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Stocks to Watch: Dell, Garmin, Google, UPS, U.S. Steel


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


Stocks to watch for Wednesday, October 31, 2007:

  • Atmel's (ATML) 3Q net income declined 87% to $16.6 million, or 3 cents a share, from $124.3 million, or 25 cents a share, a year earlier. The company's revenue fell 3.2% to $418.1 million from $431.7 million in the year-ago period. Analysts had expected earnings of 3 cents a share and revenue of $414 million.
  • Chipotle Mexican Grill (CMG) reported 3Q earnings of $20.6 mln, or 62 cents a share, up from $11.8 million, or 36 cents a share a year earlier. Revenue for the three months ended Sept. 30 increased 35.6% to $286.4 million.
  • Dell (DELL) filed previously overdue information to the Securities and Exchange Commission after restating the periods because of accounting errors and irregularities. The restated periods include fiscal years 2003 through 2006 and 1Q of 2007.
  • Garmin (GRMN) put in a bid for Dutch digital map maker Tele Atlas of $3.3 bln, edging the previous offer of Tom Tom by 15%. Tele Atlas, which had endorsed the TomTom bid, said it was now reviewing its options.
  • Google (GOOG) is talking with Verizon (VZ) in hopes to market phones with Google's upcoming operating system software and phone applications.
  • Lincoln Financial Group (LNC) reported 3Q net income of $329.6 mln, or $1.21 a share, down from $364.1 million, or $1.29 a share a year earlier. Income from operations for the third quarter was $352.9 million, or $1.29 a share.
  • McKesson (MCK) reported net income of $247 million, or 83 cents a share, for the quarter ended Sept. 30, up from $229 million, or 75 cents a share, for the same period a year ago. Revenue for the company was $24.5 billion compared with $22.4 billion. Analysts had expected earnings of 72 cents a share on sales of $24.1 billion.
  • United Parcel Service's (UPS) board has approved a $2 bln share buyback, replacing the $50 mln remainder of its Feb. 2007 buyback program, also for a total of $2 bln.
  • U.S. Steel (X) reported a 35% decline in 3Q profits amid uncertainty in the economy and a cutback of new orders among steel users. The company's chairman and CEO John P. Surma said a resurgance of steel prices and demand may take longer than expected. Though, he expects steel prices to rise when there is "reasonable stability in the economy".
  • Wynn Resorts (WYNN) reported 3Q earnings of $44.7 mln or 41 cents a share, down from the $715.7 million, or $6.43 a share a year earlier. Revenue came in at $653.4 million, up from $318.1, attributed mostly to the company's Macau resort opening.

Market Recap

  • Asian trading closed with the Hang Seng -0.90%, Nikkei +0.52%, Sensex +0.28%, Taiwan -0.48% and Shanghai +0.98%.
  • A quick check across the pond finds the CAC +0.52%, DAX +0.17%, FTSE +0.44%, ATX +0.37%, Swiss Mkt. +0.79% and Stockholm +0.60%.
  • Crude oil is trading +0.06 to 90.46 while gold is lower -0.80 to 787.0 this morning.
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