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Spotlight Stocks: Liz Claiborne, Microsoft, Nike, Target


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


Stocks to watch for Friday March 14, 2008:

  • Liz Claiborne (LIZ) reported a 4Q loss of $435.7 million, or $4.55 a share, from $73.2 million, or $0.71 a share a year ago, due to a large Partnered Brands impairment charge. LIZ would have posted a profit of $0.20 a share had it not been for a $451 million Partnered Brands charge. Revenue fell slightly to $1.21 billion from $1.25 billion a year ago.
  • Microsoft (MSFT) executives met yesterday with Yahoo (YHOO) with the intentions of presenting their vision for a combined company. Negotiations between the companies were not discussed, but this is seen as a breakthrough for Microsoft in its quest to merge.
  • Nike (NKE) reported that its suppliers in China are experiencing problems such as falsified documents, underage workers and unpaid wages. The company will monitor Olympic-related suppliers in order to ensure they meet Nike's code of conduct and Chinese law.
  • Pacific Sunwear (PSUN) reported 4Q profit fell to $5.5 million, or 7 cents a share, down from $9.06 million, or $0.13 a share a year ago. Excluding items, earnings fell to $0.31 a share from $0.33. Sales fell 7.8% to $420.1 million while same-store sales fell 2.2%. Revenue fell to $420.1 million from $455.8 million in the year-ago period.
  • Target (TGT), in its efforts to hand off half-interest in its credit-card operation, is in talks with JP Morgan (JPM) about a $4 billion deal. TGT hopes to get a deal done during the 2Q and said that the deal was subject to definitive accords and various approvals.

Market Recap

  • Asian trading closed with the Hang Seng -0.29%, Nikkei -1.54%, Sensex +2.63%, Taiwan -0.60% and Shanghai -0.22%.
  • European bourses are mostly green as we find the CAC +0.18%, DAX +0.41%, FTSE +0.26%, ATX +0.47%, Swiss Mkt. -0.09% and Stockholm trading flat.
  • Crude oil is trading down -0.25 to 110.08 while gold is on the rise +4.8 to 998.6 this morning.
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No positions in stocks mentioned.

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