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Stocks to Watch: Anadarko, E-Trade, Tribune


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


Stocks to watch for Thursday November 29, 2007:

  • Anadarko Petroleum (APC) increased its 4Q production outlook to a range of 50-52 mln barrels of oil equivalent from its previous estimate of 48-50 mln BOE.The full year outlook was subsequently raised to 192-194 mln BOE, a 6% rise from the beginning of the year.
  • Boeing (BA) saw the U.S. Airforce ground more than 450 of its F-15 fighter jets after investigations show that a crash earlier in November was caused by defects in the fuselage. The pilot in that crash safely ejected from the plane.
  • Coldwater Creek (CWTR) reported a fiscal 3Q loss of $6.2 mln, or 7 cents a share, down from a gain of $15.9 mln, or 17 cents a share a year earlier. The company incurred a 23% rise in operating expenses related to the opening of 34 new premium retail locations.
  • E-Trade Financial (ETFC) said it is receiving a $2.55 bln cash infusion from Citadel Investment Group. Citadel will purchase ETFC's entire $3 billion portfolio of asset-backed securities for a value of around $800 million and also will buy $1.75 bln worth of 10-year notes, paying an annual interest rate of about 12.5%.
  • Men's Warehouse (MW) reported 3Q net income of $37 mln, or 69 cents a share, up from $31.7 mln, or 58 cents a share a year earlier. Sales rose 19% to $512.1 million.
  • Prudential Financial (PRU) said its retirement unit will acquire some operations of Unionbancal Corp's Union Bank of California for $103 mln. The purchases will include a portion of Union Bank's retirement book of business and add its Highmark mutual funds to its investment offerings for retirement plan sponsors.
  • Sears Holdings (SHLD) reported 3Q net income of $2 mln, or one cent a share, plummeting from the year ago gain of $196 mln, or $1.27 a share. Revenue was down 3.3% to $11.55 billion from $11.94 billion. The loss was attributed to a year-earlier gain, narrower margins and lower same-store sales.
  • Sigma Designs (SIGM) reported a rise in 3Q net income to $21 mln, or72 cents a share from the year-ago figures of $2.7 mln, or 11 cents a share. Revenue for the quarter ended Nov. 3 totaled $66.2 million from $25.1 million a year ago.
  • Tribune's (TRB) planned $8.2 bln buyout by Sam Zell is on schedule to be completed by year-end after Federal Communications Commission Chairman Kevin Martin proposed a vote tomorrow to grant waivers needed to close the deal, reported the Wall Street Journal. The Journal also said the waivers would allow Tribune to own newspaper and broadcast properties in the same market. They would last for two years or until six months after the conclusion of any litigation stemming from the FCC's efforts to rewrite media-ownership rules, which could take years to resolve.

Market Recap

  • Asian trading closed skewed to the upside with the Hang Seng +4.06%, Nikkei +2.38%, Sensex +0.34%, Taiwan +2.06% and Shanghai +4.16%.
  • A quick check of Europe finds the CAC -0.14%, DAX +0.21%, FTSE -0.36%, ATX -0.57%, Swiss Mkt. +0.21% and Stockholm +0.01%.
  • Crude oil is trading higher +2.86 to 93.48 and gold is also higher +3.4 to 810.7 this morning.
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No positions in stocks mentioned.

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