Spotlight Stocks: Brocade, Citigroup, Comcast, New York Times
Friday's top stories and stocks with potential to move.
Stocks to watch for Friday, February 15, 2008:
- Brocade Communications (BRCD) reported fiscal 1Q net income of $19.8 million, or 5 cents a share, down from $33.3 million, or 12 cents a share a year ago. Excluding items, per-share earnings remained flat at 16 cents. Revenue came in at $347.8 million, up from $224.2 million a year ago.
- Citigroup's (C) leveraged fund, Falcon Plus Strategies, dropped 52% in the 4Q. According to the Wall Street Journal, investors were warned to expect additional losses as the fund tries to dump some of its battered holdings. Exposure to subprime mortgages were factored into the decline.
- Comcast (CMCSA) said it will start paying a dividend of 25 cents a year and buy back $7 billion in stock by the end of 2009. After the company reported earnings, investors demanded the company return more cash to shareholders.
- New York Times (NYT) said it plans to cut its newsroom staff by about 100 positions this year as the newspaper struggles with circulation and print ad sales. According to spokeswoman Catherine Mathis said executive editor Bill Keller, the company will reduce by "not filling newsroom positions, attrition, buyouts and, if necessary, layoffs."
- Chipotle Mexican Grills (CMG) reported 4Q net income of $17.5 million, or 53 cents a share, from $10.8 million, or 33 cents a share, a year earlier. Revenue increased to $288.9 million from $219.7 million, as comparable restaurant sales grew 10.6%, according to Dow Jones. Analysts surveyed had expected earnings of 55 cents a share on revenue of $289 million.
- Clear Channel Communications (CCU) reported 4Q net income increased to $320.6 million, or 65 cents a share, from $211.3 million, or 43 cents a share, a year earlier. The gain was attributed in part to a $46.9 million increase on foreign exchange.
- Asian trading closed withe the Hang Seng +0.53%, Nikkei -0.03%, Sensex +1.96%, Taiwan +0.14% and Shanghai -1.21%.
- A quick check across the pond finds the CAC -0.95%, DAX -0.35%, FTSE -0.59%, ATX -1.44%, Swiss Mkt. -0.79% and Stockholm -0.29%.
- In commodities, crude oil is trading lower -0.05 to 95.41 while gold is higher +2.7 to 910.1 this morning.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter