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Stocks to Watch: Dell, Delta Airlines, Medtronic, Nordstrom, Toll Brothers


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


Stocks to watch for Wednesday, August 22, 2007:

  • Analog Devices (ADI) reported fiscal third-quarter net income of $120 million, or 37 cents a share, down from net income of $145 million, or 39 cents a share, in the same period a year ago. For the three months ended Aug. 4, the chipmaker said revenue was $680 million, up 3% from last year's period.
  • Beazer Homes (BZH) is asking a federal court to prevent its bondholders from declaring the Atlanta home builder in default of its debt.
  • Dell (DELL) said that Nasdaq's board has decided to give the computer maker until Nov. 12 to file its delayed financial reports and regain compliance with the exchange's listing requirements. Dell said it expects to file its four-weeks past due periodic reports by the first week of November.
  • Delta Air Lines (DAL) said it has elected Richard Anderson, a former boss of rival Northwest Airlines (NWA) , as chief executive officer.
  • Medtronic (MDT) reported fiscal first-quarter net earnings of $675 million, or 59 cents a share, up 12.7% from $599 million, or 51 cents a share, in the year-ago period. Excluding restructuring, certain litigation and purchased in-process research and development charges, the company posted a profit of 62 cents a share versus 55 cents a share last year.
  • MGM Mirage's (MGM) board approved a $5 billion deal for Dubai World to eventually acquire a 9.5% stake in the casino company and 50% of its CityCenter project.
  • Nordstrom (JWN) said it has authorized a $1.5 billion share buyback. The new repurchase program is expected to extend over the next 24 months, the retailer said.
  • Toll Brothers (TOL) posted an 85% drop in quarterly net income as the luxury-home builder recorded more land writedowns amid a slowdown in new home construction.

Market Update

  • Asian trading closed with the Hang Seng +2.84%, Nikkei unchanged, Sensex +1.86%, Taiwan +0.17% and Shanghai +0.50%.
  • A quick look towards Europe finds the CAC +1.25%, DAX +0.75%, FTSE +0.92%, ATX +2.17%, Swiss Mkt. +0.98% and Stockholm +1.22%.
  • Crude oil is trading higher +0.31 to 69.88 and gold is also up +1.8 to 668.0 this morning.
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