Stocks to Watch: Cisco Systems, Walt Disney
SAN FRANCISCO – Among the companies whose shares are expected to see active trading in Tuesday's session are Cisco Systems Inc. and Walt Disney Co.
Cisco (CSCO) is expected to report third-quarter earnings of 33 cents a share, according to a survey of analysts by Thomson Financial.
CVS /Caremark Corp. (CVS) is expected to post earnings of 45 cents a share for the first quarter.
Duke Energy Corp. (DUK) is expected to report first-quarter earnings of 31 cents a share.
Electronic Arts Inc. (ERTS) is expected to post earnings of 2 cents a share for the fourth quarter.
Harrah's Entertainment Inc. (HET) is expected to report first-quarter earnings of 99 cents a share.
Marsh & McLennan Cos. Inc. (MMC) is expected to post earnings of 50 cents a share for the first quarter.
Molson Coors Brewing Co. (TAP) is expected to report first-quarter earnings of 24 cents a share.
Tenet Healthcare Corp. (THC) is expected to post a loss of 2 cents a share for the first quarter.
Tyco International Ltd. (TYC) is expected to report second-quarter earnings of 47 cents a share.
Walt Disney (DIS) is expected to post earnings of 38 cents a share for the second quarter.
After Monday's closing bell, McKesson Corp. (MCK) , one of the nation's largest wholesalers of prescription drugs, saw a quarterly profit increase of nearly 17 percent, buoyed by higher-margin products and services, the company said.
Aastrom Biosciences Inc. (ASTM) said the Food and Drug Administration has approved its investigational new drug application to initiate a 120-patient Phase III clinical trial for the treatment of osteonecrosis, also known as avascular necrosis, of the femoral head. Osteonecrosis is a progressive disease, with no established effective treatments, that often leads to a total hip replacement.
A.C. Moore Arts & Crafts Inc. (ACMR) reported a first-quarter net earnings of $572,000, or 3 cents a share, up from $250,000, or a penny a share, in the year-ago period. The Berlin, N.J.-based arts and craft retailer said revenue in the three months ended March 31 rose to $135.4 million from $132.9 million in the comparable period last year.
Advance Auto Parts Inc. (AAP) said late Monday Chairman, President and Chief Executive Michael Coppola has resigned, effective immediately, to pursue other business opportunities. The Roanoke, Va.-based retailer of automotive aftermarket parts named lead director John Brouillard as interim chairman, president and CEO, and the company said it is launching a national search for a new CEO. AAP also reaffirmed its first-quarter forecast for comparable-store sales in the low single digit range and earnings of 68 cents to 72 cents a share.
Ashland Inc. (ASH) and Cargill said they have agreed in principle to create a new 50-50 joint venture to develop and produce biobased chemicals. The companies expect a combined initial capital investment of $80 million to $100 million. The joint venture's first product will be propylene glycol, and the companies plan to establish a 65,000 metric ton-per-year plant at a yet-to-be-finalized location in Europe. Ashland and Cargill expect to announce further details on the joint venture's name, leadership and development plans later in 2007.
Central Garden & Pet Co.'s (CENT) (CENTA) fiscal second-quarter net income fell to $21.5 million, or 30 cents a share, from $26.2 million, or 39 cents a share, a year earlier, hampered by higher grain costs. The Walnut Creek, Calif., producer and marketer of garden and pet supplies' revenue for the quarter ended March 31 rose 21 percent to $485.7 million from $401.3 million.
Covansys Corp. (CVNS) reported first-quarter net earnings of $8.72 million, or 22 cents a share, up 76 percent from $4.96 million, or 13 cents a share, in the year-ago period. The Farmington Hills, Mich.-based consulting and technology services company said revenue in the three months ended March 31 rose 7.4 percent to $117.9 million from $109.8 million in the first quarter of 2006.
Cross Country Healthcare Inc. (CCRN) reported first-quarter net earnings of $4.8 million, or 15 cents a share, up 5 percent from $4.57 million, or 14 cents a share, in the year-ago period. The Boca Raton, Fla.-based provider of healthcare staffing services said revenue in the three months ended March 31 rose 10 percent to $176.1 million from $159.8 million.
Dobson Communications Corp.'s (DCEL) first-quarter loss widened to $30.6 million, or 19 cents a share, from $10.9 million, or 8 cents a share, a year earlier. The Oklahoma City wireless company's revenue rose 16 percent to $334.4 million from $287.6 million.
Engineering company Fluor Corp. (FLR) reported first-quarter net income slipped to $85 million, or 94 cents a share, from $89 million, or $1, a year ago. Revenue for the quarter held steady at $3.6 billion.
Guitar Center Inc.'s (GTRC) first-quarter net income rose 10 percent to $17.2 million, or 57 cents a share, from $15.7 million, or 55 cents a share, a year earlier. The Westlake Village, Calif., musical equipment retailer's sales grew 14 percent to $534.5 million from $470.7 million.
Health Care REIT Inc.'s (HCN) first-quarter net income rose 19 percent to $29.7 million, or 32 cents a share, from a year-earlier profit of $25 million, or 34 cents a share. The company's average shares outstanding increased to 73.8 million from 58.5 million. The Toledo, Ohio, real estate investment trust's revenue jumped 48 percent to $112.6 million from $76 million in the year-earlier period. Funds from operations rose to 76 cents a share from 71 cents a share.
HealthExtras Inc.'s (HLEX) first-quarter net income grew nearly 69 percent to $9.71 million, or 23 cents a share, from a year-earlier profit of $5.76 million, or 14 cents a share. The Rockville, Md., pharmacy benefit manager's revenue increased 70 percent to $406.4 million, from $238.7 million a year earlier.
Heelys Inc.'s (HLYS) first-quarter net income rose sharply to $8.45 million, or 30 cents a share, from $1.7 million, or 7 cents a share, a year earlier. Revenue for the Dallas maker of sports-related products jumped to $49.4 million from $13.7 million in the year-earlier period.
Ikon Office Solutions Inc. (IKN) said Monday it has entered into a memorandum of understanding with General Electric Co.'s (GE) GE Capital Solutions to renew their existing lease program relationship in the United States and extend it to 2014. The current deal is set to expire in 2009. Under the new agreement, Malvern, Pa.-based Ikon expects the transaction to generate $170 million to $200 million of operating income in fiscal years 2009 through 2014.
McDermott International Inc. (MDR) reported first-quarter net earnings of $158.1 million, or $1.38 a share, up from $55.3 million, or 49 cents a share, during the year-ago period. The Houston-based energy services contractor posted revenue of $1.36 billion vs. $644.9 million. Operating income rose to $192.5 million from $67.7 million last year.
National Fuel Gas Co.'s (NFG) fiscal second-quarter net income fell slightly to $78.4 million, or 92 cents a share, from $78.6 million, or 91 cents a share, a year earlier. The Williamsville, N.Y., integrated energy company's revenue for the quarter ended March 31 fell 8.8 percent to $812.2 million from $891 million.
Parkway Properties Inc.'s (PKY) first-quarter net income fell to $428,000 from $1.74 million a year earlier, as total costs rose to $49.4 million from $38.7 million. After preferred-dividend payments, the real estate investment trust said Monday it posted a loss of 5 cents a shares for the latest period and a loss of less than a penny a share a year earlier.
Pride International Inc.'s (PDE) first-quarter net income increased 44 percent to $101.7 million, or 58 cents a share, from a year-earlier profit of $70.5 million, or 41 cents a share. The Houston drilling contractor's revenue increased nearly 26 percent to $712 million from $566.9 million.
PNM Resources Inc.'s (PNM) first-quarter net income rose 14 percent to $30 million, or 38 cents a share, from $26.3 million, or 38 cents a share, a year earlier. Excluding acquisition-related costs and other charges, ongoing earnings were 39 cents a share. The Albuquerque, N.M., energy holding company said revenue fell slightly to $653.5 million from $655.8 million.
Powerwave Technologies Inc.'s (PWAV) first-quarter loss widened to $47.1 million, or 36 cents a share, from a year-earlier loss of $2.28 million, or 2 cents a share. The Santa Ana, Calif., radio-frequency amplifier company said results from the latest quarter include a pretax restructuring and impairment charges of $11 million, and intangible asset and amortization charges of $7.8 million.
Rudolph Technologies Inc. (RTEC) said it swung to a first-quarter net profit of $5.56 million, or 19 cents a share, from a year-ago net loss of $11.7 million, or 52 cents a share. The Flanders, N.J.-based provider of process control equipment for thin film measurements said revenue in the three months ended March 31 rose 52 percent to $48.4 million from $31.8 million.
Ryder System Inc. (R) repurchase up to $200 million of its outstanding common shares.
SBA Communications Corp.'s (SBAC) first-quarter loss widened to $16.4 million, or 16 cents a share, from $9.21 million, or 11 cents a share, a year earlier. The Boca Raton, Fla., operator of wireless communications towers said revenue increased 29 percent to $95.81 million from $68.8 million.
Bunker Hill Capital L.P. partnered with Nick Valenti and Joachim Splichal to acquire Smith & Wollensky Restaurant Group Inc. (SWRG) , a New York steak house chain, for $11 a share in cash. As part of the transaction, Smith & Wollensky's Chief Executive Alan Stillman will acquire the Park Avenue Cafe and Quality Meats restaurants in New York City and the management rights to Smith & Wollensky in New York City, the Post House and Maloney & Porcelli.
Sonus Networks Inc. (SONS) reported first-quarter revenue of $71 million, up from $60 million in the year-ago period. Analysts polled by Thomson Financial were expecting, on average, revenue of $74.5 million. The company said first-quarter gross margins increased sequentially and came in above its target of 5 percent to 62 percent. Sonus did not release full financial results because it has not yet completed its review of historical stock option grants
Sykes Enterprises Inc. (SYKE) reported first-quarter net earnings of $11.8 million, or 29 cents a share, up from $5.9 million, or 15 cents a share, in the year-ago period. The Tampa, Fla.-based provider of business process outsourcing services said revenue in the three months ended March 31 rose to $168 million from $131.1 million in the comparable period last year.
Taleo Corp. (TLEO) swung to a first-quarter profit of $908,000, or 3 cents a share, from a loss of $594,000, or 3 cents a share, a year earlier. Excluding items, earnings were $2.3 million, or 9 cents a share. The Dublin, Calif., provider of on demand talent management services said revenue increased 30 percent to $28.7 million from $22.2 million a year ago. On average, analysts polled by Thomson Financial predicted first-quarter earnings of 5 cents a share and revenue of $28 million.
WellCare Health Plans Inc. (WCG) reported first-quarter net earnings of $25, million, or 60 cents a share, up 49 percent from $16.8 million, or 42 cents a share, in the year-ago period. The Tampa, Fla.-based managed care provider said revenue in the three months ended March 31 rose to $1.24 billion from $730.4 million last year.
WMS Industries Inc. (WMS) authorized a 3-for-2 stock split, to be effected in the form of a stock dividend.
Wynn Resorts Ltd. (WYNN) reported first-quarter net earnings of $58.4 million, or 54 cents a share. During the same period a year ago, the Las Vegas-based casino resort operator posted a net loss of $11.4 million, or 12 cents a share. Adjusted earnings were $72.6 million, or 67 cents a share, compared with $1.1 million, or 3 cents a share, last year. Net revenue jumped to $635.3 million from $277.2 million.
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