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Stocks to Watch, Jan. 3: Walgreen Co. and UAL Corp.

By MarketWatch
Published | Updated

SAN FRANCISCO – Among the companies whose shares are expected to see active trade in Tuesday's session are Walgreen Co. and UAL Corp.

Walgreen Co. (WAG) is expected to report fiscal first-quarter earnings of 33 cents a share, according to analysts polled by Thomson First Call.

After Friday's closing bell, UAL Corp. (UALAQ) , the parent company of United Airlines, said that all classes of creditors have voted to accept its plan of reorganization. The Chicago-based company, which filed for Chapter 11 protection in December of 2002, said it still hopes to emerge from bankruptcy in February. A bankruptcy court has scheduled a confirmation hearing for the reorganization plan for Jan. 18.

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Aetna Inc. (AET) said it has completed its purchase of the assets Magellan Health Services Inc. (MGLN) previously used to provide behavior health care services to Aetna's members. The deal was announced in December of 2004. Aetna said it will launch a full-service behavioral health business on Jan. 1 and enter the market with 11 million members.

AmSouth Bancorporation (ASO) reported in a filing with the Securities and Exchange Commission that it has approved accelerating the vesting of all outstanding unvested stock options previously awarded to employees and directors. AmSouth expects to record a one-time charge in the fourth quarter of about $2 million as a result of the accelerated vesting. As a result of the acceleration, options to purchase about 15.7 million shares, with a range of exercise prices between $19.31 and $27.91, will become immediately exercisable. The company expects that these actions will reduce non-cash compensation expense in the future periods by about $21 million pretax, which includes about $16 million pre-tax, or about 3 cents a share, in 2006.

Cavalry Bancorp Inc. (CAVB) said that in connection with its expected acquisition by Pinnacle Financial Partners Inc. (PNFP) it has made one-time payments to certain of its executive officers. The payments are expected to reduce Cavalry's 2005 earnings by $850,000, or 12 cents a share. Pinnacle Financial is buying Cavalry Bancorp in a $175.5 million deal that is expected to close by March 31.

Canadian steelmaker Dofasco Inc. (DFS) said its board plans to give "due consideration" to a takeover offer from Arcelor S.A. (005786) for C$63 per Dofasco share, about $54.04, or C$4.9 billion. Arcelor said it has mailed to Dofasco shareholders its takeover bid circular.

Genentech Inc. (DNA) said it has filed for U.S. Food and Drug Administration approval of its ophthalmology drug, Lucentis, and asked the agency to make a decision within six months.

Northwest Airlines (NWACQ) mechanics voted to reject terms of the bankrupt carrier's latest labor offer and continue their four-month strike. The union said 56.6% of voting members rejected the settlement agreement.