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Stocks to Watch: Adobe, IBM, Wal-Mart...


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


Stocks to watch for Tuesday, November 13, 2007:

  • Adobe Systems (ADBE) reported expectations of fiscal 4Q revenue to come in at the high end of its target of $860-890 mln and forecasts 2008 revenue growth of 13%. ADBE also said Shantanu Narayen, currently the company's president and chief operating officer, will become its chief executive starting December 1.
  • Blackstone (BX) reported a 3Q net loss of $113.2 million, or 44 cents a share compared with $372.5 million a year earlier. The company blamed the loss on an $803 million noncash charge related to the vesting of equity stakes in the firm handed out to its employees in Blackstone's initial public offering in June, according to the Wall Street Journal.
  • Ford (F) is seeing a large majority of several union locals approving its tentative agreement with the UAW. The voting will go through Tuesday.
  • Home Depot (HD) reported net income of $1.09 billion, or 60 cents a share, versus $1.49 billion, or 73 cents share, a year earlier for a 27% dip. The company cut guidance for the fiscal year. Revenue fell 4% to $18.96 billion as same-store sales declined 6.2%. The company is remaining cautious amid a deteriorating credit environment.
  • IBM (IBM) has agreed to acquire applications-software company Cognos (COGN) for $5 bln. COGN is a maker of business intelligence software, which helps in mining data to improve operations efficiency. The purchase is the largest in IBM's history.
  • Liz Claiborne (LIZ) said its board has approved a $100 mln share buyback extension, on top of the $250 mln program from May 2006. The $100 mln represents about 4% of LIZ's current market capitalization.
  • Symantec (SYMC) is reportedly planning to cut a large number of staffers this week, cutting about $200 mln in costs. The cuts are related to a previously announced restructuring plan.
  • Wal-Mart (WMT) reported 3Q net income of $2.86 bln or 70 cents a share, compared with $2.65 bln, or 63 cents a share a year earlier, a 7.9% growth. The company raised its earnings forecast in October to 66 cents to 69 cents a share. Revenue rose 8.9% to $91.95 billion from $84.47 billion.

Market Recap

  • Asian trading closed with the Hang Seng +0.50%, Nikkei -0.46%, Sensex +1.59%, Taiwan +0.65% and Shanghai -0.57%.
  • A quick check across the pond finds the CAC -0.34%, DAX -0.58%, FTSE -0.04%, ATX -0.64%, Swiss Mkt. -0.20% and Stockholm -1.61%.
  • Crude oil is trading -0.62 to 92.92 and gold is also lower -1.0 to 806.7 this morning.
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