Stocks to Watch, July 28: Hartford, Western Digital and McAfee
SAN FRANCISCO – Among the companies whose shares are expected to see active trade in Friday's session are Hartford Financial Services Group Inc., Western Digital Corp. and McAfee Inc.
Baker Hughes Inc. (BHI) is expected to report earnings per share for the second quarter of 98 cents, according to analysts polled by Thomson First Call.
Belo Corp. (BLC) is expected to report per-share income of 31 cents for the second quarter.
Chevron (CVX) is expected to post second-quarter per-share income of $2.21.
Constellation Energy Group Inc. (CEG) is expected to report earnings per share for the second quarter of 46 cents.
Coventry Health Care Inc. (CVH) is expected to report per-share earnings of 82 cents for the second quarter.
Ingersoll-Rand Co. (IR) is expected to report per-share income of 95 cents for the second quarter.
Lear Corp. (LEA) is expected to post second-quarter earnings per share of 25 cents.
Max Re Capital Ltd. (MXRE) is expected to report earnings per share of 59 cents for the second quarter.
Office Depot Inc. (ODP) is expected to post second-quarter per-share income of 40 cents.
Overstock.com Inc. (OSTK) is expected to report a per-share loss of 86 cents for the second quarter.
After Thursday's closing bell, Hartford Financial (HIG) reported a 21 percent drop in second-quarter profit and cut its full-year earnings forecast, mostly because of a previously announced $158 million charge.
Western Digital (WDC) reported a fourth-quarter profit that rose almost 200 percent from a year ago, due to strong sales of its disk drives, and said it would review the backdating of stock options granted between 1998 and the present fiscal year.
McAfee (MFE) said an ongoing review of its practices and accounting for stock-option grants would likely force it to restate past results.
Allegheny Energy Inc. (AYE) reported second-quarter net income of $31.1 million, or 18 cents a share, reversing a year-ago loss of $18.4 million, or 12 cents a share. Excluding special items, second-quarter earnings from ongoing operations were $37.8 million, or 22 cents a share, compared with $12.7 million, or 8 cents, in the year-ago period.
Anadarko Petroleum Corp. (APC) said second-quarter net income rose as the company benefited by 32 cents per share from adjustments to estimated future tax liabilities. The Houston-based oil and gas explorer and producer said quarterly net income rose to $815 million, or $1.76 a share, from $507 million, or $1.06 a share, during the same period in the prior year.
Chesapeake Energy Corp. (CHK) posted an 86 percent jump in second-quarter profit Thursday, built on an aggressive drilling and gas field acquisition program that boosted the company's energy output by 45 percent.
Denny's Corp. (DENN) reported second-quarter net earnings of $1.85 million, or 2 cents a share, compared with $2.07 million, or 2 cents a share, in the same period last year. The Spartanburg, S.C.-based restaurant chain said the decrease was partly due to rising gas prices and interest rates.
Digital River Inc. (DRIV) reported second-quarter net earnings of $13.3 million, or 30 cents a share, up 30 percent from $10.2 million, or 26 cents a share, during the year-ago period. The e-commerce outsourcing company posted revenue of $71.3 million vs. $51.1 million.
Eastman Chemical Co. (EMN) reported a second-quarter net income of $114 million, or $1.37 a share, down from $206 million, or $2.51 a share, a year ago.
Federated Investors Inc. (FII) said second-quarter net income rose to $49.9 million, or 47 cents a share, from $37.8 million, or 35 cents a share, during the same period in the prior year. Quarterly revenue rose to $236.4 million from $217.7 million.
Forward Industries Inc.'s (FORD) shares fell 24 percent to $4.38 in after-hours trading after the company reported third-quarter net earnings of $285,000, or 4 cents a share, compared with $2.57 million, or 33 cents a share, in the same period last year.
Friedman, Billings, Ramsey Group Inc. (FBR) said it swung to a second-quarter net loss as the company took a non-cash 25-cent per share write-down of certain equity investments in the firm's merchant banking portfolio.
Frontier Airlines Holdings Inc. (FRNT) said it swung to net profit as revenue climbed. The Denver-based company said quarterly net income was $3.96 million, or 10 cents a share.
Hasbro Inc. (HAS) said it has authorized an additional $350 million for the repurchase of shares.
KLA-Tencor Corp. (KLAC) reported its fiscal fourth-quarter sales rose 18 percent to $579 million on increased demand for its machines used to make semiconductors that power a wide range of consumer electronic devices.
Lawson Software Inc. (LWSN) delayed its final results, expected to a show a net loss, as it works through accounting for a recent acquisition. The company also said its finance chief resigned and it eliminated the role of its chief operating officer.
Massey Energy Co. (MEE) said second-quarter net income fell as interest expense and costs related to coal, among other items, rose. Quarterly net income decreased to $3.2 million, or 4 cents a share, from $37 million, or 44 cents a share, during the same period in the prior year.
McKesson Corp. (MCK) reported a rise in its fiscal first-quarter net profit, powered by sales in its pharmaceutical solutions division.
NYSE Group Inc. (NYX) said second-quarter profit more than doubled when the Big Board's results were combined with those of acquiree Archipelago Holdings.
Odyssey Re Holdings Corp. (ORH) reported second-quarter earnings of $204.4 million, or $2.80 a share, compared with $51.1 million, or 74 cents a share, in the same period last year.
PerkinElmer Inc. (PKI) earned $24.5 million, or 19 cents a share, in its second quarter, down from $28.9 million, or 22 cents in the year-ago period. Adjusted to a continuing operations basis and excluding restructuring charges, the company earned 26 cents a share, up from 21 cents and a penny ahead of the average estimate of analysts polled by Thomson First Call.
PortalPlayer Inc. (PLAY) said second-quarter net income fell as revenue dropped. The maker of chip technology said net income fell to $1.39 million, or 5 cents a share, from $6.33 million, or 25 cents a share. Also, the company said Gary Johnson, president, chief executive and a director, plans to resign by the end of the year.
Rackable Systems Inc. (RACK) reported second-quarter net earnings of $5.32 million, or 18 cents a share, compared with $1.18 million, or 7 cents a share, in the same period last year.
RealNetworks Inc. (RNWK) said second-quarter profit surged more than eight-fold, helped by a gain related to a legal settlement with Microsoft Corp., as sales rose 8 percent on higher demand for the digital music and video games it sells over the Internet.
Roper Industries Inc. (ROP) said second-quarter net income grew as sales rose. The maker of engineered products said net profit rose to $48.1 million, or 53 cents a share, from $35.6 million, or 41 cents a share, during the same period in the prior year.
Sierra Wireless Inc. (SWIR) reported second-quarter net earnings of $3.77 million, or 15 cents a share. In the same quarter last year, the maker of wireless communications products posted a net loss of $26.7 million, or $1.05 a share.
Standard Pacific Corp. (SPF) said second-quarter net income fell as the cost of sales and other expenses rose. The homebuilder said net income decreased to $96.5 million, or $1.44 a share, from $107.6 million, or $1.54 a share, during the same period in the prior year.
THQ Inc. (THQI) reported a first-quarter net loss of $12.1 million, or 19 cents a share, compared with a net loss of $3.96 million, or 6 cents a share, during the year-ago period. On a pro forma basis, the loss was $10.5 million, or 16 cents a share.
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