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Stocks to Watch: Hovnanian, National Semiconductor, Pepsico, Wal-Mart, Xilinx


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


Stocks to watch for Friday, September 7, 2007:

  • 3M Co. (MMM) agreed to buy Venture Tape, a pressure-sensitive adhesive tape company. Financial terms of the deal weren't disclosed.
  • Harley-Davidson (HOG) cut its third-quarter and full-year production targets amid sharp sales weakness in August and said 2007 and 2008 earnings will fall below previous expectations. The company predicts it will turn out 86,000 to 88,000 units this quarter as opposed to the forecasted amount of 91,000 to 95,000.
  • Hovnanian Enterprises (HOV) swung to a fiscal third-quarter loss of $77.9 million, or $1.27 a share, from a profit of $77 million, or $1.15 a share, a year earlier. Results from the most recent period include $108.6 million in land-impairment and write-off charges. The homebuilder said Thursday that revenue for the quarter ended July 31 fell 27% to $1.13 billion from $1.55 billion a year earlier.
  • National Semiconductor (NSM) reported fiscal first-quarter net income fell 29% from a year ago on fewer sales of its chips used in a range of electronic devices. The company reported net income of $85.6 million, or 30 cents a share, down from $120.1 million, or 35 cents a share, a year ago.
  • Pepsico (PEP), in a move geared towards athletes off the field, is introducing a new low calorie version of its second best-selling brand Gatorade. Only 21% of Gatorade consumption currently comes from people during nonworkout or "nonsweat" occasions when they might want a lighter drink than Gatorade, Pepsi said.
  • Solera Holdings (SLH) reported a fiscal fourth-quarter net loss applicable to shareholders of $43.2 million, or 90 cents a share, compared with a loss of $105.3 million, or $3.90 a share, during the year-ago period. The company said revenue rose to $122.5 million from $94.1 million last year.
  • US Airways Group (LCC) named Robert Isom to the newly created position of executive vice president and chief operating officer, effective immediately.
  • Wal-Mart (WMT) estimates that its capital spending will amount to less than the $15.5 bln it had originally forecast this year, with some attributing this to boosted domestic sales amid back to school shopping.
  • Xilinx (XLNX) narrowed its revenue forecast for the current quarter, raising the low end of its forecasted range. The company said sales for the September quarter sales are expected to be unchanged from the three months ended June 30, or $445.9 million.

Market Update

  • Asian trading closed with the Hang Seng -0.28%, Nikkei -0.83%, Sensex -0.17%, Taiwan +0.01% and Shanghai -2.16%.
  • A quick check across the pond finds the CAC -0.54%, DAX -0.55%, FTSE +0.06%, ATX -0.53%, Swiss Mkt. -0.40% and Stockholm -0.39%.
  • Crude oil is trading higher +0.38 to 76.68 and gold is also up +2.3 to 706.9.
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No positions in stocks mentioned.

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