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Stocks to Watch: Bear Stearns, Merrill Lynch, Macy's...


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


Stocks to watch for Thursday, November 15, 2007:

  • Applied Materials (AMAT) reported net profit of $421.8 mln or 30 cents a share, compared with $449 mln or 30 cents a share a year earlier. Revenue for the company came in at $2.37 bln compared with $2.52 bln a year ago.
  • Bear Stearns (BSC) warned that it will take a write-down of $1.2 bln for 4Q related to mortgage securities. The company is also being accused of fraud by Massachusetts regulators regarding improper mortgage securities trading by its two collapsed hedge funds.
  • Children's Place (PLCE) has been given an extension by the Securities and Exchange Commission until Jan. 9 regarding its uncompleted delinquent reports which were due yesterday.
  • Merrill Lynch (MER) yesterday confirmed that John Thain, of NYSE Euronext (NYX), will be its new chief executive effective December 1.
  • Macy's (M) shares fell $2.18 or 7.1%, to $28.47 yesterday after the retailer lowered its holiday sales forecast due to continued store weakness. Macy's said it expects tight inventory controls will minimize holiday markdowns despite sluggish sales.
  • Network Appliances (NTAP) reported fiscal 2Q profit of $83.8 mln or 23 cents a share compared with $86.9 mln or 22 cents a share a year ago. Analysts had forecast a profit of 26 cents a share.
  • Novastar Financial (NFI) said it is very likely that the company's shares are delisted from the NYSE. The company reported a 3Q loss of $598 mln, or $64.05 a share compared with a gain of $25.3 mln or $2.91 a share a year ago.
  • Petsmart (PETM) reported 3Q net income of $29.5 million compared with $31.7 million in the year-earlier period. The company said revenue rose to $1.12 billion from $1.03 billion a year ago.

Market Recap

  • Asian trading closed with the Hang Seng -1.42%, Nikkei -0.67%, Sensex -0.72%, Taiwan -0.42% and Shanghai -0.88%.
  • A quick check of European bourses finds the CAC -1.14%, DAX -1.10%, FTSE -0.89%, ATX -1.09%, Swiss Mkt. -0.86% and Stockholm -2.05%.
  • Crude oil is trading lower -0.49 to 92.34 and gold is also down -9.6 to 805.1 this morning.
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