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Stocks to Watch: Bank of America, Google and Microsoft

By MarketWatch
Published | Updated

SAN FRANCISCO – Among the companies whose shares are expected to see active trading in Thursday's session are Bank of America Corp., Google Inc. and Microsoft Corp.

Advanced Micro Devices Inc. (AMD) is expected to report a second-quarter loss of 85 cents a share, according to a survey of analysts by Thomson Financial.

Bank of America (BAC) is expected to post earnings of $1.20 a share for the second quarter.

Dow Jones & Co. (DJ) is expected to report second-quarter earnings of 44 cents a share.

Google (GOOG) is expected to post earnings of $3.59 a share for the second quarter.

Hershey Co. (HSY) is expected to report second-quarter earnings of 35 cents a share.

Honeywell International Inc. (HON) is expected to post earnings of 75 cents a share for the second quarter.

Microsoft (MSFT) is expected to report fourth-quarter earnings of 39 cents a share.

Motorola Inc. (MOT) is expected to post breakeven results on a per-share basis for the second quarter.

Safeway Inc. (SWY) is expected to report second-quarter earnings of 48 cents a share.

UnitedHealth Group Inc. (UNH) is expected to post earnings of 81 cents a share for the second quarter.

After Wednesday's closing bell, eBay Inc. (EBAY) saw its second-quarter earnings surge 50 percent mostly due to strong growth in its online payments business that offset a continued slowdown in the online auction giant's listings.

IBM Corp. (IBM) reported a second-quarter profit that rose almost 12 percent from a year ago as the technology and services giant recorded strong gains in its global services and software business.

Allstate Corp. (ALL) reported a 16 percent increase in second-quarter net income late Wednesday, but the property and casualty insurer's results missed analyst estimates as catastrophes, competition and reinsurance costs took their toll.

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Alliance Data Systems Corp.'s (ADS) second-quarter net income fell slightly to $44.1 million from $44.8 million a year earlier. On a per-share basis, earnings remained constant at 55 cents a share. Cash earnings for the quarter were 86 cents a share. A Thomson Financial survey of analysts, on average, predicted earnings of 83 cents a share for the quarter. Analysts' estimates usually exclude items. The Dallas customer relationship management service provider's revenue climbed 15 percent to $563.8 million from $490.5 million, boosted in part by its marketing services unit.

Amdocs Ltd. (DOX) reported third-quarter net earnings of $88.2 million, or 40 cents a share, up from $85.6 million, or 39 cents a share, in the year-ago period. Excluding certain items, the company earned 54 cents a share versus 49 cents a share last year. The St. Louis-based software and services company said revenue in the three months ended June 30 rose 13.7 percent to $712.1 million from $626.4 million in last year's third quarter.

Avnet Inc. (AVT) agreed to acquire Magirus Group's European enterprise infrastructure division. Financial terms of the agreement weren't disclosed. The Phoenix-based distributor of electronic components and technology services expects the transaction, which is scheduled to close in October, to add 8 cents to 2008 earnings per share.

Avocent Corp. (AVCT) reported second-quarter net earnings of $15 million, or 29 cents a share, up 10 percent from $13.6 million, or 28 cents a share, in the year-ago period. Excluding intangible amortization and stock-based compensation expenses, the company posted earnings of $21.1 million, or 41 cents a share, versus $18.7 million, or 38 cents a share, in the second quarter of 2006. The Huntsville, Ala.-based provider of IT operations and infrastructure management products said revenue in the three months ended June 29 rose 28 percent to $150.2 million from $118 million in the comparable period last year.

City National Corp. (CYN) reported second-quarter net earnings of $59.2 million, or $1.19 a share, up from $58.7 million, or $1.16 a share, in the same period a year ago. The bank holding company said net interest income for the three months ended June 30 fell to $157.3 million from $157.9 million last year.

Con-Way Inc. (CNW) reported second-quarter net earnings of $48.1 million, down 32 percent from $70.7 million in the same quarter last year. Income available to common shareholders came in at $46.4 million, or 96 cents a share, down from $68.9 million, or $1.30 a share, in the year-ago period. The San Mateo, Calif.-based trucking company said revenue in the three months ended June 30 fell to $1.07 billion from $1.1 billion in the comparable period last year.

Citrix Systems Inc. (CTXS) said it wasn't providing full second-quarter results due to a voluntary review of its stock-option practices and upcoming restatement. Citrix said the review concluded that there was no intentional wrongdoing by any current executive of the company in connection with stock-option grants and procedures from 1996 through 2006. The Fort Lauderdale, Fla., software company intends to restate results from fiscal 2004 and 2005 and for the interim quarterly periods for 2005 and 2006 to reflect the additional non-cash stock-based compensation costs. The Fort Lauderdale, Fla., software company said second-quarter revenue grew 21 percent to $334.4 million from $275.5 million.

Cintas Corp.'s (CTAS) fourth-quarter net income to fell 1.3 percent to $90.3 million from $91.5 million a year earlier. The company's per-share earnings rose to 57 cents from 55 cents as its shares count fell 5 percent. The Cincinnati business services company's revenue rose 6.2 percent to $964.1 million from $907.9 million.

Cubist Pharmaceuticals (CBST) swung to a second-quarter profit of $14.5 million, or 24 cents a share, from a loss of $5.07 million, or 9 cents a share, a year earlier on a 52 percent increase in sales of its Cubicin drug. Excluding stock-based compensation expenses and other items, earnings were $17.2 million, or 28 cents a share. The Lexington, Mass., biopharmaceutical company's revenue increased 46 percent to $69.8 million from $47.8 million a year ago.

Dell Inc. (DELL) agreed to acquire privately held service delivery platform provider SilverBack Technologies Inc. Financial terms of the agreement weren't disclosed. The Round Rock, Texas, computer systems company said the acquisition, which is subject to closing conditions, is part of its strategy for IT simplification.

IMS Health Inc. (RX) reported a 17 percent rise in second-quarter earnings that was attributed to strong revenue growth in the U.S., Japan and emerging markets. IMS said it made $73.4 million, or 36 cents a share, vs. $62.7 million, or 30 cents a share, in the comparable period a year earlier. Revenue at the Norwalk, Conn.-based provider of healthcare market information rose to $537.5 million from $486.2 million. Excluding onetime items, the per-share profit stood at 39 cents.

Intersil Corp. (ISIL) reported second-quarter net income fell to $31.2 million, or 23 cents a share, from $43 million, or 30 cents, a year ago. Sales fell 5 percent to $178.3 million. The chipmaker said revenue growth topped its internal targets, with strong demand from its computing segment. Look ahead, Intersil said sales would grow 6 percent to 8 percent over the three months ended June 29. It pegged earnings at 27 cents a share.

Juniper Networks Inc. (JNPR) swung to a second-quarter profit, as the prior-year quarter included an impairment charge of $1.2 billion. The Sunnyvale, Calif., networking-equipment maker swung to a second-quarter profit of $86.2 million, or 15 cents a share, from a year-earlier loss of $1.21 billion, or $2.13 a share. Excluding acquisition-related costs, the cost of accounting for stock-option payments and other items, the company had non-GAAP earnings of $116 million, or 20 cents a share. Revenue for the quarter rose 17 percent to $664.9 million from $567.5 million.

Knoll Inc.'s (KNL) second-quarter net income grew 18 percent to $17.5 million, or 35 cents a share, from a year-earlier profit of $14.8 million, or 28 cents a share. Net sales for the East Greenville, Pa., furniture maker increased nearly 10 percent to $272.1 million from $247.5 million. Excluding deferred financing fees, earnings were 37 cents a share.

Labor Ready Inc.'s (LRW) second-quarter net income rose slightly to $18.8 million, or 41 cents a share, from $18.6 million, or 35 cents a share, a year earlier on same branch sales growth. The Tacoma, Wash., provider of blue-collar staffing said revenue increased 3.3 percent to $351.1 million from $339.8 million a year ago.

LaSalle Hotel Properties (LHO) reported second-quarter net earnings of $25 million, up slightly from $24.7 million during the year-ago period. Net income available to common shareholders was $19.4 million, or 48 cents a share, compared with $18.4 million, or 46 cents a share, last year. The Bethesda, Md.-based real estate investment trust said that revenue for the three months ended June 30 rose to $184.7 million from $166.5 million. Funds from operations were $42.3 million, or $1.05 a share, vs. $37.9 million, or 94 cents a share, last year.

Moneygram International Inc.'s (MGI) second-quarter net income fell to $32.4 million, or 38 cents a share, from $36.7 million, or 42 cents a share, a year earlier, due in part to a drop in revenue in its payment processing systems unit. The Minneapolis-based payment services company's net revenue rose 9 percent to $167.7 million from $154.3 million in the year-ago period, fueled in part by its global funds transfer unit. Moneygram's revenue was $333.3 million, compared with $292.9 million a year earlier.

Rush Enterprises Inc. (RUSHA) (RUSHB) reported second-quarter net earnings of $13 million, or 51 cents a share, down 12 percent from $14.9 million, or 59 cents a share, in the year-ago period. The San Antonio-based truck dealership operator said revenue in the three months ended June 30 fell 8.7 percent to $519.4 million from $569.2 million in the second quarter of 2006.

Skyworks Solutions Inc. (SWKS) reported fiscal third-quarter net earnings of $11.4 million, or 7 cents a share, up from $3.01 million, or 2 cents a share, during the year-ago period. Pro forma earnings came in at $16.8 million, or 11 cents a share, up from $8.01 million, or 5 cents a share, last year. The Woburn, Mass.-based semiconductor company said that revenue for the three months ended June 29 fell to $175.1 million from $197.1 million in the comparable period last year.

Sovereign Bancorp Inc. (SOV) swung to a second-quarter net profit of $148 million, or 29 cents a share, from a year-earlier loss of $59.1 million or 15 cents a share. Operating income excluding restructuring and other items was $170 million, or 33 cents a share, compared with year-earlier operating income of $163 million, or 37 cents a share. The Philadelphia-based banking company's net interest income rose to $453 million, from $439 million a year earlier, while the provision for loan losses rose to $51 million, from $44.5 million.

Sysco Corp. (SYY) said its board approved a 20-million-share repurchase program. The company's previously approved 20-million-share buyback plan from November 2005 has about 1.8 million shares remaining. These remaining shares will be repurchased prior to the initiation of the new program. The Houston food distribution company has about 618 million shares outstanding.

Torchmark Corp. (TMK) said that second-quarter net income came in at $127 million, in line with the life insurer's net income a year earlier. Net earnings per share came in at $1.32 vs. $1.26, the company reported. Operating income, which excludes net realized investment gains and losses, was $129 million, or $1.34 a share, the company added. Premium revenue climbed 2 percent to $711.7 million.

Valmont Industries Inc.'s (VMI) second-quarter earnings grew 56 percent to $27 million, or $1.03 a share, from $17.3 million, or 67 cents a share, a year earlier. Sales were up 19 percent to $402.3 million from $338.8 million a year ago. The Omaha, Neb., maker of poles, towers, irrigation equipment and tubing said it expects improved operating performance for the second half of the year with operating income as a percentage of sales growing to 10 percent.

Washington Mutual Inc.'s (WM) first-quarter net income rose 8.2 percent to $830 million, or 92 cents a share, from $767 million, or 79 cents a share, a year earlier. On average, analysts polled by Thomson Financial expected earnings of 89 cents a share. The Seattle bank's net interest income fell to $2.03 million from $2.06 million a year ago, as the provision for loan and lease losses rose to $372 million from $224 million. WaMu's noninterest income rose to $1.76 million from $1.58 million.