Stocks to Watch, March 22: Microsoft, FedEx, Nike

SAN FRANCISCO – Among the companies whose shares are expected to see active trade in Wednesday's session are Microsoft Corp., Morgan Stanley, FedEx Corp., Adobe Systems Inc. and Nike Inc.

Actuant Corp. (ATU) is expected to report fiscal second-quarter earnings of 62 cents a share, according to analysts polled by Thomson First Call.

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Adobe Systems Inc. (ADBE) is seen posting a fiscal first-quarter profit of 29 cents a share.

FedEx Corp. (FDX) is expected to post earnings of $1.30 a share in its fiscal third quarter.

Herman Miller (MLHR) is seen posting a fiscal third-quarter profit of 33 cents a share.

Interpublic Group of Cos. (IPG) is expected to report a per-share profit of 15 cents a share in its fourth quarter.

Jabil Circuit Inc.'s (JBL) fiscal second-quarter results are seen showing earnings of 37 cents a share.

KB Home (KBH) is expected to report a fiscal first-quarter profit of $1.96 a share.

Morgan Stanley's (MS) fiscal first-quarter per-share profit is expected to be $1.21.

After Tuesday's closing bell, Microsoft Corp. (MSFT) said the next version of its Windows operating system won't be available to consumers until January, a delay that means the product won't be available in time for the key holiday sales season.

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AngioDynamics Inc. (ANGO) reported third-quarter net earnings of $1.88 million, or 14 cents a share, compared with $1.09 million, or 9 cents a share, during the year-ago period. Revenue at the medical device maker rose 28%, to $19.8 million from $15.5 million. Analysts polled by Thomson First Call had forecast third-quarter earnings of 14 cents a share on revenue of $20 million.

Bristol-Myers Squibb Co. (BMY) and Sanofi-Aventis (SNY) said they have reached an agreement with Apotex Inc. over that company's attempt to market a generic version of the blockbuster blood-thinner Plavix.

Chaparral Steel Co. (CHAP) reported third-quarter net earnings of $49.2 million, or $2.06 a share, compared with $14.2 million, or 62 cents a share, during the year-ago period. Revenue at the Midlothian, Texas-based producer of structural steel beams rose 45% to $374.6 million from $259.1 million. Based on current market conditions, Chaparral said it expects continued strong results in the fourth quarter.

Same-store sales growth at three of its four chains helped Darden Restaurants Inc. (DRI) to a double-digit profit rise in its fiscal third quarter on a total sales bounce of just over 7%. See full story.

Nabi Biopharmaceuticals (NABI) said it will continue developing its Gram-positive program, led by StaphVAX and Altastaph. Nabi's decision was based on an outside advisory panel's review of the company's assessment of the StaphVAX confirmatory Phase III clinical study results.

Nike Inc. (NKE) third-quarter profit rose 19%, as strong business in Asia and the Americas offset continued weakness in Europe.

Regis Corp. (RGS) lowered its fiscal third-quarter and 2006 earnings forecasts. The Minneapolis-based salon operator now expects third-quarter net earnings of 45 cents to 48 cents a share, down from the 56 cents to 60 cents a share it previously forecast, on revenue of $607 million. Regis also forecast fourth-quarter per-share earnings of 58 cents to 62 cents on revenue of $640 million to $645 million. For fiscal 2006, Regis forecast a per-share profit of $2.10 to $2.17, down from its earlier view of $2.31 to $2.37, on revenue of $2.4 billion.

Sigma Designs Inc. (SIGM) said fourth-quarter net income was $490,000 or 2 cents a share. During the same period last year, the company reported a net loss of $17,000, or breakeven on a per-share basis. Sigma Designs, which makes digital media processors for consumer appliances, said quarterly revenue was $10.5 million, compared with $7.89 million during the same period last year. Analysts polled by Thomson First Call had expected revenue of $10 million.

Spectrum Control Inc. (SPEC) reported fiscal first-quarter net earnings of $290,000, or 2 cents a share, down from $607,000, or 5 cents a share, in the year-ago period. Revenue at the Fairview, Pa.-based maker of electronic control products and systems rose to $25.6 million from $21.1 million.