foreign company into China's onshore oil and natural-gas production.
- Dell (DELL) said Monday it would acquire Zing Systems, a privately held developer of consumer software and services company. Dell said it would use Zing's technology to "continue improving the entertainment experiences it provides its customers."
- El Paso (EP) said the initial public offering of a pipeline master limited partnership is scheduled for the fourth quarter. The natural gas and related energy provider intends to file a registration statement with the Securities and Exchange Commission for the offer and sale of about $500 million common units.
- Maxim Integrated Products (MXIM) named Bruce Kiddoo vice president of finance, and will assume the chief financial officer title following the company's restatement. Kiddoo succeeds Carl Jasper as chief financial officer, who resigned in January in connection with an investigation of Maxim's stock-option practices.
- Qualcomm (QCOM) said Monday that it plans to continue its appeal of a ruling by the International Trade Commission that could keep wireless phones with the company's chipsets from the U.S. market. The statement was issued late Monday after the Bush Administration decided not to exercise its authority to veto the ITC ruling. The company also said it is working on a software-based work-around to the technology that the agency found had infringed on patents held by rival Broadcom (BRCM).
- Sallie Mae, formally known as SLM Corp. (SLM) , late Monday reaffirmed that its buyout by an investment group including J.C. Flowers & Co., Bank of America Corp., and J.P. Morgan Chase & Co., "can and should be consummated by October 2007."
- Sun Microsystems (SUNW) will unveil a microprocessor called UltraSparc T2 or Niagra 2, that is unusually efficient at executing "threads," which are sequences of programming instructions carried out simultaneously. Where most chips typically handle one to four threads at a time, Sun says its new offering can execute as many as 64 at once.
- Strength in Las Vegas and a new casino in Macau put Wynn Resorts (WYNN) back in the black in the second quarter as revenue better than doubled, the gambling company said Monday. Wynn earned $89.6 million, or 82 cents a share, a turn from its loss of $20.1 million, or 20 cents, in the year-ago period. Revenue came in at $687.5 million, up from $273.4 million, largely the result of the Macau casino opening.
- Asian trading closed with the Hang Seng -0.13%, Nikkei +0.04%, Sensex +0.20%, Taiwan -0.89% and Shanghai +0.50%.
- A quick check across the pond finds European markets higher with the CAC +1.56%, DAX +0.76%, FTSE +1.17%, ATX +1.39%, Swiss Mkt. +1.13% and Stockholm +1.49%.
- Crude oil is trading higher +0.24 to 72.30 while gold is lower -2.5 to 680.8 this morning.
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