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Stocks to Watch: Chico's FAS, TiVo, Borders

By | MarketWatch

SAN FRANCISCO – Among the companies whose shares are expected to see active trading in Wednesday's session are Chico's FAS Inc., TiVo Inc., and Borders Group Inc.

Chico's (CHS) is expected to report first-quarter earnings of 26 cents a share, according to a survey of analysts by Thomson Financial.

Daktronics Inc. (DAKT) is expected to post earnings of 8 cents a share for the fourth quarter.

Dollar Tree Stores Inc. (DLTR) is expected to report first-quarter earnings of 36 cents a share.

Joy Global Inc. (JOYG) is expected to post earnings of 72 cents a share for the second quarter.

Lions Gate Entertainment Corp. (LGF) is expected to report fourth-quarter earnings of 22 cents a share.

Novell Inc. (NOVL) is expected to post earnings of a penny a share for the second quarter.

Payless Shoesource Inc. (PSS) is expected to report first-quarter earnings of 58 cents a share.

Polo Ralph Lauren Corp. (RL) is expected to post earnings of 62 cents a share for the fourth quarter.

TiVo (TIVO) is expected to report a first-quarter loss of 2 cents a share.

Williams-Sonoma Inc. (WSM) is expected to post earnings of 13 cents a share for the first quarter.

After Tuesday's closing bell, Borders (BGP) posted yet another quarterly loss, reporting that its first-quarter deficit was nearly double that in per-share terms vs. a year ago.

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Alkermes Inc. (ALKS) reported a fourth-quarter profit of $3.5 million, or 3 cents a share. The Cambridge, Mass., drug delivery systems company's revenue for the quarter ended March 31 was $64.8 million. Wall Street expected fourth-quarter earnings of a penny a share and revenue of $60.4 million, according to Thomson Financial. Alkermes expects fiscal 2008 income of $10 million to $15 million, or 10 cents to 15 cents a share, and revenue of $240 million to $260 million. Wall Street anticipates fiscal 2008 earnings of 6 cents a share on revenue of $243.6 million.

Applied Signal Technology Inc.'s (APSG) fiscal second-quarter net income rose 3.7 percent to $1.58 million, from $1.52 million a year earlier on a surge in new orders. On a per-share basis, earnings remained flat at 13 cents. The Sunnyvale, Calif., provider of advanced digital signal processing products and services said revenue for the quarter ended May 4 fell 5.7 percent to $41.1 million from $43.5 million a year ago. New orders received during the second quarter of 2007 were $37.6 million, representing a 55 percent increase from new orders received in the prior-year quarter.

Blue Coat Systems Inc. (BCSI) reported a fourth-quarter net loss of $759,000, or 5 cents a share, compared with a net loss of $2.95 million, or 21 cents a share, during the year-ago period. Excluding legal and accounting expenses associated with the stock option investigation and the related restatement, among other items, earnings were $5.7 million, or 31 cents a share, vs. $5.7 million, or 32 cents a share, last year. The Sunnyvale, Calif.-based developer of proxy appliances said that revenue for the three months ended April 30 rose to $54.5 million from $36.1 million. Analysts, on average, had forecast a per-share profit of 28 cents on revenue of $53 million. Additionally, Blue Coat said it expects first-quarter pro forma per-share earnings of 27 cents to 38 cents on revenue of $57 million to $60 million.

BMC Software Inc. (BMC) said its fiscal fourth quarter profit rose 22 percent, though sales fell shy of Wall Street analysts' expectations. Houston, Texas-based BMC said net income for the quarter ended March 31 rose to $62.8 million, or 30 cents a share, from $51.6 million, or 24 cents a share in the period a year earlier. Meanwhile revenue rose to $419.4 million from $407.9 million. Excluding certain items, BMC said it saw earnings of 40 cents a share in the quarter. Analysts surveyed by Thomson Financial had expected earnings of 40 cents a share, on revenue of $427 million. BMC, which sells software used by businesses to manage their data, said that excluding certain items it expects earnings for its current, first quarter of between 30 cents a share and 35 cents a share, and revenue of between $365 million and $380 million.

Coldwater Creek Inc.'s (CWTR) fiscal first-quarter net income rose 4 percent to $12 million, or 13 cents a share, from $11.6 million, or 12 cents a share, a year earlier. The Sandpoint, Idaho, multi-channel women's apparel and accessories retailers said sales for the quarter ended May 5 rose 31 percent to $281.3 million from $215.3 million a year ago. In February, the company said it expected first-quarter earnings of 7 cents to 9 cents a share on sales ranging from $260 million to $265 million. On average, analysts polled by Thomson Financial expected, on average, earnings of 8 cents a share and revenue of $264.5 million.

Standard & Poor's will add Equity One Inc. (EQY) to the S&P MidCap 400 Index, replacing Bandag Inc. (BDG) on a date to be announced.

Donaldson Co. (DCI) reported third-quarter net earnings of $40.1 million, or 49 cents a share, up 8 percent from $37 million, or 43 cents a share, during the year-ago period. There were 81.8 million shares outstanding during the quarter compared with 85.2 million last year. The Minneapolis-based provider of filtration systems and replacement parts said that revenue for the three months ended April 30 rose to $484 million from $429.9 million. Analysts, on average, had forecast a per-share profit of 45 cents on revenue of $462 million. Additionally, Donaldson said it expects fiscal 2007 per-share earnings of $1.73 to $1.80.

DryShips Inc. (DRYS) reported first-quarter net earnings of $66.4 million, or $1.87 a share, up from $18.1 million, or 60 cents a share, in the year-ago period. The Greek marine transportation company said total revenue in the quarter ended March 31 rose to $86.7 million from $54.8 million in the comparable period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 95 cents on revenue of $81.1 million. DryShips also said Chief Financial Officer Gregory Zikos is leaving to pursue other interests. The company named Chairman and Chief Executive George Economou as interim CFO.

Gilead Sciences Inc. (GILD) said a Phase III study of aztreonam lysine for inhalation for the treatment of cystic fibrosis met its primary efficacy endpoint. The Foster City, Calif., company said that based on the study, it plans to submit a new drug application concerning the product to the Food and Drug Administration in the second half of 2007. Data from the 164-patient, double-blinded, randomized study demonstrated a significant improvement in health-related quality of life as reported by patients following a 28-day treatment with the drug compared with a placebo

International Business Machines Corp. (IBM) said it has repurchased $12.5 billion worth of its common stock through accelerated share buyback agreements. IBM said it repurchased 118.8 million shares, or 8 percent of its outstanding stock, for an initial price of $105.18 each, under the company's $15 billion share repurchase authorization. The shares were acquired from three banks using $1 billion in cash and $11.5 billion borrowed through a loan agreement with a number of financial institutions, the company said. IBM also said it expects 2007 earnings per share growth of 13 percent to 14 percent, up from its previous estimate of 11 percent. The new forecast reflects the benefit of two to three points of growth, or roughly 14 cents to 17 cents of a share, from the accelerated share repurchases.

Invitrogen Corp. (IVGN) and Clontech Laboratories Inc., a subsidiary of Takara Bio Inc., late Tuesday said they have settled their patent litigation. Under the settlement, Clontech agreed that certain Invitrogen patents on RNase H minus reverse transcriptase are valid and enforceable. Clontech has discontinued sales of its RNase H minus RT products, including its PowerScript products, for the life of the patents, the companies said. Other details of the agreement weren't disclosed.

Kona Grill Inc. (KONA) lowered its fiscal 2007 revenue guidance to $72 million to $73.5 million from $73 million to $75 million. The company said it's unlikely it will open new restaurants at its Gilbert and West Palm Beach locations before year-end and therefore updated its revenue guidance. The Scottsdale, Ariz., American grill said its loss guidance of 8 cents to 29 cents a share remains unchanged. Kona Grill continues to expect second-quarter revenue of $18.1 million to $18.6 million and a loss ranging from 5 cents a share to net income of 2 cents a share.

LCC International Inc. (LCCI) signed a definitive agreement to acquire the domestic assets of Wireless Facilities Inc.'s (WFII) engineering business in a deal valued at $39 million in cash. LCC, McLean, Va., will fund the deal with a $30 million revolving credit facility and a promissory note of $22 million to Wireless Facilities Inc. LCC expects the deal, which should be completed in the second quarter, to boost 2007 earnings.

Neurogen Corp. (NRGN) said it has filed a $100 million universal shelf registration statement with the Securities and Exchange Commission, allowing the company to sell debt securities, stock and warrants. Branford, Conn.-based Neurogen, a drug discovery and development company, expects to use the proceeds from any sale for general corporate purposes.

Owens & Minor Inc. (OMI) named James L. Bierman chief financial officer effective June 13, replacing Jeffrey Kaczka, who will remain with the company in a consulting capacity for a transitional period. The Richmond medical products distributor said Bierman served as chief financial officer for Quintiles Transnational Corp.

Phillips-Van Heusen Corp.'s (PVH) first-quarter net income rose 8.7 percent to $53 million, or 92 cents a share, from $48.7 million, or 87 cents a share, a year earlier. Excluding items, the year-ago quarter's net income was $41.6 million, or 74 cents a share. The New York clothing manufacturer said revenue for the quarter ended May 6 rose 17 percent to $591.9 million from $506.4 million a year ago. For the second quarter, Phillips-Van Heusen expects earnings of 61 cents a share on revenue of $545 million.

Smithfield Foods Inc. (SFD) predicts fourth-quarter income from continuing operations of 30 cents to 35 cents a share. The Smithfield, Va., processor of pork and processed meats said the forecast reflects increased costs in its hog production operations and losses in its cattle feeding business. Smithfield also expects impairment charges on certain facilities to be recognized during the quarter.

TRW Automotive Holdings Corp. (TRW) said that Automotive Investors LLC and certain members of TRW management plan to offer 11 million shares of TRW stock in an underwritten public offering. Livonia, Mich.-based TRW will not receive any proceeds from the sale. Automotive Investors is an affiliate of the Blackstone Group.

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