Jim Cramer Blog

Ameren Corp. (NYSE:AEE - News) reported fourth-quarter earnings of $61 million, or 30 cents a share, up from a year-ago profit of $20 million, or 10 cents a share. The latest results included storm-related costs of $28 million, or 13 cents a share. Revenue slid in the latest three months to $1.62 billion from $1.7 billion in the same period a year earlier. The average estimate of analysts polled by Thomson Financial was for a profit of 39 cents a share in the December period. Looking ahead, the St. Louis-based electricity and natural gas utility operator said it expects non-GAAP (generally accepted accounting principles) earnings of $3.15 to $3.60 a share for fiscal 2007. Wall Street's current consensus estimate is for a profit of $3.85 a share for 2007.
AMR Corp. (NYSE:AMR - News) was downgraded to neutral from buy at Goldman Sachs.
Baidu.com Inc. (NasdaqGM:BIDU - News) said fourth-quarter net income rose, as revenue gained, to 122.8 million yuan ($15.8 million), or Y3.54 per share (46 U.S. cents), from Y$24.5 million, or Y0.71 per share, during the same period in the prior year.
Baker Hughes Inc. (NYSE:BHI - News) said that fourth-quarter net income rose to $326.2 million, or $1.02 a share, from $257.9 million, or 75 cents a share, a year ago, after charges related to a settlement deal with the Securities and Exchange Commission and the Department of Justice amounted to 12 cents a share, or $46 million. Analysts had been expecting the drilling and oil services provider to post earnings of $1.19 a share according to data compiled by Thomson Financial. Sales rose 23% to $2.5 billion. Baker Hughes said that it's expecting revenue outside North America to rise by between 17% and 19% in 2007.
Biogen Idec Inc. (NasdaqGS:BIIB - News) said Thursday its fourth-quarter net income more than doubled to $108.6 million, or 32 cents a share, from $55.6 million, or 16 cents, a year earlier. The biotechnology company said Thursday it earned 53 cents a share before items for the latest fourth quarter. Fourth quarter revenue increased 12% to $708.3 million from $632.9 million, driven primarily by sales of its Avonex multiple sclerosis drug and its Rituxan rheumatoid arthritis treatment. Analysts surveyed by Thomson Financial, on average, expected the San Diego company to earn 55 cents a share on revenue of $714.2 million for the final quarter of 2006. For 2007, Biogen Idec expects net income of $1.69 a share to $1.84 a share. It also expects to earn $2.50 to $2.65 a share before items on revenue growth in the mid-teens on a percentage basis.
Bonso Electronics (NasdaqGM:BNSO - News) reported a loss of $630,000, or 11 cents a share, for its fiscal third quarter ended Dec. 31, wider than a loss of $76,000, or a penny per share, in the year-ago period.
Cimarex Energy (NYSE:XEC - News) said fourth-quarter net income dropped 65% to $58.7 million, or 70 cents a share, on a 41% decline in gas prices and a 2% drop in oil prices. It also took $1.4 million, or a penny a share, in repair costs from hurricanes Katrina and Rita. Analysts polled by Thomson Financial expected earnings of 71 cents a share. Oil and gas production averaged 441 million cubic feet from 431 million Mcfe a day in the year-ago quarter. It plans to spend between $800 million and $1 billion on capital spending for 2007 and sees first-quarter production between 435 and 445 million Mcfe a day.
Equifax Inc. (NYSE:EFX - News) agreed to acquire Talx Corp. (NasdaqGS:TALX - News) in a stock and cash transaction valued at $1.4 billion, including the assumption of debt. Equifax, an Atlanta-based information technology company, said the acquisition is aligned with the company's long-term growth strategy of expanding into new markets and acquiring proprietary data sources.
Evergreen Solar (NasdaqGM:ESLR - News) said its fourth-quarter net loss widened to $5.47 million, or 8 cents a share, from $5.04 million, or 8 cents a share, in the same period last year. The Marlboro, Mass.-based maker of solar power products said revenue more than doubled to $32.4 million from $11.6 million. Analysts polled by Thomson First Call had expected a per-share loss of 8 cents, on revenue of $34 million. For the first quarter, Evergreen sees a net loss of $7 million to $7.5 million.
EXCO Resources Inc. (NYSE:XCO - News) said it is proposing to offer up to $2 billion in preferred stock. The offer includes the private placement of up to $400 million of 6% cumulative convertible perpetual preferred stock, and $1.6 billion of 11% cumulative preferred stock to institutional investors.
Favrille (NasdaqGM:FVRL - News) said that its fourth-quarter net profit widened to $10.2 million, or 35 cents a share, from $9.6 million, or 48 cents, a year ago. Analysts were expecting the company to post earnings of 39 cents a share, according to data compiled by Thomson Financial. Research and development costs rose to $7.7 million, from $7.5 million at the same point a year ago primarily due to extra personnel and non-cash expenses. The company said that it expects total operating expenses for 2007 in a range of $48 million to $52 million, and said it believes that its cash should be sufficient to fund operations for at least 12 months.
Foundation Coal Holdings (NYSE:FCL - News) said it lost $21.9 million, or 48 cents a share, in the fourth quarter, hit by charges related to its Wabash mine and other costs. The company earned $28.6 million, or 61 cents a share, in the same period a year ago. Excluding charges, the company would have earned $2.2 million, or 5 cents a share, in the quarter. The average estimate of analysts polled by Thomson Financial was for earnings of 23 cents a share. Coal sales revenue rose to $345.9 million from $334.4 million. Thomson Financial was looking for revenue of $343.8 million. The company said it expects revenue of $1.49 to $1.58 billion in 2007 and earnings of 90 cents to $1.50 a share. Thomson is looking for revenue of $1.45 billion on earnings of $2.19 a share.
Granite Construction (NYSE:GVA - News) shares fell after the company unveiled plans for a restructuring in order to improve profits at its Heavy Construction Division projects. The company also said it expects revenue from the Heavy Construction Division to be about $800 million in 2007, down from a total of $1.1 billion in 2006. Granite also posted a provide of $600,000, or 2 cents a share, for the fourth quarter, reflecting a $18 million goodwill write-down. In the year-ago period, the company earned $35.8 million, or 86 cents a share.
Hanover Compressor Co. (NYSE:HC - News) said that it swung to a fourth-quarter net profit of $30.1 million, or 28 cents a share. The company said that it returned to profitability due to favorable markets and a focus of capital return. The results also included a $10.2 million tax benefit. Analysts had been expecting the company to report earnings of 14 cents a share. Last year, the gas compression services company reported a net loss of $4.2 million, or 4 cents a share. Revenue rose 15% to $101.5 million.
Heartland Payment Systems (NYSE:HPY - News) said it expects earnings of 16 to 18 cents a share for the first quarter. The average estimate of analysts polled by Thomson Financial is for a profit of 20 cents a share in the March period.
Hornbeck Offshore (NYSE:HOS - News) said fourth-quarter net income rose to $17 million, or 64 cents a share, from $15.1 million, or 55 cents a share, with revenue up 14% to $65 million. Excluding the impact of FAS123R accounting rules, it would've earned 66 cents a share. Analysts polled by Thomson Financial expected earnings of 59 cents a share. It expects 2007 earnings between $2.19 and $2.68 a share and first-quarter earnings between 42 and 55 cents a share. Analysts, on average, expected 2007 earnings of $2.55 a share.
Lifetime Fitness (NYSE:LTM - News) said it expects earnings of $1.71 to $1.74 a share for fiscal 2007 on revenue of between $640 million and $650 million. Wall Street's current consensus estimate is for a profit of $1.72 a share on revenue of $646 million for the year from the Eden Prairie, Minn., fitness center operator.
Lufkin Industries Inc. (NasdaqGS:LUFK - News) said fourth-quarter net income for the three months ended Dec. 31 rose to $23 million, or $1.52 a share, from $15.4 million, or $1.03 a share in the year-ago period. Operating income increased to $28.2 million from $23.7 million. Revenue rose to $165.6 million from $145.4 million. Two analysts surveyed by Thomson Financial forecast earnings of $1.21 a share, on average. The seller of pumps for oil extraction expects first-quarter profit of 95 cents a share to $1.15 a share, compared with $1.01 a share last year.
Olympic Steel Inc. (NasdaqGM:ZEUS - News) reported fourth-quarter earnings of $3.8 million, or 35 cents a share, down from a year-ago profit of $7.3 million, or 70 cents a share. Sales rose 10.4% in the latest three months to $226.1 million from $204.8 million in the same period a year earlier. The average estimate of Thomson Financial was for a profit of 39 cents a share in the December period. "High fourth quarter service center inventories, as reflected by the Metals Service Center Institute, clearly caused a deteriorating market at yearend, said Michael Siegal, the company's chairman and CEO. "We believe that situation will be remediated by the end of the first quarter of 2007, as demand is increasing, imports are being significantly reduced, input costs (such as scrap) are on the rise again, and domestic steel production appears in control."

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Active Power (NasdaqGM:ACPW - News), in a preliminary report due to an ongoing stock option grant review, said fourth-quarter revenue rose 60% to $8.3 million. Prior to any impact from the review of the Company's historical option-granting procedures, the gross margin percentage was below the guidance provided at the commencement of the quarter and was approximately break-even for the quarter, it said. First-quarter revenue is seen between $6 million and $7 million, and it expects to lose 8 cents to 10 cents a share, excluding any stock option impact. The power supply company intends to issue full results for the quarter and year and to file its Annual Report on Form 10-K as soon as practicable after completion of the option review.
Amazon.com (NasdaqGS:AMZN - News) reported its profit dropped by half, even while sales rose 34%, as the company lost the benefit of a large tax gain it had a year ago and saw its operating margin narrow.
Amtech Systems Inc. (NasdaqGM:ASYS - News) agreed to sell 2.6 million shares in a public offering at $7.05 a share. The firm, which manufactures equipment for the semiconductor industry, said it expects to generate net proceeds of around $16.5 million, or $19.3 million if over-allotment options are exercised. Amtech added it intends to use the proceeds for working capital or possible acquisitions connected to the planned expansion of its solar and semiconductor business. The offer is expected to close Feb. 6.
Anadarko Petroleum Corp. (NYSE:APC - News) agreed to sell its interests in certain natural gas properties in Oklahoma and Texas to Exco Resources Inc. (NYSE:XCO - News) for $860 million. The company said the sale is effective Jan. 1, 2007, and that it anticipates the deal will close during the second quarter. Anadarko said about 155 fields were included in the sale, producing about 103 million cubic feet equivalent of natural gas per day from more than 1,300 wells as of the end of the year.
Angiotech Pharmaceuticals (NasdaqGS:ANPI - News) narrowed its fourth-quarter loss to $11.7 million, or 6 cents a share, from $51.3 million, or 50 cents a share. Excluding one-time items such as restructuring costs, the company earned 14 cents a share, compared with 16 cents a share from a year ago. Analysts, on average, forecast earnings of 15 cents a share, according to a survey taken by Thomson Financial. Revenue rose to $93.3 million from $43.8 million a year ago. The company expects first-quarter adjusted earnings of 4 to 5 cents a share and 2007 earnings of 40 to 50 cents a share. Analysts expect earnings of 14 cents a share in the quarter and 68 cents a share for the year.
Apache Corp. (NYSE:APA - News) was downgraded to hold from buy at Citigroup.
Arch Coal (NYSE:ACI - News) swung to a fourth-quarter profit, boosted by a larger percentage of metallurgical coal sales and the roll-off of lower priced sales contracts. The St. Louis coal mining and transportation company had fourth-quarter net income available to common shareholders of $79.5 million, or 55 cents a share, compared with a loss of $1.04 million, or 1 cents a share, a year earlier. Arch said revenue for the quarter ended Dec. 31, fell 0.2% to $618.4 million from $619.8 million a year earlier. Analysts surveyed by Thomson Financial expected, on average, earnings of 39 cents a share on revenue of $649 million. In addition, Arch said it expects 2007 earnings of $1.25 to $2 a share, and adjusted earnings before interest, taxes, depreciation and amortization of $530 million to $650 million.
Avid Technologies (NasdaqGS:AVID - News) was downgraded to underweight at J.P. Morgan.
Baldor Electric Co. (NYSE:BEZ - News) reported fourth-quarter net earnings of $12.2 million, or 37 cents a share, compared with $13.1 million, or 39 cents a share, in the same period last year, as expenses rose.
Bookham Inc. (NasdaqGM:BKHM - News) reported a fiscal second-quarter net loss of $21.3 million, or 31 cents a share, compared with a net loss of $11.9 million, or 28 cents a share, in the year-ago period. Revenue fell to $56.3 million from $60.7 million. Analysts polled by Thomson Financial were expecting a per-share loss of 16 cents on revenue of $57.8 million. The company expects fiscal third-quarter revenue of $44 million to $48 million.
Chevron Corp. (NYSE:CVX - News) reported fourth-quarter earnings of $3.77 billion, or $1.74 a share, down from a year-ago profit of $4.14 billion, or $1.86 a share. The San Ramon, Calif., oil and gas giant said a sharp decline in U.S. natural gas prices in the latest quarter compared to last year offset improved operating performance from its oil and gas fields and refineries, especially in the U.S. Total revenue and other income fell to $47.75 billion in the latest three months from $53.79 billion in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of $1.73 a share in the December period. The company attributed most of the sales decline in the latest quarter to the impact of an accounting rule change that requires certain purchase and sale contracts with the same counterparty to be netted for reporting.
Digene Corp. (NasdaqGS:DIGE - News) said second-quarter net income rose, as revenue gained, to $6.1 million, or 25 cents a share, from $3 million, or 14 cents a share, during the same period in the prior year. Before items, quarterly per-share income rose to 27 cents from 23 cents.
Ericsson (NasdaqGS:ERIC - News), the world's largest maker of wireless networks, on Friday said fourth-quarter net profit rose 14% to 9.73 billion Swedish kronor ($1.4 billion), or 0.61 krona a share, from 8.54 billion kronor, or 0.54 krona a share, a year earlier. Sales climbed 18% to 53.7 billion kronor. Consensus analyst forecasts were for earnings of 0.55 krona a share on sales of 53.8 billion kronor, according to a survey by SME Direkt. Operating margin for the quarter was flat from the year-ago period at 22.7%. Ericsson's board proposed a dividend of 0.50 krona a share for 2006.
Gap Inc. (NYSE:GPS - News) named Marka Hansen, a 20-year veteran of the company who heads its Banana Republic unit, to lead the largest and most important division, the Gap stores.
GMX Resources Inc. (NasdaqGM:GMXR - News), the Oklahoma City natural-gas producer, is offering 2 million shares at $34.82. GMX shares closed on Thursday at $36.83. The company said in a statement that it would use what it expects to be about $65.5 million of net proceeds from the deal to fund its drilling program and for general purposes. Subject to conditions, the deal is set to close around Feb. 7, GMX said.
Illumina Inc. (NasdaqGM:ILMN - News) reported fourth-quarter net earnings of $17.1 million, or 34 cents a share, compared with $326,000, or a penny a share, in the same period last year, as product revenue almost tripled. Excluding non-cash stock-based compensation, the San Diego-based maker of tools for genetic analysis posted per-share earnings of 42 cents. Total revenue rose to $60.4 million from $23 million. The company sees 2007 per-share earnings of about 86 cents, excluding items, on revenue of $295 million to $315 million. For the first quarter, Illumina expects per-share earnings of about 16 cents, excluding items, on revenue between $64 million and $68 million.
IMS Health Inc. (NYSE:RX - News) reported fourth-quarter net earnings of $65.5 million, or 32 cents a share, down 27% from $89.4 million, or 38 cents a share, in the same quarter a year earlier. Revenue totaled $543.5 million in the latest quarter compared with $477.7 million last year.
InfoSpace Inc. (NasdaqGS:INSP - News) reported fourth-quarter net earnings of $30 million, or 91 cents a share, compared with $37.9 million, or $1.13 a share, in the same period last year, as expenses rose.
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Buoyed by falling oil prices, stocks shrugged off mixed holiday retail numbers and meandered higher today in light trading. As is typical of the markets this time of year, there were few catalysts to move stocks, and investors looked ahead to next year. The three major indices all ended the session up around 0.5%.
Among the biggest movers was drugmaker Telik (Nasdaq: TELK - News), which plummeted -71% after the company's cancer drug failed to show improvement in patients in two late-stage trials. The news prompted downgrades from a number of analysts.
Three Wall Street analysts initiated coverage on recent IPO Hertz Global Holdings (NYSE: HTZ - News). Lehman Brothers started the car rental company with an "overweight" rating -- the equivalent of a "buy" rating -- and a $20 price target. Goldman Sachs also started Hertz with a "buy" and a $20 target, based on the company's ability to benefit from favorable pricing from its car suppliers. JP Morgan, meanwhile, started the stock with a "neutral" rating based on valuation concerns.
Elsewhere, news of a pair of minor deals hit the wires. Internet networking company Savvis (Nasdaq: SVVS - News) agreed to sell its content delivery network assets to Level 3 Communications (Nasdaq: LVLT - News) for between $125-130 million, and oil and gas producer Anadarko Petroleum (NYSE: APC - News) said it will sell two Louisiana gas fields to EXCO Resources (NYSE: XCO - News) for $1.6 billion. Meanwhile, Freeport-McMoRan Copper & Gold (NYSE: FCX - News) received antitrust clearance in its takeover of Phelps Dodge (NYSE: PD - News)
In tech news, reports emerged of security flaws in Microsoft's (Nasdaq: MSFT - News) new Vista operating system, but investors shrugged off the news and pushed the stock higher. Microsoft added 1%. News of Amazon.com's (Nasdaq: AMZN - News) "best ever" sales for this year's holiday shopping season met with the opposite reaction, as the stock closed down -1%.
Microsoft is a Bull Market Report Recommended List stock.

Labels: AMZN, APC, FCX, HTZ, LVLT, MSFT, PD, SVVS, TELK, XCO

Alcoa Inc., (NYSE:AA - News) and United Auto Workers Local 1050 reached a tentative agreement on a new labor contract at Alcoa's Cleveland facility, the company said on Sunday. The union negotiating committee backs the deal and will bring it to members for a vote at meetings on Dec. 27, Alcoa said. A ratified accord would end a seven-week strike and send the plant's 830 employees back to work on Jan. 2, Alcoa said in a statement.
Anadarko Petroleum Corp. (NYSE:APC - News) agreed to sell its Vernon and Ansley fields to Exco Resources Inc. (NYSE:XCO - News) for $1.6 billion. Both fields are located in Jackson Parish, La. Houston-based Anadarko said six drilling rigs and four work-over rigs are currently active in the fields, and that, as of Nov. 1, the fields were producing 192 million cubic feet equivalent per day. The company expects the deal to close in the first quarter.
Applica (NYSE:APN - News) shares jumped after Nacco Industries Inc. (NYSE:NC - News) increased its acquisition offer for the company to $7.50 per share from $7, continuing a battle between Nacco and Harbinger Capital Partners to acquire Applica.
Cerus (NASDAQ:CERS - News) shares rose after the company said it's received a $5 million cash milestone payment from BioOne Corp. Concord, Calif.-based Cerus said the payment was triggered by its receipt of CE mark regulatory approval for the Intercept Blood System for plasma in Europe. Cerus also expects to receive an additional milestone payment of BioOne preferred stock worth $5 million in early 2007.
CPAC Inc. (NASDAQ:CPAK - News) agreed to be acquired by Buckingham Capital Partners II LP for $8.65 a share, or $42.8 million plus the assumption of 6.7 million in debt. CPAC, Leicester, N.Y., said the offer is a 16% premium to the average closing price of its common stock over the past 90 trading days.
EpiCept Corp. (NASDAQ:EPCT - News) shares rose after the company granted Durect Corp. (NASDAQ:DRRX - News) exclusive worldwide rights to certain intellectual property for a transdermal patch containing bupivacaine to treat back pain.
Goodyear Tire & Rubber Co. (NYSE:GT - News) said it's reached a tentative agreement with the United Steelworkers on a new master contract covering 12,600 employees at 12 tire and engineered products plants in the United States. The USW is expected to schedule ratification votes at all plants in coming days. The prior 3-year labor agreement expired July 22, and the USW members have been on strike since Oct. 5.
GP Strategies (NYSE:GPX - News) shares advanced after the company said it's agreed to acquire certain assets and the business of Sandy Corp., a unit of Automatic Data Processing (NYSE:ADP - News), for $11.7 million, in cash and assumed debt.
Par Pharmaceutical Cos. (NYSE:PRX - News) said it's received final approval for its abbreviated new drug application for ondansetron orally disintegrating tablets in 4 mg and 8 mg strengths from the Food and Drug Administration. Ondansetron ODT is the generic version of GlaxoSmithKline Plc's Zofran ODT, used for the prevention of nausea and vomiting associated with emetogenic cancer chemotherapy, certain radiotherapies, and the prevention of postoperative nausea and/or vomiting. Par said it has been awarded 180 days of marketing exclusivity for the product, which will be marketed by Pliva Inc., the U.S. subsidiary of Pliva d.d., which is a subsidiary of Barr Pharmaceuticals Inc. . Under the terms of an agreement, Barr will have exclusive rights to market, sell and distribute ondansetron ODT in the United States. The product will be manufactured by Par, and the companies will split profits from the sales. Annual U.S. sales of Zofran ODT are about $300 million, according to IMS Health.
QuickLogic Corp. (NASDAQ:QUIK - News) said it completed its internal stock-option review and filed its quarterly report for the second quarter ended July 2. The Sunnyvale, Calif., maker of semiconductor components said its review found errors in the process of accounting for stock options, and QuickLogic identified a total pre-tax stock-based compensation charge of $964,000 that should have been reported in previous financial statements.
Syniverse Holdings (NYSE:SVR - News) said its board has named Robert Marino non-executive chairman, effective Dec. 31. Marino succeeds G. Edward Evans, who is leaving the company at the end of the year as previously disclosed. Marino has been a director with Syniverse since February 2004.
Amazon.com (NASDAQ:AMZN - News) said the 2006 holiday season was its "best ever" and noted that it shipped more than 99% of its orders in time to meet deadlines worldwide. The Seattle-based Internet retailer said Dec. 11 was its busiest day as customer orders exceeded four million items.
-MarketWatch

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Stocks that were moving substantially or trading heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market:
NYSE
Goodyear Tire & Rubber Co., up 45 cents at $20.18.
The tire maker reached a tentative deal with the United Steelworkers union to resolve an 11-week dispute over health care and plans to close a factory in Texas.
Anadarko Petroleum Corp., up 48 cents at $42.62.
The independent oil and gas producer plans to sell two gas fields in Louisiana to EXCO Resources Inc. for $1.6 billion. The company is selling assets to cut its debt level after it spend $22.5 billion earlier this year to buy rivals Kerr-McGee Corp. and Western Gas Resources.
Exxon Mobil Corp., up 69 cents at $76.09
The oil company was awarded a contract by Libya's state-run National Oil Corp.
NASDAQ
Microsoft Corp., down 10 cents at $29.54
Computer security experts said Microsoft's newly released operating system, Windows Vista, contains potentially serious flaws.
Telik Inc., down $11.52 at $4.75
The drug company said a late-stage trial of its cancer treatment Telcyta were "extremely disappointing."
Siga Technologies Inc., down 7 cents at $3.59
The drug company was sued by rival PharmAthene Inc. over rights to a smallpox drug.

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