Here is the advancers and decliners to be watched from MarketWatch:
Advancers
51job Inc. (JOBS 17.03, +2.72, +19.0% ) , which provides human resources services in China, said it expects to report first-quarter earnings of 15 cents to 17 cents a share excluding share-based compensation expenses and the impact of exchange rates. It also raised its revenue guidance for the quarter to a range of $24.6 million to $25.9 million, based on current market demand and operating conditions. The company also announced that co-founder Michael Lei Feng is moving from his role as senior vice-president to become a strategic adviser.
Shares of Accredited Home Lenders (LEND :10.90, +4.86, +80.5% ) continued to soar. The stock has now more than doubled since closing at a record low just 2 sessions ago. On Tuesday, the stock had tumbled 65% to $3.97 after the subprime mortgage lender said it received margin calls from its financial backers, and was looking to raise capital to enhance liquidity. Despite the sharp two-day gain, the stock was still down 66% over the last month on concerns over the health of the subprime market. Other companies with subprime exposure that were rallying Thursday included Fremont General (FMT :7.49, +0.83, +12.5% ) , and NovaStar Financial (NFI :5.35, +1.17, +28.0% ) , among others.
Aircastle Ltd. (AYR :34.89, +0.87, +2.6% ) reported fourth-quarter net income of $19.8 million, up from the prior year's $4.1 million. Earnings per share for the Stamford, Conn.-based commercial jet leasing company that went public last August amounted to 39 cents a share. Quarterly revenue reached $61.2 million from $20.7 million in the final three months of 2005. Analysts were looking for a profit of 36 cents a share on revenue of $62 million, according to estimates compiled by Thomson Financial. The company also announced a first-quarter dividend of 50 cents a share, its second recent increase in the dividend.
Allscripts Healthcare Solutions (MDRX :25.81, +1.19, +4.8% ) was upgraded to strong buy from market perform at JMP Securities, citing valuation.
Bayer AG (BAY :58.45, +1.28, +2.2% ) said its 2006 net profit rose 5.4% to 1.68 billion euros ($2.21 billion), driven by growth at its healthcare division. Total sales at the firm rose 17.2% to 24.7 billion euros. The healthcare unit saw earnings before interest, tax and special items rise 45.7% to 1.72 billion euros due to above-market growth in all its divisions and the acquisition of Schering. The firm also said it has made a good start to 2007. The company expects group sales to grow by more than 10% in the year and also expects to improve its margin. See full story.
Bear Stearns Cos. (BSC :148.88, +3.59, +2.5% ) said fiscal first-quarter earnings rose 7.7% to $553.7 million, or $3.82 a share, from $514.2 million, or $3.54 a share, a year earlier. The New York-based financial-services company said net revenue for the period ended Feb. 28 rose to $2.48 billion from $2.19 billion in the year-ago period. Analysts polled by Thomson Financial expected, on average, first-quarter earnings of $3.80 a share on revenue of $2.49 billion. See full story.
Bon-Ton Stores (BONT :53.85, +0.20, +0.4% ) reported fourth-quarter earnings of $88.4 million, or $5.20 per share, up from a year-ago profit of $38.2 million, or $2.30 a share. The latest results include a state tax benefit of $4.1 million, or 24 cents a share. Total sales rose 169% in the fourth quarter to $1.25 billion from $464.6 million. The company said the latest quarter includes a sales contribution of $805.7 million from its Carson's and Parisian stores. Same-store sales fell 5.6% for the quarter. The average estimate of analysts polled by Thomson Financial was for a profit of $4.56 a share in the January period. Looking ahead, the York, Pa., department store operator forecast earnings of $3.40 to $3.50 a share in fiscal 2007 with total sales growth of 3% to 5%. The company sees EBITDA (earnings before interest, taxes, depreciation and amortization) of between $315 million and $320 million for the year. Wall Street's current consensus estimate is for a profit of $3.35 a share for fiscal 2007.
Bowne & Co. (BNE :15.68, +0.86, +5.8% ) said it swung to a fourth-quarter profit of $2.23 million, or 7 cents a share, from a year-earlier loss of $7.91 million, or 24 cents a share. Income from continuing operations swung to $142,000, or less than 1 cent a share, from a year-ago loss of $7.09 million, or 21 cents a share. The New York commercial printing company's revenue grew 22% to $191.1 million from $157 million a year earlier.
Cadbury Schweppes (CSG :48.34, +1.36, +2.9% ) plans to separate its confectionery and U.S. beverages divisions. The company said its board is evaluating possible options for separating the divisions and will provide further information in its June 19 trading update. The move is intended to maximize shareholders value, Cadbury said. "This decision is of great significance for the board and the company. It has been facilitated by acquisitions and disposals over the last decade designed to create a strong and potentially independent Americas beverages business," said chairman John Sunderland. The announcement came after activist investor Nelson Peltz built a 2.98% stake in the company and follows reports that Cadbury was considering a split.
Chiquita Brands International Inc. (CQB :13.09, +0.34, +2.7% ) said the information filed by the Justice Department, charging the company with doing business with a terrorist organization, is part of plea agreement under which the company will pay $25 million. "In 2003, Chiquita voluntarily disclosed to the Department of Justice that its former banana-producing subsidiary had been forced to make payments to right- and left-wing paramilitary groups in Colombia to protect the lives of its employees," the company said in a statement. Chiquita said it made the disclosure after it became aware that the groups had been designated as terrorist groups by the United States. The company added that "the payments made by the company were always motivated by our good faith concern for the safety of our employees."
Consol Energy (CNX :37.10, +1.91, +5.4% ) was upgraded to buy from hold at Stifel Nicolaus.
Continental Airlines (CAL :37.46, +0.84, +2.3% ) was upgraded to neutral from underweight at J.P. Morgan.
Countrywide Financial (CFC :35.92, +1.53, +4.4% ) surged after Merrill Lynch said the mortgage giant presents an "attractive buying opportunity." While concerns about subprime woes spreading to the prime mortgage business are warranted, Merrill Lynch analyst Kenneth Bruce said the company is trading at a favorable multiple. Bruce cut his 2007 earnings outlook for the company to $4.40 a share from $4.82 a share and his 2008 view to $5.51 a share from $5.15 a share based on an expected slowdown in is mortgage banking business. "Uncertainties over the health of the credit markets and mortgage lending industry (is) likely to add volatility over the near-term, though we remain confident that CFC will weather the storm, given its stable financial position, and further strengthen its strategic position," Bruce said.
Dyax Corp. (DYAX :3.65, +0.14, +4.0% ) was initiated with a buy rating at Morgan Joseph & Co.
ECollege (ECLG :16.93, +0.33, +2.0% ) said it swung to a fourth-quarter loss of $6.58 million, or 28 cents a share, from net income of $2 million, or 8 cents a share, a year earlier. Excluding non-cash charges of $554,000 for stock-based compensation, income from continuing operations was $3 million, or 13 cents a share, compared with $1.9 million, or 8 cents a share, a year earlier.
e-Future Information Technology Inc. (EFUT :21.21, +1.65, +8.4% ) completed a $10 million private placement with three funds associated with two institutional investors.
Global Crossing Ltd. (GLBC :28.52, +2.41, +9.2% ) said its fourth-quarter net loss widened to $90 million from $80 million, as the firm completed its acquisition of Fibernet Group. Revenue for the quarter rose 5.6% to $488 million. Adjusted earnings before interest, tax, depreciation and amortization in the quarter totaled $6 million, compared to a loss of $32 million a year earlier. Global Crossing said it expects to report 2007 revenue in the range of $2.17 billion to $2.25 billion, with adjusted earnings before interest, tax and one-off items of $200 million to $225 million.
H&R Block (HRB :20.90, +0.76, +3.8% ) was upgraded to equal-weight from underweight at Morgan Stanley, citing valuation.
Imperial Tobacco (ITY :85.00, +5.30, +6.6% ) said it's made an approach to offer 45 euros a share for Altadis , the Franco-Spanish cigarette maker. Imperial said there's no guarantee it will actually launch an offer and said talks are at an early stage. See full story.
IndyMac Bancorp (NDE :29.47, +0.53, +1.8% ) said it carries "minimal exposure to subprime" in a statement made to address the "panic" on Wall Street surrounding the business of loaning to customers with weaker credit histories. "Indymac's exposure to subprime mortgages is small, and the company's credit performance statistics are reflective of prime/Alt-A mortgage lending," the company said. Only 3% of Indymac's $90 billion in mortgage loan production in 2006 was subprime. "Clearly, the mortgage market and, in particular, the secondary market for mortgages are in a state of irrational panic right now, making it virtually impossible to predict short-term loan production and sales volumes or earnings with any reasonable precision until things settle down," commented Michael W. Perry, Chairman and CEO of Indymac. The company expects 10% return on investment in the first half of the year and about 15% in the second half.
Shares of Kohl's Corp. (KSS :72.54, +1.79, +2.5% ) gained after Banc of America Sec. upgraded the department store chain to buy from neutral, citing a greater conviction following the company's presentation at the BofA consumer conference that same-store sales and margins will improve over the next several years. "Several drivers will contribute to more operating margin upside potential than previously expected," Analyst Dana Cohen said in a research note. "The company continues to drive newness across the store at a greater pace than previously expected."
Lehman Bros. (LEH :73.03, +1.31, +1.8% ) was upgraded to outperform from market perform at Wachovia. The firm said the move was based on the investment bank's "diversity within fixed income," growth in investment banking backlogs and a "favorable risk/reward dynamic" given its recent decline in valuation. "Lehman remains well positioned to benefit from a favorable interest rate environment as well as a recovery in the IPO and advisory markets," Wachovia said in a note to clients.
MapInfo (MAPS :19.95, +6.74, +51.0% ) agreed to by acquired by Pitney Bowes (PBI :45.42, -0.02, 0.0% ) for about $408 million in cash, net of expected cash on MapInfo's balance sheet at closing. The Stamford, Conn., provider of integrated mail and document management systems said that in the next seven business days it will begin a tender offer at $20.25 a share in cash for MapInfo's common shares outstanding. Pitney Bowes expects that within 18 months there will be synergies in the range of $10 million to $15 million from elimination of certain costs.
Marathon Oil Corp. (MRO :94.97, +1.56, +1.7% ) was upgraded to buy from sell at Goldman Sachs.
Nasdaq Stock Market Inc. (NDAQ :28.00, +0.50, +1.8% ) named Michael Oxley non-executive vice chairman. Oxley is a former U.S. Congressman and former chairman of The House Financial Services Committee. The New York electronic equities exchange said Oxley will work with chief executives and board members on the Nasdaq's behalf and serve as an advisor to Bob Greifeld, the president and CEO of Nasdaq and the board.
NationsHealth (NHRX :1.55, +0.13, +9.2% ) shares rose after the Sunrise, Fla.-based provider of medical products and prescription services reported fourth-quarter net earnings of $1.23 million, or 4 cents a share. In the same quarter late year, the company posted a net loss of $17.9 million, or 67 cents a share. Revenue fell to $22.8 million from $25.2 million.
Omni Energy Services Corp. (OMNI :9.85, -0.01, -0.1% ) reported fourth-quarter net income of $6.77 million, up from $100,000 in the year-ago period. Net income from continuing operations came in at $6.8 million, or 27 cents a share, up from $500,000, or 3 cents a share, in the year-ago period. Excluding a $4.6 million income tax benefit, Omni posted income of $2.1 million, or 8 cents a share, in the 2006 fourth quarter. The Carencro, La.-based provider of services to the oil industry said revenue in the three months ended Dec. 31 rose to $26.2 million.
Overstock.com Inc. (OSTK :17.66, +0.05, +0.3% ) revised its 2006 loss to $5.01 a share from the previously reported $4.77 a share to reflect a goodwill impairment charge for its travel unit OTravel.com. The Salt Lake City-based Internet retailer said its Form 10-k filed Wednesday reflected about $4.5 million of impairment and $400,000 of other miscellaneous adjustments. As a result, the company revised its 2006 loss to $101.9 million from $97 million.
Pep Boys (PBY :17.15, +1.90, +12.5% ) said fiscal fourth-quarter earnings from continuing operations were $8.11 million, or 15 cents a share, compared with a loss of $22.9 million, or 42 cents a share, a year ago. The bottom line swung to earnings of $7.72 million from a loss of $24.6 million. The Philadelphia auto parts retail and service chain said revenue for the quarter ended Feb. 3 rose 6.5% to $586.1 million from $550.5 million a year ago. On average, analysts polled by Thomson Financial predicted a fourth-quarter loss of 12 cents a share and revenue of $554.2 million.
Peerless Systems Corp. (PRLS :2.34, +0.32, +15.8% ) reported fourth-quarter earnings of $1.6 million, or 9 cents a share, on revenue of $8.7 million. Looking ahead, the El Segundo, Calif., maker of advanced imaging and networking technology products sees net income of between $3.8 million and $4.5 million for fiscal 2008 on revenue ranging from $29 million to $31 million. It anticipates posting a net loss in both the first and second quarter of the year.
PXRE Group Ltd. (PXT :4.94, +0.48, +10.8% ) will merge with Argonaut Group Inc. (AGII :34.06, -0.09, -0.3% ) in a stock swap, resulting in an entity called Argo Group that will be 73%-owned by Argonaut's shareholders, the companies said. Argonaut shareholders will receive 6.4672 shares of PXRE for each Argonaut share. San Antonio-based underwriter Argonaut plans to pay a $60 million dividend to its common shareholders before the merger closes.
Sappi Ltd. (SPP :14.11, +1.17, +9.0% ) was upgraded to outperform from neutral at Credit Suisse. The firm also lifted its price target to $19 from $17.
Shoe Carnival Inc.'s (SCVL :32.67, +3.41, +11.7% ) fiscal fourth-quarter net income rose 70% to $5.13 million, or 37 cents a share, from $3.02 million, or 22 cents a share, a year earlier. The retailer said Thursday total sales increased 8.3% to $177.2 million from $163.6 million, as the company generated sales of about $11.5 million during the extra week of business in the latest period. However, same-store sales fell 0.9% for the fourth quarter ended Feb. 3. The Evansville, Ind., company expects fiscal 2007 earnings will increase to a range of $1.90 to $2 a share from $1.73 a share earned in 2006.
SkillSoft (SKIL :7.81, +0.45, +6.1% ) was upgraded to buy from hold at Stifel Nicolaus.
Suntech Power Holdings Co. Ltd. (STP :36.70, +0.39, +1.1% ) was initiated with an outperform rating at Raymond James.
THQ Inc. (THQI :32.37, +0.63, +2.0% ) was upgraded to buy from hold at American Technology Research. The firm cited stronger fundamentals and lifted its price target to $41 from $32.50.
Unilever (UN :27.77, +1.27, +4.8% ) (UL :28.83, +1.31, +4.8% ) was upgraded to neutral from underperform at Credit Suisse.
WebEx Communications (WEBX :56.45, +10.25, +22.2% ) shares leapt after the company agreed to be acquired by Cisco Systems (CSCO) for roughly $3.2 billion, or $57 per share. Net of WebEx's existing cash balance, the deal is worth $2.9 billion. Shares of WebEx, a Santa Clara, Calif., provider of business communications applications, closed Wednesday at $46.20. Cisco expects the transaction to close in the fourth quarter of fiscal 2007. It anticipates the deal will be neutral to earnings in fiscal 2008. WebEx posted revenue of $380 million for fiscal 2006. See full story.
Winnebago Industries (WGO :33.59, +3.03, +9.9% ) reported fiscal second-quarter earnings of $7.5 million, or 24 cents a share, down slightly from a year-ago profit of $7.7 million, or 23 cents a share. The company's per share figure reflects a decline in the number of outstanding common shares on a year-over-year basis. Revenue fell 3.6% in the quarter to $199 million from $206.4 million a year earlier. The Forest City, Iowa-based motor home manufacturer said net income in the quarter was hurt by lower volume, although this was "more than offset" by increased financial income and a lower effective tax rate. The average estimate of analysts polled by Thomson Financial was for a profit of 23 cents a share in the February period on revenue of $196.8 million.
Wm. Wrigley Jr. Co. (WWY :52.00, +0.65, +1.3% ) was upgraded to neutral from underweight at J.P. Morgan. The firm said it believes the company is well positioned to deliver on its EPS growth guidance of 9% to 11% in 2007 thanks to intriguing new product launches in the U.S., U.K. and China and better management of brand support spending. In addition, the broker told clients that the company is better articulating its opportunities in emerging markets and its depth of distribution there.
Zumiez Inc. (ZUMZ :39.79, +2.39, +6.4% ) reported fourth-quarter net earnings of $11.3 million, or 39 cents a share, up 67% from $6.76 million, or 23 cents a share, in the year-ago period. The Everett, Wash.-based action sports apparel and equipment retailer said revenue in the quarter ended Feb. 3 rose 49% to $112.4 million from $75.4 million, while same-store sales rose 12%. Analysts polled by Thomson Financial were expecting a per-share profit of 36 cents on revenue of $111 million.
Decliners
Audiocodes Ltd. (AUDC :7.01, -0.43, -5.8% ) was downgraded to hold from buy at Cantor Fitzgerald.
Bradley Pharmaceuticals (BDY :17.25, -2.69, -13.5% ) reported fourth-quarter net earnings of $1.12 million, or 7 cents a share. In the same quarter last year, the company posted a net loss of $988,683, or 6 cents a share. The Fairfield, N.J.-based company said revenue in the three months ended Dec. 31 rose to $37.7 million from $30.9 million.
ChipMOS Technologies Ltd. (IMOS :7.10, -0.41, -5.5% ) said fourth-quarter net income rose 51% to $22.1 million, or 22 cents a share, from $14.6 million, or 18 cents a share, a year earlier, as revenue grew 38%. The Hsinchu, Taiwan, semiconductor testing company's revenue jumped to $181.6 million from $131.4 million in the year-ago period. On average, analysts expected per-share earnings of 18 cents on revenue of $180.5 million, according to a poll by Thomson Financial. For the first quarter, the company expects revenue of $170 million to $174 million, compared with Wall Street's estimate of $170.5 million.
Fiberstars (FBST :5.57, -0.83, -13.0% ) was downgraded to neutral from buy at Merriman Curhan Ford & Co. The firm cited disappointing third-quarter results.
Gray Television (GTN :8.43, -0.18, -2.1% ) said it swung to a fourth-quarter net profit of $7.8 million, or 16 cents a share, compared with a loss of $7 million, or 15 cents a share, a year earlier. Earnings from continuing operations came in at 16 cents a share compared to a loss of 5 cents a share in the year-ago period. Sales rose 40% to $102 million.
Gulfmark Offshore (GMRK :41.74, -2.25, -5.1% ) was downgraded to neutral from overweight at J.P. Morgan.
Hibbett Sports Inc. (HIBB :28.67, -0.75, -2.5% ) reported fourth-quarter net earnings of $12.6 million, or 39 cents a share, up 27% from $9.9 million, or 29 cents a share, in the year-ago period. The Birmingham, Ala.-based sporting goods chain said revenue in the quarter ended Feb. 3 rose to $151.2 million from $120.8 million in the comparable period last year, while same-store sales rose 5.9%. Analysts polled by Thomson Financial were expecting a per-share profit of 38 cents on revenue of $150 million.
Hot Topic Inc. (HOTT :10.26, -0.63, -5.8% ) reported fourth-quarter net earnings of $8.87 million, or 20 cents a share, down 16% from $10.6 million, or 23 cents a share, in the year-ago period. The City of Industry, Calif.-based teen apparel retailer said revenue in the quarter ended Feb. 3 rose to $240.5 million from $230.4 million in the comparable period last year, while same-store sales fell 5.3%. Analysts polled by Thomson Financial were expecting a per-share profit of 21 cents on revenue of $239 million.
InterContinental Exchange (ICE :128.14, -3.79, -2.9% ) , said it's made an unsolicited offer to merge with CBOT Holdings (BOT :188.58, +22.49, +13.5% ) , parent of the Chicago Board of Trade in a deal worth $187.34 a share for CBOT holders, or a roughly 13% premium to CBOT's Wednesday close. CBOT is currently working to close a similar deal with cross-town competitor Chicago Mercantile (CME :538.16, -25.81, -4.6% ) . See full story.
Jupitermedia (JUPM :6.34, -0.43, -6.4% ) shares slid after the New York-based provider of images and information services reported a fourth-quarter net profit of $502,000, or a penny a share, down from $5.44 million, or 15 cents a share, in the year-ago period. Revenue rose to $34.8 million from $33.2 million. Analysts polled by Thomson Financial were expecting a per-share profit of 6 cents on revenue of $33.4 million.
Oscient Pharmaceuticals (OSCI :4.20, -0.33, -7.3% ) filed for the sale of $30 million in new convertible senior notes due 2011. In addition, the company is proposing exchange offers for holders of existing convertible notes worth about $185.4 million.
Shares of NYSE specialist firm Van Der Moolen (VDM :5.35, -0.29, -5.1% ) were down in Amsterdam after reporting a fourth-quarter loss of 44.1 million euros ($58 million), on a derecognition of deferred tax assets and a decline in revenue at its NYSE specialist operation due to hybrid trading. "The change to adept from floor- to screen-based trading is a challenging process and will require a lot of work and effort," the company said in a statement.
Wave Systems Corp. (WAVX :2.62, -0.26, -9.0% ) shares fell after the Lee, Mass.-based company reported a fourth-quarter net loss of $4.77 million, or 12 cents per basic share, vs. a net loss of $4.45 million, or 1.5 cents per basic share, in the year-ago period. Revenue rose to $866,000 from $152,000. Wave Systems makes products for hardware based digital security.
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