Here the stocks to watch from MarketWatch:
Advancers
Shares of Accredited Home Lenders (LEND) rallied after the company said overnight that it's reached an agreement to sell substantially all of the loans in its inventory. The company said it plans to sell the $2.7 billion in loans "at a substantial discount in order to alleviate recent pressures from margin calls." Accredited also said the sale, which it expects to complete in the next few days, will include a holdback reserve of about $40 million to satisfy all future claims against the loans, including early payment defaults. The company anticipates the sale will result in a pre-tax charge of about $150 million. It estimates it will retain about $120 million of loans held for sale in its warehouse facilities, mostly loans originated since March 7. Accredited also said it won't be able to file its Form 10-K by March 16, as previously indicated, as it continues to evaluate whether the deferred tax assets acquired in the Aames acquisition are realizable.
Aeropostale Inc. said fourth-quarter income jumped 37% to $57.3 million, or $1.08 a share. Total sales climbed 16.5% to $506.8 million.
Ameriprise Financial Inc. authorized a share repurchase through March 15, 2009, of up to $1 billion. The Minneapolis financial planning and services company also boosted its quarterly dividend to 15 cents from 11 cents.
AnnTaylor Stores (ANN) said fiscal fourth quarter net income fell to $21.5 million, or 31 cents a share, from $27.4 million, or 38 cents a share. Net sales rose to $610.5 million from $574 million. Analysts, on average, expected it to earn 29 cents a share on revenue of $611 million, according to Thomson Financial. Fourth-quarter same-store sales, or sales at stores open at least a year, fell 6%. For the current year, the New York-based retailer forecast profit in a range of $2.15 to $2.25 a share. Analysts polled by Thomson Financial expect it to earn $2.13 a share for the year. Same-store sales growth is expected to be in the low-single-digit range for the year, with net square footage growth of about 8%, and gross margin rate for the year even with the prior year. The company also said its board authorized a $300 million share buyback program, allowing it to buy its stock in the open market or in private transactions from time to time.
Applera Corp. (ABI) was upgraded to buy from neutral at American Technology Research.
Barr Labs (BRL) was upgraded to buy from neutral at Merrill Lynch.
Century Casinos Inc. (CNTY) said its fourth-quarter net profit rose 64% to $2.8 million, or 12 cents a share, from $1.7 million, or 7 cents a share, a year earlier. Revenue for the period roughly doubled to $20.3 million from $10.2 million. Revenue growth was mainly due to the acquisition of a 60% majority interest in a South African casino operation along with the opening of new casinos in Colorado and Canada. Century Casinos noted that on March 12 it acquired G5 SP, a Polish company that holds a 33% stake in Casinos Poland Ltd.
Core-Mark Holding Co.'s (CORE) fourth-quarter earnings fell 9.5% to $7.6 million, or 69 cents a share, from $8.4 million, or 79 cents a share, a year earlier, as costs rose. The South San Francisco packaged consumer-products distributor said Friday that net sales rose to $1.31 billion from $1.21 billion a year earlier. Core-Mark forecast 2007 revenue of $5.75 billion and capital expenditures of $16 million.
DXP Enterprises (DXPE) shares surged after the Houston-based distributor of maintenance, repair and operating products reported a fourth-quarter net profit of $3.5 million, or 68 cents a share, up from $2.08 million, or 43 cents a share, in the year-ago period. Revenue rose to $79.4 million from $54.7 million. Analysts polled by Thomson Financial were expecting a per-share profit of 54 cents.
Fremont General Corp (FMT) said that it will not file its 2006 annual report, called a 10-k, by today's extended deadline. The company had already delayed the filing once. The company said because of recent turmoil in the subprime sector, its accountants are "continuing to evaluate various issues relating to its financial statements, including the impact of events subsequent to December 31, 2006 on the appropriate carrying value of the company's assets as of December 31, 2006." It said Credit Suisse has increased its credit line to the company to $1 billion.
Hewlett-Packard Co. (HPQ) said its board has approved an additional stock buyback authorization worth $8 billion. In a Form 8-K filing with the Securities and Exchange Commission, the computer giant also said its board has approved a decrease in its number of directors to eight from nine. The company said that, as of Jan. 31, it had about $3.3 billion of buyback authorization left under a $6 billion repurchase program originally approved in August.
Hollis-Eden Pharmaceuticals' (HEPH) fourth-quarter loss narrowed to $7.9 million, or 29 cents a share, from $10.4 million, or 50 cents a share, a year earlier. The San Diego company said Friday it plans to curtail further development of its Neumune drug, and will focus on its HE3286, HE3235 and follow-on oral compounds. Last week, the Department of Health & Human Services informed Hollis-Eden that Neumune as a treatment of acute radiation syndrome is "technically unacceptable" and is no longer a candidate for the government's program to develop a treatment for radiation sickness.
Kellwood Co. (KWD) reported fourth-quarter earnings of $7 million, or 27 cents per share, down from a year-ago profit of $12.5 million, or 49 cents per share. On an ongoing basis, continuing operations excluding charges, the St. Louis maker of apparel and consumer soft goods earned $11.4 million, or 44 cents a share, in the latest quarter. Sales rose in the latest three months to $491.9 million from $446.5 million in the same period a year earlier. The average estimate of analysts polled by Thomson Financial was for a profit of 42 cents a share in the January period. Looking ahead, Kellwood sees ongoing earnings of $5 million and $5.5 million, or 19 to 21 cents a share, in the first quarter. For the fiscal 2007, the company anticipates ongoing earnings of $47 million to $49 million, or $1.80 to $1.89 a share. Wall Street's current consensus estimates are for earnings of 30 cents a share in the April quarter and $1.81 a share for the year.
Landry's Restaurants Inc. (LNY) has offered to buy Smith & Wollensky Restaurant Group Inc. (SWRG) for $9.75 a share cash. Landry's, Houston, said the offer is a 50 cent premium to Patina Restaurant Group's buyout offer for Smith & Wollensky. Smith & Wollensky owns and operates its namesake restaurants in eight U.S. cities, and also operates five restaurants in New York City.
of $3 million, versus a net loss of $15 million in same period last year. The New York-based satellite communications company said revenue rose to $205.6 million from $197.2 million in the year-ago period. Loral's backlog was $1.347 billion as of Dec. 31, 2006, up from $1.248 billion at Dec. 31, 2005. Loral emerged from bankruptcy on Nov. 21, 2005.
Manitowoc Co. raised its fiscal 2007 earnings forecast to a range of $4.20 to $4.30 a share from its earlier view of $3.85 to $4 a share. The Manitowoc, Wis.-based maker of lifting equipment also said it expects fiscal first quarter earnings to exceed the average Wall Street analysts' estimate of 79 cents a share by roughly 10%.
Micromet (MITI) shares jumped after the Carlsbad, Calif.-based biopharmaceutical company reported fourth-quarter net earnings of $3.4 million, or 11 cents a share. In the same quarter last year, the company posted a net loss of $6.73 million, or 42 cents a share. Revenue rose to $13.8 million from $8.68 million. Micromet said separately that the company and Tracon Pharmaceuticals Inc., have reached and agreement granting Tracon exclusive worldwide rights to develop and commercialize Micromet's D93 antibody for the treatment of cancer. Under the agreement, Tracon will pay Micromet upfront and milestone payments of more than $100 million, if D93 is successfully developed and commercialized. In addition, Micromet will receive royalties on worldwide sales.
M&T Banking Corp. (MTB) was upgraded to hold from sell at Citigroup.
Napco Security Systems Inc.'s (NSSC) board authorized the repurchase of up to 1 million of the company's 20 million shares outstanding.
OMI Corp. (OMM) said it's going to evaluate a range of strategic alternatives, including a sale or merger. The company has hired Perella Weinberg Partners and Fearnley Fonds ASA as advisers. There's no assurance that any transaction will be reached, the copmany said. The Wall Street Journal had reported earlier on Friday that it was considering such a move.
Pacific Sunwear of California reported fourth-quarter net earnings of $9.06 million, or 13 cents a share, down from $47 million, or 63 cents a share, in the year-ago period. The fourth-quarter 2006 results include asset impairment and inventory write-down charges of $16.6 million, or 24 cents a share. Excluding items, the company posted a profit of $25.7 million, or 37 cents a share diluted share, compared with $45.2 million, or 60 cents a share, in the same quarter last year.
Royal Caribbean Cruises (RCL) was upgraded to buy from hold at A.G. Edwards.
Schering-Plough (SGP) was upgraded at Merrill Lynch to buy from neutral, due primarily to valuation. "The stock's recent pullback presents an opportunity, in our view," said Analyst David Risinger in a research note. "We expect Schering-Plough stock to migrate to $28 over the next year as [the company] exceeds consensus expectations and investors better appreciate the acquisition."
Southwest Airlines Co. said its board authorized a new share repurchase program to acquire up to $300 million of the company's stock.
Starbucks Corp. (SBUX) was added to Goldman Sachs'conviction buy list. The firm said "recent market turbulence compounded by concerns over brand erosion and earnings quality have created a compelling buying opportunity." Next week the company is hosting a shareholders meeting, and analyst Steven Kron expects the company to reiterate its target and strategy, reinvigorating investors. "A confluence of negative factors has spurred profit taking and fears for the upcoming quarter and viability of the long-term business strategy - all of which we believe are overdone," Kron told clients in a note on Friday. Also, Friedman, Billings Ramsey reiterated an outperform rating on the company.
Stereotaxis Inc. (STXS) received commitments from certain investors to purchase 1.92 newly issued shares of its common stock for $10.50 each. The St. Louis-based medical device maker expects to receive net proceeds of roughly $20.1 million from the offering, which is expected to close March 19.
Thomson (TMS) was upgraded to buy from neutral at Merrill Lynch.
Titan Pharmaceuticals (TTP) said it received an equity financing commitment of up to $25 million from Azimuth Opportunity Ltd. The company may access the funds over a 2-year period from the sale of stock. The share price of the sales will be 4% to 7% below the prevailing market price.
Unilever (UN)(UL) shares rose as traders have flocked into the long-dormant Anglo-Dutch consumer-products giant after an investor presentation highlighted the company's growth potential -- or its position as a possible takeover target.See full story.
Decliners
Accuray (ARAY) shares tumbled after the Sunnyvale, Calif.-based robotic radiosurgery company reported a fiscal second-quarter net loss of $7.29 million, or 45 cents a share, versus a net loss of $7.94 million, or 50 cents a share, in the year-ago period. Revenue rose to $19.3 million from $7.6 million.
Actions Semiconductor (ACTS) shares were off after the company lowered its outlook for the first quarter, citing more pronounced seasonality and a greater than expected decline in NAND flash pricing. The company now sees earnings of 14 to 17 cents a share on revenue of between $29 million and $32 million. Its previous view was for earnings of 15 to 19 cents a share on revenue of $34 million to $37 million.
Allion Healthcare (ALLI) shares fell after the company said it expects earnings of 2 to 4 cents a share for the first quarter on revenue of $57 million to $58 million. The average estimate of analysts polled by Thomson Financial is for a profit of 8 cents a share in the March period.
Shares of Bally Total Fitness (BFT) plunged after the company said it may be forced to file for Chapter 11 bankruptcy protection. In a statement after Thursday's closing bell, the health club operator said it had about $827 million in outstanding debt as of March 14, and that it may need to reorganize its operations under Chapter 11 if it's unable to restructure that debt. The company also said it won't be able to file its Form 10-K for the fiscal year ended Dec. 31 by the deadline Friday and it sees a loss from continuing operations for 2006.
BioScrip (BIOS) shares fell after the company lost $28 million, or 75 cents a share, for the fourth quarter, on sales of $292.2 million. The company didn't issue specific guidance for fiscal 2007 but did say it expects to be profitable.
CBOT Holdings (BOT) was downgraded to hold from buy at Deutsche Bank.
Celebrate Express Inc. said its board has completed its strategic review and recommended that the company remain a standalone entity. The Kirkland, Wash., company also said it expects to report third-quarter revenue between $16.5 million and $16.7 million, down from $18.8 million a year ago. Celebrate Express also expects to report a loss ranging from 2 cents to 4 cents a share. For 2007, the company expects sales to range from $84 million to $87 million and a loss to range from 1 cent to 8 cents a share.
Directed Electronics (DEIX) shares slid after the company forecast earnings of 95 cents to $1.05 per share for fiscal 2007. Wall Street's current consensus estimate is for earnings of $1.27 a share for the year.
Franklin Resources (BEN) was downgraded to neutral from buy at Goldman Sachs.
IPCS Inc. (IPCS) was downgraded to hold from buy at Jefferies & Co. The firm also lowered its price target on the stock to $50 from $59.
Ligand Pharmaceuticals (LGND) posted
Mannatech (MTEX) shares pulled back after the Coppell, Texas-based provider of nutritional supplements and skincare products reported fourth-quarter earnings of $8.2 million, or 30 cents a share, down from a year-ago profit of $9.4 million, or 34 cents a share.
MathStar Inc. (MATH) shares fell after the company said its Form 10-K for 2006 contains a going concern opinion from its independent auditors. The fables semiconductor maker said the auditors cited cash balances and planned cash utilization over the next 12 months, coupled with its limited operating history as the reasons for the conclusion. Douglas Pihl, the company's chief executive officer, said: "We believe we will be successful in raising any additional capital required to fund the ongoing operations of MathStar."
New York Mortgage Trust (NTR) posted a fourth-quarter loss of $8.8 million, or 49 cents per share, slightly wider than its year-ago loss of $8.7 million, or 49 cents per share. For the year, the company posted a loss of $14.2 million, or 79 cents a share, a performance that it attributed solely to its mortgage lending business, which it's in the process of discontinuing. The company cited the deterioration of the mortgage lending environment for its results despite its lack of exposure to the sub-prime area of the industry. "We have experienced a marked increase in the number of early payment defaults of the Alt-A loans originated in our mortgage lending segment," said Steven Schnall, the company's chairman, president and co-CEO. "This has resulted in an unprecedented high level of loan repurchases and credit losses totaling $7.4 million over the second half of 2006." He continued: "This pressure, compounded by our lack of sufficient scale to achieve profitability in this very challenging market, further validates our decision to exit the mortgage lending business." New York Mortgage expects to close on the sale of its retail mortgage origination platform assets to IndyMac in April.
OccuLogix Inc. said its financial statements for fiscal year 2006 include a going concern qualification from its auditor, Ernst & Young LLP.
OpenTV Corp. said it swung to a fourth-quarter loss of $3.42 million, or 3 cents a share, from net income of $2.9 million, or 2 cents a share, a year earlier. The San Francisco provider of enabling technologies for advanced digital television services said revenue rose 10% to $26.7 million from $24.2 million a year ago. On average, analysts polled by Thomson Financial expected a loss of a penny a share on revenue of $25.7 million.
Six Flags Inc. reported a fourth-quarter net loss of $189.7 million, compared with a net loss of $139 million in the same quarter last year. The theme park operator posted a net loss applicable to common stockholders of $195.2 million, or $2.07 a share, versus $144.5 million, of $1.55 a share, in the year-ago period. Loss from continuing operations came in at $1.12 a share compared with $1.20 a share last year. Revenue slipped to $104.3 million from $104.5 million, while attendance fell 16%. Analysts polled by Thomson Financial were expecting a per-share loss of $1.18.
Tektronix Inc. reported fiscal third-quarter net earnings of $22.8 million, or 28 cents a share, down from $26.5 million, or 32 cents a share, in the year-ago period. Excluding items, earnings from continuing operations came in at $31.1 million, or 38 cents a share, compared with $31.1 million, or 37 cents a share, for the same period last year. The Beaverton, Ore.-based maker of testing and measurement systems said revenue in the quarter ended Feb. 24 rose to $265.8 million from $262.1 million in the same quarter last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 37 cents on revenue of $280 million.
TLC Vision Corp.'s said its fourth-quarter loss narrowed to $2.36 million, or 3 cents a share, from $3.02 million, or 4 cents a share, a year earlier. The St. Louis provider of eye-care services said revenue increased 5% to $63.5 million from $60.3 million a year ago. On average, analysts polled by Thomson Financial expected fourth-quarter revenue of $64.9 million.
Trimeris (TRMS) shares slumped after the company said Chief Executive Dani Bolognesi and Chief Financial Officer Robert Bonczek plan to retire. Trimeris also posted a fourth-quarter profit rose to $4.7 million, or 21 cents a share, from $3.77 million, or 17 cents a share, a year earlier. Excluding items, net income more than doubled to $8.6 million, or 39 cents a share, from $3.8 million, or 17 cents a share. In addition, Trimeris said it's amended a research pact with Hoffmann-La Roche Ltd.
Veeco Instruments (VECO) was downgraded to market weight from overweight at Thomas Weisel Partners. The firm cited a delayed recovery in data storage and reduced long-term growth assumptions.
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