Stocks to Watch, Sept. 22: HP, Boston Scientific

SAN FRANCISCO – Among the companies whose shares are expected to see active trade in Friday's session are Hewlett-Packard Co., Boston Scientific Corp. and Tribune Co.

After Thursday's closing bell, Hewlett-Packard (HPQ) said Chief Executive Mark Hurd will testify before the U.S. House Energy and Commerce Committee's Subcommittee on Oversight and Investigations on the company's pretexting scandal.

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Boston Scientific (BSX) forecast third-quarter revenue below analysts' expectations, citing a contraction in the cardiac rhythm management market and a slowdown in the drug-eluting stent market.

Clarcor Inc. (CLC) reported third-quarter net earnings of $23 million, or 44 cents a share, compared with $20.9 million, or 40 cents a share, in the same period last year, on the back of stronger sales.

Cognos Inc. (COGN) said it has adopted a stock repurchase program for buying back the lesser of $200 million in stock of 8 million shares. The company said the program will commence Oct. 10 and end Oct, 9, 2007.

Corporate Office Properties Trust (OFC) said it has increased its quarterly dividend 11 percent to 31 cents from 28 cents a share. The dividend is payable Oct. 13 to shareholders as of Sept. 30.

Electroglas Inc. (EGLS) said the first-quarter net loss widened, as sales costs rose, to $5.83 million, or 22 cents a share, from a net loss of $3.91 million, or 18 cents a share, during the same period in the prior year.

Finish Line Inc. (FINL) reported second-quarter net earnings of $9.92 million, or 21 cents a share, compared with $18.9 million, or 38 cents a share, during the year-ago period.

IHS Inc. (IHS) said third-quarter earnings rose to $16.1 million, or 28 cents a share, from $3.66 million, or 7 cents a share. Separately, the technical information provider said Chairman Jerre Stead will assume the additional role of chief executive, replacing Charles Picasso, who is retiring.

JDSU (JDSU) said it has approved a 1-for-8 reverse split of its common stock. The provider of communications test technology said the reverse split will reduce the number of the company's outstanding shares to 211 million from 1.7 billion.

KB Home (KBH) reported third-quarter revenue, but not income, due to an internal review of the company's stock-option grants. The homebuilder said quarterly revenue reached $2.67 billion, compared with $2.53 billion during the same period in the prior year.

Kos Pharmaceuticals Inc. (KOSP) said preliminary results for Icatibant, a treatment for hereditary angioedema, show the primary study endpoint was met in one trial, but not the other.

Medwave Inc. (MDWV) said Chief Executive Timothy O'Malley has resigned. The Danvers, Mass.-based maker of blood pressure monitoring technology named Frank Katarow, a director, as interim CEO.

New York Times Co. (NYT) said it expects third-quarter earnings to be less than those of a year earlier because of ongoing weakness in the print advertising market and due to the impact of staff reduction costs.

Nike Inc. (NKE) reported a nearly 13 percent drop in quarterly profit, hurt by stock-options expensing, but results beat Wall Street's expectations as revenue grew across all regions.

Palm Inc. (PALM) said its quarterly profit slipped, hurt by stock-option expenses, as the maker of the Treo phone struggles with competition in the smart-phone market.

Restaurant operator Rare Hospitality International Inc. (RARE) said it has planned several initiatives, including buying back of $125 million of the company's stock, and possibly selling its Bugaboo Creek chain.

Sanofi-Aventis (SNY) and Bristol-Myers Squibb Co. (BMY) said the U.S. Court of Appeals for the Federal Circuit has denied Apotex's motion to stay the Aug. 31 preliminary injunction that ordered Apotex to halt its sales of a generic version of Plavix.

Starbucks Corp. (SBUX) reportedly is planning to increase the price of its coffee by about 5 cents a cup due to rising costs, including those for health care and raw ingredients.

Synnex Corp. (SNX) said third-quarter earnings increased to $13.8 million, or 43 cents a share, from $9.04 million, or 29 cents a share, a year ago. Revenue rose to $1.59 billion from $1.39 billion a year ago.

Take-Two Interactive Software Inc. (TTWO) said it has received a Nasdaq letter indicating that the company is not in compliance with the filing requirements for continued listing. The developer of entertainment software said a board committee is investigating the company's stock-option grants, which has delayed the filing of its report for the quarter ended July 31.

Target Corp. (TGT) said it is lowering prices on a number of generic drugs in the Tampa Bay area, effective immediately. The retailer said the move is consistent with its long-standing practice to be price competitive with Wal-Mart Stores Inc. (WMT), and it will match Wal-Mart's lower prices.

Texas Instruments Inc. (TXN) said it has approved the buyback of an additional $5 billion in shares. The chipmaker added that it plans to increase its quarterly cash dividend 33 percent to 4 cents a share.

Tribune Co. (TRB) said its board has set a committee to oversee management's exploration of alternatives to create additional shareholder value, and the process is expected to conclude by year end. The media company also said it has reached an agreement to restructure two partnerships in which the Chandler family has an interest.

3Com Corp. (COMS) reported a fiscal first-quarter loss of $14 million, or 4 cents a share, compared to a loss of $42 million, or 11 cents a share in the year-ago period. The networking equipment maker's sales rose to $300 million from $177.6 million a year ago.

Willis Group Holdings Ltd. (WSH) said Don Bailey has been named chief executive of Willis North America. Bailey, currently Willis North America's chief operating officer, succeeds Mario Vitale.