Jim Cramer Blog

California Micro Devices Corp. (NASDAQ:CAMD - News) reported third-quarter net income of $673,000, or 3 cents a share, compared with $2.53 million, or 11 cents a share, in the same period last year, as sales fell and costs rose slightly.
Callaway Golf Co. (NYSE:ELY - News) said it expects preliminary 2006 sales of $1.018 billion, with earnings per share of 33 cents to 35 cents. Excluding charges, the golf products company sees per-share income of 50 cents to 52 cents.
Capital One reported a 39% jump in fourth-quarter net income, but the results, as well as the credit card and banking company's 2007 forecast, fell short of Wall Street expectations.
Churchill Downs Inc. (NASDAQ:CHDN - News) said Michael Miller, who has served as chief financial officer since December 2002, is leaving to become CFO of Poe Cos. Miller's final day with Churchill, a horse racing venue operator, will be Jan. 26.
Coldwater Creek Inc. (NASDAQ:CWTR - News) lowered its outlook for fiscal fourth quarter per-share income to a range of 16 cents to 17 cents. Previously, the women's apparel company said it was looking for a per-share result of 26 cents to 27 cents. Coldwater cited slower-than-expected customer traffic throughout the holiday season.
Digi International Inc. (NASDAQ:DGII - News) said first-quarter net income rose, as sales gained, to $3.8 million, or 15 cents a share, from $2.18 million, or 9 cents a share, during the same period in the prior year. The company said quarterly revenue rose to $41.8 million from $33.4 million in the prior year.
E-Trade Financial Corp. (NASDAQ:ETFC - News) said fourth-quarter net income jumped 37% to a record, as customers traded more and stored more cash and investments with the discount broker.
General Electric Co. , moving to broaden its diagnostic offerings, will buy Abbott Laboratories' (NYSE:ABT - News) in-vitro and point-of-care diagnostics businesses for $8.13 billion in cash.
Jacuzzi Brands Inc. (NYSE:JJZ - News) said it sees preliminary fiscal first quarter operating income declining primarily due to a 40% drop in income in the Bath segment due to operating losses at the U.S. whirlpool bath operations.
JDSU (NASDAQ:JDSU - News) raised its view for fiscal second quarter revenue to a range of $360 million to $365 million. Previously, the communications test products company had said it was looking for revenue of $332 million to $352 million. JDSU cited its Communications Test and Measurement segment performing "particularly well."

KeyCorp raised its quarterly cash dividend 5.8% to 36.5 cents a share from 34.5 cents a share. The dividend is payable March 15 to shareholders of record as of Feb. 27.
Molex Inc. (NASDAQ:MOLX - News) reported fiscal second-quarter net income of $66.4 million, or 36 cents a share, up from $58.5 million, or 31 cents a share, a year ago. Revenue at the electrical equipment maker rose 20% to $837.5 million from $697.3 million.
Oneok Inc. (NYSE:OKE - News) raised its quarterly dividend 6.3% to 34 cents a share from 32 cents a share. The gas distributor said the dividend is payable Feb. 15 to shareholders of record as of Jan. 31.
Polaris Industries Inc. (NYSE:PII - News) said it has renewed and extended the employment agreement of Chief Executive Tom Tiller through 2008. Tiller will also continue to serve on the board, the snowmobile and motorcycle maker said.
Presstek Inc. (NASDAQ:PRST - News) said it expects fourth-quarter consolidated revenue to exceed $65 million, in line with the company's prior outlook excluding revenue from the Precision Analog operations, which was discontinued in the fourth quarter.
Stride Rite Corp. (NYSE:SRR - News) raised its quarterly cash dividend 17% to 7 cents a share from 6 cents a share. The maker of shoes said the dividend is payable March 15 to stockholders of record as of Feb. 27.
Textron Inc. (NYSE:TXT - News) said it now expects fourth-quarter earnings from continuing operations will be above its prior outlook of $1.35 a share to $1.45 a share. The company said its improved view is due to stronger financial performance at Cessna, Textron Systems and Textron Financial and a lower tax rate.
UnionBanCal Corp. (NYSE:UB - News) reported fourth-quarter net earnings of $226.4 million, or $1.61 a share, compared with $308.5 million, or $2.09 a share, in the same period last year. Revenue rose slightly to $672.7 million from $665.2 million.
Washington Post Co. (NYSE:WPO - News) raised its annual dividend 5% to $8.20 a share from $7.80 a share.
Xilinx Inc. (NASDAQ:XLNX - News) said its quarterly profit rose 8% from a year ago, but its sales were soft. Xilinx reported fiscal third-quarter net income of $87.5 million, or 26 cents a share, compared to net income of $81 million, or 23 cents a share, in last year's same period. Published By MarketWatch

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American Italian Pasta Co. (NYSE:PLB - News) said the New York Stock Exchange is planning to move forward with the suspension and delisting of the company's common stock following its failure to meet certain filing requirements by an extended deadline. The company expects trading in its stock to be suspended on Dec. 20. It plans to appeal the move. The shares will be eligible for trading on the Pink Sheets following the suspension. American Italian Pasta also said it expects to file its annual report for the fiscal year ended Sept. 30, 2005 by the end of January. The company also said it believes price increases for its products will not fully offset the negative impact of higher durum costs in fiscal 2007.
Affymetrix Inc. (NASDAQ:AFFX - News) shares sagged after its chief financial officer, Greg Schiffman, left to take the same position at cancer-focused biotechnology company Dendreon Corp.
Apple Computer Inc. (NASDAQ:AAPL - News) shares dipped after the company said Friday it will delay its annual report for the fiscal year ended in September. The company has also delayed filing its last two quarterly financial reports amid an internal probe into the backdating of employee stock option grants.
Asta Funding (NASDAQ:ASFI - News) was downgraded to market perform from outperform at Ryan, Beck & Co. The firm lowered its price target on the stock to $34 from $50, citing a lack of valuation catalysts.
Avery Dennison (NYSE:AVY - News) was downgraded to neutral from overweight at J.P. Morgan.
Biopure Corp. (NASDAQ:BPUR - News) shares tumbled after the FDA's blood products advisory committee recommend against proceeding with the Navy's proposed Phase III study of Hemopure, the company's pre-hospital treatment for hemorrhaging shock resulting from traumatic injury.
Black & Decker Corp. (NYSE:BDK - News) shares plunged after the tool maker said a slowdown in the housing market and weakening demand for discretionary goods will pose stiff headwinds in the coming year.
California Micro Devices Corp. (NASDAQ:CAMD - News) backed its third-quarter results outlook of a range of a loss of 2 cents a share to earnings of 1 cent a share. The company also confirmed its revenue outlook of $16.5 and $18.5 million.
Conolog (NASDAQ:CNLG - News) shares lost ground after the Somerville, N.J., provider of digital signal processing products posted a loss from continuing operations of $710,613, or 41 cents a share, for its fiscal first quarter ended Oct. 31. This performance was a wider loss than last year as product revenue fell 32% in the latest quarter to $127,661 from $187,938 a year ago.
Dendrite International Inc. (NASDAQ:DRTE - News) said it sees fourth-quarter revenue of $107 to $112 million, with a per-share loss of 23 cents to 35 cents. The company expects 2007 revenue of $430 million to $445 million, and per-share income of 43 to 51 cents.
Encana (NYSE:ECA - News) was downgraded to sell from hold at Citigroup Investment Research. The firm cited cost run-ups and concerns about the quality of the company's portfolio.
Enzo Biochem Inc. (NYSE:ENZ - News) said it plans to sell 3.3 million common shares at $14 each in a registered direct offering to institutional investors. Enzo, a New York health-care research compay said it expects to raise $43.1 million from the offering. The company said it plans to use the money for general corporate purposes, including potential acquisitions, clinical research and development, and the development of product candidates.
Genta Inc. (NASDAQ:GNTA - News) shares plunged after the Food and Drug Administration rejected its application seeking approval for its experimental blood cancer treatment, Genasense.
Illinois Tool Works (NYSE:ITW - News) lowered its outlook for the fourth quarter to a profit of between 72 and 74 cents a share from its prior projection of 77 to 81 cents a share. The company cited lower than expected base revenue growth and anticipated continuing weakness in North America end markets in December. The current average estimate of analysts polled by Thomson First Call is for a profit of 78 cents a share in the December period. For the year, the company now sees earnings of $2.96 to $2.98 a share, below its previous view of $3.01 to $3.05 a share. It expects base revenue growth of 1.8% to 2.4% for the fourth quarter and 3.7% to 3.8% for the year.
International Rectifier (NYSE:IRF - News) was downgraded to neutral from buy at UBS.
Navistar International Corp. (NYSE:NAV - News) said worldwide shipments of its school buses, Class 6-7 medium trucks and Class 8 heavy trucks rose 14% to 147,400 units in 2006 from 129,600 units shipped in 2005. The company also said it shipped 11,000 Class 4-5 small bus and stripped chassis units for the motor home and step-van markets in 2006, and that its diesel engine shipments totaled 519,700 engines for the year, down slightly from 522,600 engines shipped in 2005. The company also added that it's made significant progress on completing the previously disclosed restatement of certain historical financial statements and that it doesn't plan to comment on 2006 results until the statements are finished. It anticipates it won't complete the restatement until after Feb. 1. Navistar added that it's been informed that the New York Stock Exchange plans to suspend trading in its stock by Dec. 20 and begin delisting procedures. The company plans to contest these actions by the exchange.
Optical Communication Products (NASDAQ:OCPI - News) shares slumped after the Woodland Hills, Calif.-based maker of fiber optic components late Thursday reported a fiscal fourth-quarter net loss of $1.4 million, or a penny a share. In the same quarter last year, the company posted a net profit of $1.57 million, or a penny a share. Revenue rose to $19.1 million from $14.8 million. Optical Communication expects revenue of $80 million to $90 million for fiscal 2007, and a "significant" gross margin decline in the first half of fiscal 2007 when compared with the fourth quarter, with the potential for "modest quarter-to-quarter improvements later in the year." The company announced separately that Chief Technology Officer Muoi Van Tran and Chief Financial Officer Susie Nemeti, company founders, will resign. Tran will continue to serve as chairman.
Penn National Gaming (NASDAQ:PENN - News) has reportedly launched a bid for the far larger Harrah's Entertainment (NYSE:HET - News), competing with a private group that is already trying to buy the gambling giant.
PRA International (NASDAQ:PRAI - News) was downgraded to neutral from buy at Goldman Sachs. The move follows the company's announcement late Thursday that Patrick Donnelly has resigned as president and CEO, effective immediately. The company named Terrance Booker to serve as interim CEO, and said Melvin Booth would succeed Jean-Pierre Conte in the chairman role. PRA also said it now expects earnings of $1.08 to $1.11 a share for 2006, including a charge of 5 cents a share related to Donnelly's resignation and a charge of 2 cents a share stemming from a debt write-off. It also narrowed its service revenue outlook for the year to between $300 million and $305 million.
ProQuest Co. (NYSE:PQE - News) agreed to sell its ProQuest Informantion and Learning unit to Cambridge Information Group for about $222 million.
Sturm, Ruger & Co. (NYSE:RGR - News) was downgraded to accumulate from strong buy at C.L. King.
Tektronix Inc. (NYSE:TEK - News) said second-quarter net earnings fell, as selling, general and administrative expenses rose, to $19.6 million, or 24 cents a share, from $19.9 million, or 24 cents a share, during the same period in the prior year. For the third quarter, Tektronix sees sales of $275 to $285 million, and earnings per share from continuing operations of 34 cents to 39 cents, before items such as acquisition and business realignment costs.
United American Healthcare Corp. (NASDAQ:UAHC - News) shares fell after the Detroit-based provider of healthcare services for Medicaid recipients said late Thursday it has raised $6.5 million through the sale of 1 million newly issued shares to institutional investors for $6.50 each. The deal also included warrants to buy 100,000 shares at an exercise price of $8.50 each, expiring in December 2011. United American said the proceeds will be primarily be used for start-up costs associated with the its Tennessee subsidiary's new Medicare Advantage contract with the Centers for Medicare & Medicaid Services.
VistaCare Inc. (NASDAQ:VSTA - News) said its fourth-quarter net loss widened to $10.9 million, or 66 cents a share, from $5.1 million, or 31 cents a share, in the same period last year. Excluding a non-cash valuation allowance of $8.3 million, per-share earnings were 16 cents.
Zoltek Cos. (NASDAQ:ZOLT - News) shares dropped after the St. Louis-based maker of carbon fibers late Thursday reported a fiscal fourth-quarter net loss of $22.9 million, or 89 cents a share, compared with $11.1 million, or 61 cents a share, in the year-ago period. The latest quarter included $23.1 million of litigation charges. Revenue rose to $23.8 million from $14.9 million. Analysts polled by Thomson First Call had forecast revenue of $31.3 million. The company expects fiscal first-quarter revenue of more than $30 million. Analysts are looking for revenue of $37.1 million. Zoltek also said it will delay the filing of its fiscal 2006 10-K in order to complete documentation and other arrangements related to the funding of an appeal bond for its litigation.
-MarketWatch

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