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Stocks to Watch: Altera, Apple, Countrywide, Intel, Johnson & Johnson


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


Stocks to watch for Thursday, September 6, 2007:

  • Altera (ALTR), stuck to its third-quarter revenue target. The company said revenue will be flat to up 3% from the three months ended June 29. This puts Altera sales in the range of $319.7 million to $329.3 million. Separately, Altera said it secured a five-year $750 million unsecured credit facility, of which it plans to use $500 mln to fund common stock repurchases.
  • American Eagle Outfitter's (AEO) August same-store sales grew 9%, compared with an increase of 16% a year ago. Analysts polled by Thomson Financial, on average, expected same-store sales growth of 6%. For the four weeks ended Sept. 1, total sales rose 13% to $311.3 million from $276.6 million in the prior-year period.
  • Anadigics (ANAD) acquired Fairchild Semiconductor International's (FCS) RF design team for $2.3 million. The acquisition included leases, software and licenses to intellectual property as well as the hiring of 23 RF design and engineering employees.
  • Apple's (AAPL) iPhone price reduction from $599 to $399 yesterday was seen by investors as a sign of weakness, sending shares down 5.1%.
  • Countrywide Financial (CFC) announced an additional 900 job cuts as the home-mortgage lender reduces costs in the face of a drop in lending volumes and rising defaults.
  • Hot Topic's (HOTT) August same-store sales, or sales at stores open at least a year, fell 1.1%. On average, analysts polled by Thomson Financial expected a 2.5% drop.
  • Intel's (INTC) new high-end line of chips for server systems, the Xeon, has been overhauled ahead of its launch. The company expects the product to take a piece of the niche market from Advanced Micro Devices (AMD).
  • J.C. Penney's (JCP) August same-store sales at its department stores, or sales at stores open at least a year, fell 4% from a year earlier, which the company attributed to an early back-to-school sales week that was counted in July's sales figures. The retailer said total company sales fell 1.1% to $1.56 billion.
  • Johnson & Johnson (JNJ) called off plans to seek a broader list of approved uses for its drug Procrit. The drug failed to show a reduction in the need for red-blood-cell transfusions among critically ill patients.
  • Zumiez's (ZUMZ) August same-store sales rose 17.4%. The specialty retailer said total sales for the four weeks ended Sept. 1 increased 39.7% to $47 million from $33.7 million last year.

Market Update

  • Asian trading closed with the Hang Seng -0.08%, Nikkei +0.61%, Sensex +1.10%, Taiwan +1.16% and Shanghai +1.56%.
  • A quick check across the pond finds the CAC -0.57%, DAX -0.62%, FTSE -0.70%, ATX -0.42%, Swiss Mkt. -0.77% and Stockholm -0.83%.
  • Crude oil is trading higher +0.41 to 76.14 and gold is also higher +2.7 to 693.4 this morning.
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