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Tuesday, September 18, 2007

Jim Cramer's Stop Trading Sept 17th

KeyCorp (KEY) could be a good takeout target for a deep-pocketed international player, Jim Cramer said Monday on CNBC's Stop Trading! segment.
Cramer said the Cleveland-based bank is a "well-run" bank that could potentially appeal to big international bankers like ABN (ABN) and HSBC (HBC), despite the unraveling of the U.S. mortgage business.
Cramer still likes seed outfits Monsanto (MON) and Syngenta (SYT).

Labels: ABN, HBC, Jim Cramer, Jim Cramer's Stop Trading, KEY, MON, SYT

Monday, July 23, 2007

Barclays plc (BCS) Raises Bid for ABN AMRO Holding N.V. (ABN)

Barclays will raise its offer for ABN Amro to $93.1 billion, with help from two Asian financial partners, in the face of a rival bid led by the Royal Bank of Scotland, the British bank said Monday.

Barclays' new 67.5 billion-euro offer includes 42.7 billion euros ($58.9 billion) in shares and 24.8 billion euros ($34.2 billion) in cash, or 35.73 euros ($49.32) per ABN Amro share, based on Barclays' closing price Friday.
That compares with its own earlier all-share offer worth 33.86 euros ($46.74) and the RBS-led consortium bid of 38.40 euros ($53.01), which valued the bank at 71.1 billion euros ($97.8 billion).
Either takeover, if successful, would be the largest in the history of the financial industry.

Labels: ABN, ABN AMRO Holding N.V., Barclays plc, BCS

Tuesday, May 29, 2007

Stock Market Wrapup May 29th

Lower volume marked the beginning of the summer, as the Dow, S&P 500, and Nasdaq all closed up. Gold and silver were up, while oil, on news that the Nigerian oil workers' strike was over and a new president sworn in, fell more than -$2. While last week's reports showed that both new and existing home inventories are up, year-over-year prices dropped almost -1.5% from Q1 2006 according to the S&P/Case-Shiller Home Price Index. Consumers, meanwhile, continue to remain confident, with the Consumer Confidence Index for May coming in a better-than-expected 108.0.

The news continued to be dominated by discussion of M&A activity. Alcan (NYSE: AL) and Alcoa (NYSE: AA) are at the center of a maelstrom of speculation following the latter's failed attempt to purchase the former. Some analysts are now predicting that Alcan will reverse the tables and try to make a bid for Alcoa. Theories are being tossed around as to whether there are other potential buyers for either company, as demonstrated by the fact that Alcoa options for July have risen.
The FTC opened an investigation today, examining the proposed Google (Nasdaq: GOOG) acquisition of DoubleClick. The deal, which is worth approximately $3.1 billion, was originally criticized by competitors Microsoft (Nasdaq: MSFT ) and Yahoo (Nasdaq: YHOO), but both companies have since made moves that mimic Google's purchase. Representatives from Google have stated that they expect the deal to fly through the regulatory phase and be approved by year's end.
Apartment REIT Archstone Smith (NYSE: ASN) has agreed to be acquired by Tishman Speyer and Lehman Brothers (NYSE: LEH) in a deal estimated at $22.2 billion. The buyers have agreed to acquire Archstone for $60.75 per share in cash, a premium of 22.7% on May 24th, before news of the deal broke.
Avaya (NYSE: AV - News) is reportedly beginning the process of putting itself on the market and speaking with potential suitors. So far, the company is speaking both with Silver Lake Partners, a private equity firm, and Nortel Networks (NYSE: NT - News), a technology company. The company seems to be a promising target for a buyout based on its lack of debt and high level of cash flow. The stock finished up 15.3%.
Barclay's (NYSE: BCS ) may have some competition in its purchase of ABN Amro (NYSE: ABN). The Royal Bank of Scotland is reportedly making a move to purchase the smaller investment bank, offering more than Barclay's. While ABN Amro does not seem interested in pursuing the RBS deal, the would-be suitor is threatening to bring the deal straight to the shareholders if it feels that management does not give it enough attention.
VeriSign (Nasdaq: VRSN) announced today that Stratton Sclavos has resigned as CEO of the company, but no reason was given for the move. William Roper, Jr., a former independent director, has been named as CEO and president. VeriSign has also postponed an analyst call that was scheduled for June 6th.

By the BullMarket.com Staff

Labels: AA, ABN, AL, ASN, AV, BCS, GOOG, LEH, MSFT, NT, VRSN, YHOO

Stocks Rise on Takeover Activity

Stocks opened modestly higher Tuesday after the long holiday weekend on new takeover talk and ahead of data on consumer confidence.
The first day of the week frequently brings big acquisition offers, and this shortened week was no exception: on Tuesday, a consortium of banks led by Royal Bank of Scotland PLC said it will bid 71.1 billion euros, or $95.5 billion, for the Netherlands' ABN Amro, besting an offer from Barclays PLC.
The announcement came amid Wall Street Journal reports that Tishman Speyer Properties and Lehman Brothers Holdings Inc. may soon buy Archstone-Smith Trust for more than $12 billion and assume more than $6 billion in debt, and that technology retailer CDW Corp. and telecommunications equipment company Avaya Inc. are private equity takeover targets.
This week will be heavy on economic reports, which should give investors a better idea of whether growth is strong enough to fuel companies' U.S.-based businesses, or if it's so robust that it could prevent the Fed from lowering interest rates later in the year.
The market is expecting the Conference Board to report its May index of consumer confidence came in at 105.0, a slight improvement on the April's reading of 104.0.
In the first minutes of trading, the Dow Jones industrial average was up 32.51, or 0.24 percent, at 13,539.79.
Published by Madlen Read, AP Business Writer

Labels: ABN, ASN, CDWC, LEH

RBS Launches Hostile Bid for ABN Amro (ABN)

A consortium led by Royal Bank of Scotland PLC said Tuesday it will launch a hostile bid of 71.1 billion euros ($95.5 billion) for ABN Amro, topping a friendly offer from Barclays PLC and pressing Bank of America Corp. for control of the Dutch bank's U.S. arm.
The offer by the RBS group is for 38.40 euros ($51.59) per share of ABN Amro Holding NV, mostly in cash. It is at least 10 percent more than Barclays' all share offer worth 34.69 euros ($46.59) at current levels. ABN Amro's shares fell 0.6 percent to 35.87 euros ($48.19), suggesting serious investor doubts about which deal will prevail.
Either bid, if successful, would be the largest in the history of the financial industry.

Labels: ABN, BAC, BCS, STD

Thursday, May 03, 2007

Stock Market Wrapup May 3rd

It wasn't the strongest advance in recent sessions, but stocks recovered from a meandering start to push higher again today, helped by more upbeat economic news and the generally positive corporate profit picture for the first quarter. As has been the pattern in recent days, crude oil prices and the 10-year Treasury note moved in the opposite direction from stocks, closing lower.
Investors today were encouraged by a good report on inflation and another that showed growth in the services sector. The Labor Department's report on unit labor costs, an indicator of wage growth, rose at a scant 0.6% rate in Q1. The Institute of Supply Management, meanwhile, said its index of non-manufacturing business rose to 56.0 in April from 52.4 in March. Any reading above 50 is considered to show expansion. The Dow Jones Industrial Average marked another record close. The Dow has now risen in 22 of the last 25 sessions, making it one of the index's lengthiest bull runs in years.
The Dow's gain might have been stronger if not for longtime component General Motors (NYSE: GM - News), which reported a whopping -90% drop in Q1 profit. While its domestic auto business continues to suffer in the face of rising gas prices, profit was also hurt by weak results at its 49%-owned finance arm, GMAC, which has been hurt by the weak housing market. GM reported net income of $62 million, or 11 cents a share, compared with $602 million, or $1.06 a share, a year earlier. Excluding assorted charges related to its restructuring efforts, the car company would have earned 17 cents a share, still well short of the 87 cents a share analysts expected. Its shares declined -5.4%.
In the tech sector, increased profits reported by digital audio/video services provider RealNetworks (Nasdaq: RNWK - News) helped boost its stock 8.8%. RealNetworks reported a 60% increase in Q1 profit, driven by strong sales in its music and gaming units and the final payment from a settlement deal with Microsoft (Nasdaq: MSFT - News). The company said it would significantly increase its share repurchase program. Security software maker Symantec (Nasdaq: SYMC - News), meanwhile, rose 4.8%. Its fiscal Q4 profit fell almost -50%, but that result was nonetheless above expectations. The company was upgraded to "buy" from "hold" at Jefferies.
The sale of ABN Amro (NYSE: ABN - News) got murkier after a Dutch court blocked the bank's plan to sell is Chicago-based LaSalle National Bank subsidiary to Bank of America (NYSE: BAC - News). That transaction was to occur so that ABN could sell itself to Barclay's (NYSE: BCS - News). The court said ABN management must seek shareholder approval to sell LaSalle, making it more likely that the higher competing bid from a group led by Royal Bank of Scotland might win out.
Subprime lending woes led to a -7% profit decline at UBS (NYSE: UBS - News). The Swiss-based bank said it would shutter its Dillon Read Capital Management division, a hedge fund the bank set up in 2006 that ran up a -150 million Swiss franc loss from trading in the U.S. mortgage market.
By the BullMarket.com Staff

Labels: ABN, BAC, BCS, GM, MSFT, RNWK, SYMC, UBS

Wednesday, April 25, 2007

Stock Market Wrapup April 25th

A bevy of better-than-expected earnings reports from companies with strong sales overseas inspired a broad stock market advance today. The world's best-known market indicator, the Dow Jones Industrial Average, steamed past the 13,000 point mark for the first time in its history, while the Nasdaq composite and the S&P 500 also notched solid gains. Crude oil prices continued to move like a yo-yo, gaining over $1 a barrel to reverse a similar-sized drop yesterday. The 10-year Treasury note eased today.
Pacing today's gain was aircraft maker Boeing (NYSE: BA - News), which posted a 27% increase in its Q1 profit. Revenue rose 8% to $15.4 billion, outpacing the expectations of Wall Street. Growth was driven by strong orders for commercial airliners along with defense-related orders. Alcoa (NYSE: AA - News), another Dow component, added 5.3% after revealing that it is exploring the spin-off or sale of its packaging business, which is home to the Reynolds brand of aluminum and plastic wraps.
Defense contractors Raytheon (NYSE: RTN - News) and General Dynamics (NYSE: GD - News) managed more modest increases in their quarterly results. General Dynamics posted a 16% increase in its earnings for the quarter ended March 31, while Raytheon achieved a 21% gain. Analysts said that while spending on defense by the U.S. government is still robust, the battle between the Democratic Congress and the White House over a timetable for pulling out of Iraq clouds the picture somewhat for these companies.
Snack and soft drink maker PepsiCo (NYSE: PEP - News) said strong international sales and a good performance out of its Frito-Lay snack division propelled the company to a 16% Q1 earnings gain. CEO Indra Nooyi said investors can expect the company to remain in the acquisition market to supplement earlier moves into brands perceived as more "healthy." Recent acquisitions include Izze Beverage, Naked Juice, and Bluebird Foods.
On the tech front, online retailer Amazon.com (Nasdaq: AMZN - News) leapt 27.0% to its highest price in about two years after announcing that profits more than doubled from the corresponding quarter a year ago. Amazon's profits grew to $111 million, or 26 cents a share, from $51 million, or 12 cents a share. Specialty glass maker Corning (NYSE: GLW - News) added 5.3% after reporting a 27% increase in Q1 net income and issuing an optimistic forecast for the current quarter. The company said sales to the telecom sector were driving growth.
In M&A activity, a consortium of banks led by Britain's Royal Bank of Scotland stepped up with new bid for ABN Amro (NYSE: ABN - News). Fortis Ltd. and Banco Santander Central Hispano (NYSE: STD - News) joined RBS in submitting a bid for the Danish bank that tops the offer announced by Barclay's (NYSE: BCS - News). Amro's shares jumped 5.2% on the news. The key to the deal is Amro's LaSalle Bank subsidiary, which RBS wants in order to cement its toehold in the U.S. market. Barclay's said it would sell LaSalle to Bank of America (NYSE: BAC - News). Amro's board earlier endorsed Barclay's bid, and analysts wondered whether the side deal for LaSalle could be undone.
By the BullMarket.com Staff

Labels: AA, ABN, AMZN, BA, BAC, BCS, GD, GLW, PEP, RTN, STD

Monday, April 23, 2007

Stock Market Wrapup April 23rd

Stocks moved modestly to the downside today on profit taking in the wake of Friday's strong advance despite the announcement of big merger deals in the banking and biotechnology sectors. Oil prices also rose sharply, topping $65 a barrel in New York trading as traders reacted to instability in Nigeria following national elections in the oil-producing nation that opponents claim were rigged in the government's favor. The 10-year Treasury note moved higher to begin the week.
Today's news was dominated by M&A activity. As anticipated, Britain's Barclay's (NYSE: BCS - News) announced that it has agreed to acquire Dutch bank ABN Amro Holdings (NYSE: ABN - News) for just over $91 billion. As part of the deal, ABN Amro said it would sell its Chicago-based LaSalle National Bank subsidiary to Bank of America (NYSE: BAC - News) for $21 billion. Proceeds from that sale will be distributed to shareholders of the combined banks after the sale is concluded. The offering price is slightly below last Friday's close, but represents a more than 30% premium over the price ABN shares were trading at when the talks began.
The Barclay's-ABN combination will create the world's fifth-largest bank and world's largest institutional asset manager. The two companies had been locked in exclusive negotiations for the last month. Recently, Barclay's rivals Royal Bank of Scotland and Santander Central Hispano (NYSE: STD - News) sought to offer their own bids of ABN. The Dutch bank said it favors Barclay's offer, but has not ruled out a competing bid should one arise. The other banks want to see details of the LaSalle transaction before deciding whether to proceed with bids of their own.
In other merger news, Britain's AstraZeneca (NYSE: AZN - News) said it would buy biotech MedImmune (Nasdaq: MEDI - News) for $15.2 billion, or $58 a share, which is a 21% premium over Friday's closing price. MedImmune's board had put the company up for sale under pressure from major shareholders. Its top products include the FluMist influenza treatment and Synagis, a treatment for respiratory problems in infants, and it has a solid pipeline of drugs in development. MedImmune's shares rose 17.8% on the news. Subscribers may read our take on this deal and its implications for other pharmaceutical and biotechnology companies in today's edition.
In earnings news, Kimberly Clark (NYSE: KMB - News), which makes Kleenex tissue and other paper products, said its Q1 profit jumped 70% on strong sales growth and cost cutting. Revenue rose 8%. The company, however, also noted that rising pulp prices could impact future results. Its shares declined -1.2%. Like other companies with significant overseas sales, Kimberly Clark's results were aided by the weak U.S. dollar, which makes its products cheaper overseas.
Novartis (NYSE: NVS - News) reported an 11% increase in first-quarter earnings. Its profit rose to $2.17 billion, compared with $1.96 billion in the same quarter last year. Strong sales of its hypertension drug Diovan and its leukemia treatment, Gleevec, helped to fuel an 18% increase in revenue to $9.8 billion. Shares of toymaker Hasbro (NYSE: HAS - News) added 7.7% after the company reported a profit of nearly $33 million, or 19 cents a share, for the quarter that ended April 1st, compared with a loss of -$4.9 million, or -3 cents per share, in last year's comparable period.
By the BullMarket.com Staff

Labels: ABN, AZN, BAC, BCS, HAS, KMB, MEDI, NVS, STD

Thursday, April 05, 2007

ABN AMRO Holding N.V. (ABN) Being Bid On

According to a report by the London Times, Royal Bank of Scotland could make a bid for Dutch bank ABN Amro (ABN 43.67), pitting it against Barclays (BCS) of the United Kingdom and several other potential bidders, such as Citigroup (C) and HSBC (HBC).
Shares in ABN traded higher on the news, gaining about 2% in early-market trading. The stock has climbed about 36% so far this year, and is up more than 20% since late March, when ABN found itself on the takeover hot seat.
Earlier in March, ABN Amro announced that it is in exclusive talks with Barclays in a deal that would value the company at about $80 billion - potentially the largest banking deal ever. However, those talks are not guaranteed to result in a deal, and several banks, including RBS, could spoil Barclays' attempt to take over the bank.
The Times reported that Goldman Sachs (GS) and Merrill Lynch (MER), which have previously been key advisors to RBS, are not tied to any other potential bidder. Goldman Sachs reportedly resigned from its role as an advisor to Dutch rival ING Group (ING), which had also been highlighted as a potential bidder. Both Goldman and Merrill were key advisors in RBS's hostile takeover of NatWest in 2000, raising speculation that the two banks could be helping RBS prepare an offer.
--Richard Jahnke, Briefing.com

Labels: ABN, ABN AMRO Holding N.V., Barclays plc, BCS

Monday, March 19, 2007

Stock Market Wrap Mar. 19

Stocks started the week on a positive note with all three major indexes posting gains of close to 1%. The move follows a down week last week as economic data indicated that, despite signs pointing to a slowing economy, inflation was not being held in check. Tomorrow, the Federal Reserve Open Market Committee begins its next policy meeting. While a rate change isn't expected when the meeting wraps up on Wednesday, investors are hoping the FOMC's policy statement will shed some light on which way it is leaning when it comes to adjusting interest rates later this year.
While economic data and policy statements are on the radar, both were absent today, leaving investors to find direction from a wave of M&A activity. U.S. investors also took a cue from a strong move higher in overseas markets, where recent weakness had helped contribute to uneasiness in the U.S. market. Concerns about the subprime mortgage crisis, meanwhile, remained on the sidelines for today at least, even as the National Association of Home Builders said its index of sales activity for new single-family housing fell to 36 from a reading of 39 in February, which itself was revised down from 40.
Leading the merger headlines were Barclays (NYSE: BCS - News) and ABN AMRO (NYSE: ABN - News) on reports that the two European banks could combine in a deal worth as much as $80 billion. ABN AMRO later confirmed that it is in exclusive talks with Barclays. Community Health Systems (NYSE: CYH - News), meanwhile, topped a private equity bid with a $5.1 billion offer for Triad Hospitals (NYSE: TRI - News) in a deal that would create the country's largest publicly traded hospital operator.
The mergers extended to the oil patch as well, where shallow-water driller Hercules Offshore (Nasdaq: HERO - News) announced its plans to buy oil and natural gas driller TODCO (NYSE: THE - News) for about $2.4 billion. The deal would create the world's fourth-largest fleet of shallow-water rigs. Based on Friday's closing prices, Hercules' offer represents a 28% premium. Elsewhere, utility and telecom infrastructure contractor Quanta Services (NYSE: PWR - News) made a $1.3 billion offer for InfraSource Services (NYSE: IFS - News), a 17% premium. The deal expands Quanta's reach both in terms of geography and services offered.
Today's M&A activity also included a pair of firms announcing plans to be taken private. ServiceMaster (NYSE: SVM - News), parent of Terminix pest control and a provider of housecleaning and landscaping services, was the target of a $4.5 billion bid led by private equity firm Clayton, Dubilier & Rice. Finally, shipping firm EGL (Nasdaq: EAGL - News) announced it has agreed to a management-led buyout worth $1.7 billion. The $38 per share bid eclipsed a prior offer by $2 per share. The stock ended up 6%.
The day's big loser was biotech AtheroGenics (Nasdaq: AGIX - News), which plunged -61% on news that its experimental pill to treat atherosclerosis -- a buildup of fat, cholesterol, and other substances in the inner lining of arteries -- failed to meet its target in a late-stage trial. AtheroGenics had partnered with AstraZeneca (NYSE: AZN - News) on the trial, but Zeneca will now have the opportunity to break off the partnership.
By the BullMarket.com Staff

Labels: ABN, AGIX, AZN, BCS, CYH, EAGL, HERO, IFS, PWR, SVM, THE, TRI

ABN AMRO Holding N.V. (ABN) Stock Jumps 10 Percent

Shares of ABN Amro Holding NV, the Netherlands' largest bank, surged 9.4 percent Monday on speculation that British bank Barclays PLC may make an offer for the business.
Both companies declined to comment on a report in Britain's Sunday Times, which cited anonymous sources as saying Barclays had approached ABN Amro to discuss a takeover. If Barclays does buy ABN, it would be one of the largest cross-border banking acquisitions in European history.
Barclays said Monday it would update the market on its position toward ABN by Tuesday. ABN Amro spokesman Neil Moorhouse declined to comment.

Labels: ABN, ABN AMRO Holding N.V.

Wall Street Advances on Merger News

Stocks rose Monday as Wall Street joined overseas stock markets in riding a wave of merger news to bounce back from a losing week.
The buyout news, particularly the possibility of an enormous deal that would unite Dutch bank ABN Amro Holding NV with British bank Barclays PLC, propelled stocks higher as investors theorized that companies, since they're willing to cut new deals, remain upbeat about the economy.
The advance came at the start of an important week for economic data; reports will include the Chicago Federal Reserve's take on manufacturing in the Midwest. The market was also waiting for Tuesday's start of the U.S. Federal Reserve's two-day meeting on interest rates. While few expect the Fed will adjust short-term interest rates, investors will be looking for any change in the central bank's posture that could hint at where rates are headed in the coming months.

Labels: ABN, AGIX, BCS, HERO, SIGA, SVM

Wednesday, February 21, 2007

Wednesday's Biggest Stock Advancers

ABN, AMSG, AAPL, CRI, CHE, DLIA, EPIQ, FOSL, HL, HSIC, JBX, JBLU, JUPM, LOJN, MHS, NTBK, NICE, ODSY, ORB, OC

ABN Amro (NYSE:ABN - News) shares gained after Merrill Lynch added the firm to its Europe 1 list of most preferred stocks and reiterated its buy rating on the firm. "If the company delivers on its headline earnings per share target of 2.30 euros, we think it will have broken the earnings downgrade cycle and the EPS momentum should continue to improve. If management fails, we consider that takeover speculation around the stock will increase," the broker said.

AmSurg Corp. (NasdaqGS:AMSG - News) fourth-quarter earnings rose 13% to $9.6 million, or 31 cents a share. Excluding share-based compensation expense, the company posted fourth-quarter earnings from continuing operations of 36 cents. The Nashville ambulatory-care company's revenue rose 17% to $118.9 million.
Shares of Apple Inc. (NasdaqGS:AAPL - News) surged after Prudential Equity Group lifted its earnings estimate for the company's March quarter following a meeting with senior management last week. The firm, which also cited a recent round of channel checks with industry contacts in the Mac and iPod supply chains, boosted its view by 4 cents to 68 cents a share for the March quarter, a level it said was 7 cents ahead of Wall Street's current average estimate. "Our checks suggest a solid MarQ with seasonal iPod weakness being more than offset by stronger Mac sales and higher margins due to a favorable component cost environment," Prudential told clients. The firm maintained its neutral rating and $100 price target on the stock. Within its research note, Prudential also provided some information about the iPhone, stating that management said the product will be sold exclusively through its own stores, Web site and Cingular stores. The company expects the majority of iPhone sales to occur in its own stores, Prudential said, because of its belief that consumers will want Apple to demonstrate the device's features.
Carter's Inc.'s (NYSE:CRI - News) fourth-quarter net income increased to 45 cents a share from 28 cents in the year-earlier period. The Atlanta apparel marketer reported adjusted per-share earnings of 47 cents. Sales increased 7.7% to $377.5 million. Carter's expects adjusted per-share earnings of 14 cents for the first quarter and $1.42 to $1.49 for fiscal 2007.
Central Parking Corp. agreed to go private in a transaction that values it at $22.53 a share. The stock closed Tuesday at $21.22, up 4.2%. The Nashville, Tenn., provider of parking and transportation-related services said the consideration represents a premium of about 30.8% from its closing price on Nov. 27, just before it announced plans to evaluate its strategic options. The company is being acquired by KCPC Holdings Inc., a company formed by affiliates of Kohlberg & Co., Lubert-Adler, L.P., and Chrysalis Capital Partners, L.P. Central Parking expects the deal to close in the second calendar quarter of 2007.
Chemed Corp. (NYSE:CHE - News) reported fourth-quarter net income quadrupled to 67 cents a share from 16 cents in the year-earlier period. Revenue increased 11% to $271.9 million.
Delia's Inc. (NasdaqGM:DLIA - News) said late Tuesday Chief Financial Officer John Holowko has resigned to pursue other interests. The New York-based apparel and accessories retailer named Stephen Feldman CFO, effective Feb. 26. Feldman served as CFO of Urban Brands Inc. from 2004 to 2006.
Epiq Systems (NasdaqGS:EPIQ - News) shares surged after the Kansas City-based provider of technology products and services to the legal profession reported a fourth-quarter net loss of $2.09 million, or 11 cents a share, compared with a net loss of $4.05 million or 22 cents a share, last year. Excluding certain items, the company posted a per-share profit of 15 cents vs. 25 cents in the year-ago quarter. Total revenue rose to $46.4 million from $30 million.
Fossil (NasdaqGS:FOSL - News) was upgraded to outperform from market perform at Wachovia.
Hecla Mining (NYSE:HL - News) reported earnings of $68.6 million, or 57 cents a share, for 2006, a performance the Coeur D'Alene, Idaho gold and silver producer said exceeded its next best year by 20%. For the fourth quarter, the company earned $20.4 million, or 17 cents a share, on revenue of $70.3 million. The company also said it's agreed to sell its interest in the Hollister Development Block gold project in Nevada for $60 million.
Henry Schein Inc.'s (NasdaqGS:HSIC - News) fourth-quarter net income rose 30% to $63 million, or 70 cents a share, from $48.6 million, or 55 cents a share, a year earlier. The provider of healthcare products said Wednesday the latest quarter includes one extra week of business. The Melville, N.Y., company's fourth-quarter sales increased 12% to $1.5 billion from $1.34 billion. The company said it experienced sales growth in each of its business groups. Analysts polled by Thomson First Call expected, on average, fourth-quarter earnings of 67 cents a share and revenue of $1.57 billion. For 2007, Henry Schein expects to earn $2.51 to $2.57 a share and to distribute about 20 million doses of flu vaccine.
Jack In The Box, (NYSE:JBX - News) reported fiscal first-quarter net income rose to $1.03 a share from 70 cents in the year-earlier period. A survey of analysts by Thomson Financial produced an estimate of 81 cents. Revenue rose to $857 million from $813 million. The board authorized a buyback of 3.3 million shares during 2007. Second-quarter earnings are seen between 67 and 70 cents a share. For the fiscal year, earnings are seen between $3.27 and $3.33 a share.
JetBlue (NasdaqGS:JBLU - News) revised first quarter and 2007 forecast to incorporate material changes in its projections due to the service disruptions resulting from the Feb. 14 New York metropolitan area ice storm and related recovery period. For the first quarter, JetBlue now expects to report an operating margin between negative 4% and negative 2%, based on an assumed aircraft fuel cost per gallon of $1.89, net of hedges. The company's pre-tax margin is expected to be between negative 10% and negative 8% percent for the first quarter. The company also received an upgrade to buy from Merrill Lynch.
Jupitermedia (NasdaqGS:JUPM - News) shares rose following a published report that the company is in advanced talks to be acquired by Getty Images Inc. . A report in the New York Post, citing unnamed sources, said Getty could offer more than $11 a share for Jupitermedia in a deal worth more than $450 million including debt. Darien Conn.-based Jupitermedia is a provider of images, online information and research.
LoJack Corp. (NasdaqGS:LOJN - News) said it expects net income growth of 27% to 30% for fiscal 2007 with diluted earnings per share projected to increase 30% to 33%. Revenue is anticipated to increase between 9% and 11%. The Westwood, Mass., vehicle theft protection technology company also posted fourth-quarter net income of $2.9 million, or 15 cents a share, as revenue rose 10% to $51.1 million.
Medco Health Solutions Inc. (NYSE:MHS - News) reported a 29% rise in fourth-quarter profit to $228.8 million, or 77 cents a share, raised its earnings estimate for 2007 and lifted its share buyback by $3 billion. Excluding amortization charges, the pharmacy-benefits manager earned 86 cents a share. Revenue rose 1.2% to $10.93 billion. Analysts polled by Thomson Financial had expected earnings of 79 cents a share on revenue of $11.09 billion.
Netbank (NasdaqGM:NTBK - News) said it swung to a fourth-quarter loss of $86.3 million, or $1.86 a share. The Atlanta bank, reporting preliminary results as Porter Keadle Moore was recently hired to be its auditor, said increased provisions on its decision to close the non-conforming mortgage channel and $21.3 million in restructuring costs hurt results. It expects its first-quarter loss at the bottom end of an analyst range from 8 cents to 24 cents a loss.
Nice Systems Ltd., (NasdaqGS:NICE - News) reported fourth-quarter net income fell 38% on 29% higher revenue and raised its earnings estimates for the year. On an adjusted basis, Nice earned 37 cents against 28 cents. Adjusted revenue rose 34% to $120.4 million. A survey of analysts by Thomson Financial produced consensus estimates of 34 cents of profit and $118 million of revenue.
Odyssey Healthcare Inc. (NasdaqGS:ODSY - News) swung to fourth-quarter net income of 5 cents a share from a loss of 5 cents in the year-earlier period. The Dallas hospice-care company reported per-share profit from continuing operations, excluding items, of 7 cents. Revenue fell 6% to $96.9 million.
Orbital Sciences Corp. (NYSE:ORB - News)fourth-quarter net income per share was flat at 12 cents. On an adjusted basis, the Dulles, Va., company earned 20 cents a share in the latest quarter. Revenue reached $215.8 million, up 8%, reflecting strength in the satellites and space systems business. Analysts, on average, were looking for Orbital Sciences to earn 6 cents a share on revenue of $211 million, according to estimates compiled by Thomson Financial.
Owens Corning (NYSE:OC - News) reported earnings of $7.7 billion for the three months ended Dec. 31, up from $338 million in the year-ago equivalent period. The latest figures include gains related to the settlement of certain asbestos liabilities and fresh-start accounting adjustments stemming from the company's emergence from Chapter 11 bankruptcy protection. On an adjusted basis, excluding items, the company posted earnings from operations of $143 million for the three-month period, which it designated as its fiscal fourth quarter, down 4% from $149 million in last year's period. Owens Corning, which is based in Toledo, Ohio, disclosed plans to evaluate strategic options for siding solutions business and the Fabwel unit of its composites business. This decision follows the company's announcement late Tuesday of a joint venture with Saint-Gobain to combine their reinforcements and composites businesses. The joint venture is to be 60% owned by Owens and 40% owned by Saint-Gobain with Owens Corning holding an option to purchase Saint-Gobain's minority stake. That deal is expected to close in mid-2007. Also, Owens Corning said its board has approved the buyback of up to 5% of its outstanding common stock. For 2007, the company said it expects the continued slowdown in U.S. housing starts to be reflected in its first-quarter results.

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