Stocks to Watch, July 19: Yahoo, IBM and Sovereign Bancorp

SAN FRANCISCO – Among the companies whose shares are expected to see active trade in Wednesday's session are Yahoo Inc., International Business Machines Corp. and Sovereign Bancorp Inc.

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Abbott Laboratories (ABT) is expected to report earnings per share for the second quarter of 57 cents, according to analysts polled by Thomson First Call.

Apple Computer Inc. (AAPL) is expected to post third-quarter earnings per share of 44 cents.

Bank of America Corp. (BAC) is expected to report per-share income for the second quarter of $1.10.

EBay Inc. (EBAY) is expected to post second-quarter per-share income of 24 cents.

General Dynamics (GD) is expected to post earning per share of $1 for the second quarter.

Intel Corp. (INTC) is expected to post per-share income for the second quarter of 13 cents.

J.P. Morgan Chase & Co. (JPM) is expected to report earnings per share for the second quarter of 87 cents.

Motorola Inc. (MOT) is expected to post second-quarter per-share income of 30 cents.

St. Jude Medical Inc. (STJ) is expected to report earnings per share for the second quarter of 38 cents.

UnitedHealth Group Inc. (UNH) is expected to post second-quarter per-share income of 68 cents.

After Tuesday's closing bell, Yahoo Inc. (YHOO) said second-quarter profit fell sharply from a year ago, when it had a large one-time investment gain and didn't include the cost of employee stock options in its results.

International Business Machines (IBM) said second-quarter profit from continuing operations rose more than 9% from a year ago, helped by lower administrative costs, even as revenue from the company's key global services and hardware divisions fell.

Sovereign (SOV) reported a second-quarter net loss as the Philadelphia-based lender was weighed down by reorganization costs and expenses related to its acquisition of rival Independence Community Bank.

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Amdocs Ltd. (DOX) said it has agreed to acquire privately held Cramer Systems Group Ltd. for around $375 million in cash in a move to expand its service-management and operations-support systems offerings.

Charles & Colvard Ltd. (CTHR) said the second-quarter cost of goods fell as net income rose to $1.1 million, or 6 cents a share, from $740,000, or 4 cents a share, during the same period in the prior year.

Check Point Software Technologies Ltd. (CHKP) forecast results for all of 2006 that would be roughly in line with the average of analysts' estimates. Executives of the network-security software firm predicted that it would earn $1.12 to $1.20 a share for the year, or $1.33 to $1.40 a share after stripping out one-time items.

Cheesecake Factory Inc. (CAKE) said quarterly revenue rose 12%, and the restaurant operator unveiled plans to review its stock-option awards practices.

Con-Way Inc. (CNW) reported second-quarter net earnings of $70.73 million, compared with $71.1 million last year. Quarterly revenue rose 8% to $1.1 billion from $1.02 billion.

Cognex Corp. (CGNX) said higher sales boosted its second-quarter net earnings to $11.4 million, or 24 cents a share, from $7.8 million, or 17 cents a share, in the same period last year.

CSX Corp. (CSX) posted a second-quarter profit of $390 million, or $1.66 a share, up from $165 million, or 73 cents a share, a year ago.

Digitas Inc. (DTAS) reported second-quarter net earnings of $13.5 million, or 14 cents a share, up 14% from $11.9 million, or 12 cents a share, during the year-ago period. The Boston-based marketing services company posted total revenue of $190.9 million vs. $134.3 million.

En Pointe Technologies Inc. (ENPT) said it sees third-quarter sales of $93.8 million to $94.8 million. During the same period in the prior year, the Los Angeles company reported sales of $92.6 million.

Illumina Inc. (ILMN) said it swung to a profit in the second quarter and lifted its 2006 forecast. See full story.

MetLife Inc. (MET) said it's considering selling Peter Cooper Village and Stuyvesant Town, properties that make up what the life insurer says is the largest apartment complex in Manhattan.

New River Pharmaceuticals Inc. (NRPH) said it plans to buy back up to $50 million of its shares.

Palm Harbor Homes Inc. (PHHM) said its first-quarter earnings rose 35% to $3.55 million, or 16 cents a share, compared with $2.63 million, or 12 cents a share, in the same period last year.

Plx Technology Inc. (PLXT) said second-quarter revenue rose as the company swung to net income of $281,000, or a penny a share. During the same period in the prior year, the Sunnyvale, Calif.-based chip provider reported a net loss of $732,000, or 3 cents a share.

Renaissance Learning Inc. (RLRN) said second-quarter operating expenses rose as net income fell to $4.67 million, or 16 cents a share, from $7.34 million, or 24 cents a share, during the same period in the prior year.

Total System Services Inc. (TSS) said second-quarter operating income rose as net income increased to $57.4 million, or 29 cents a share, from $50.6 million, or 26 cents a share, during the same period in the prior year.

Trustmark Corp. (TRMK) reported second-quarter earnings of $30.8 million, or 55 cents a share, compared with $22.2 million, or 39 cents a share, in the same period last year.

Valmont Industries Inc. (VMI) said its second-quarter earnings rose 66% to $17.3 million, or 67 cents, from $10.4 million, or 42 cents, last year.

Xilinx Inc. (XLNX) said it has postponed its first-quarter earnings release to July 25. Additionally, the San Jose, Calif.-based chip company said the independent investigation into its option granting practices is not yet complete.

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