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THIS MORNING'S STOCKS WEEK OF 5/31/99-6/4/99 |
6/4/99 |
| CHRIS CRAFT
INDUSTRIES (CCN, 46.88)- The stock could get a boost after Mario Gabelli said the
shares are worth $61 in this week's Business Week. HAVERTY
FURNITURE (HVT, 28.19)- The furniture retailer reported a 15.3% jump in May same
store sales. Revenues rose $19.9% to $54.2 million during the month.
INSO CORP (INSO, 7)- One to avoid
today. The software maker lost $1.42 a share in its first quarter, compared to a
loss of 71 cents last year. Revenues were slightly below expectations at $11.49
million. The company said it will take a $5-$7 million restructuring charge and
announced plans to fire 20% of its workers in an effort to return to profitability.
Inso also said that it is the subject of a formal investigation by the S.E.C. relating to
the company's restatement of 1998 earnings. The shares are down from a 52 week high
of 29.
MICHAELS STORES (MIKE, 28.43)- The
retailer beat expectations by 3 cents, earning 18 cents a share in its first quarter.
Revenues rose 16% to $388.5 million in the quarter.
PFIZER (PFE, 108.5)- Ralph Nader's Public
Citizen consumer group has asked the FDA to ban the company's second largest drug Trovan.
The group alleges the drug can cause liver damage.
QUANTUM CORP (QNTM, 19.56)- The disk
drive maker warned that falling prices for disk drives will cause it to report a
sequential drop in revenues. The company expects earnings to be 5 to 15 cents a
share, compared to current analyst estimates of 30 cents. The news will likely be a
drag on the entire disk drive group in today's trading. |
6/3/99 |
| AMERICAN EAGLE
OUTFITTERS (AEOS, 42.81)- The apparel retailer said May same store sales jumped
18.7%, and total sales rose 39.8% to $52.2 million. CHEVRON
(CHV, 92)- Texaco has rejected the oil giant's $92 a share bid for Texaco.
Texaco's board said the bid price was too low, it was seeking $80 a share.
HARTE HANKS (HHS, 22.88)- The company
will be added to the S&P MidCap 400 Index.
OFFICE DEPOT (ODP, 20.88)- The office
supply retailer will be added to the S&P 500 Index. Look for the stock to get a
boost from the news in today's trading.
ORTEL CORP (ORTL, 11.43)- The fiber
optics company reported a narrower than expected loss of 4 cents a share in its fourth
quarter, beating expectations of a loss of 9 cents. Revenues in the quarter rose 6%
to $16 million, with fiber optic revenues increasing 15%. The company also announced
plans to sell its wireless operations.
RCM TECHNOLOGIES (RCMT, 15.25)- The info
services provider beat expectations by 2 cents, earning 35 cents a share in its second
quarter, an increase of 30% from last year. Revenues jumped 65% to $80.5 million in
the quarter.
US XPRESS ENTERPRISES (XPRSA, 12.25)- The
company warned that its second quarter earnings will be 30% to 36% below last year's 38
cents a share. Analysts were looking for 43 cents in the quarter. The trucking
and logistics company blamed the shortfall on "less than expected equipment
utilization".
WESTINGHOUSE AIR BRAKE (WAB, 23.31)- The
railroad equipment company will merge with MotivePower Industries (MPO, 16.63) in a merger
of equals. WAB shareholders will receive 1.3 shares of Motive Power for each WAB
share, a 6.5% discount from their closing price. The combined company, to be known
as Motive Power Industries, expects the deal to add 10% to its earnings. |
6/2/99 |
| ADOBE SYSTEMS
(ADBE, 72.5)- The software maker's shares were halted in after hours trading
pending an announcement this morning. ADFORCE
(ADFC, 28.94)- The unprofitable Internet based ad agency said that Geocities will
no longer be using the company's services following Yahoo's acquisition of Geocities.
Geocities accounted for 17% of the company's revenues. Look for the shares to
come under pressure this morning on the news.
AMERICAN HOME PRODUCTS (AHP, 52)- The
drug maker warned that weak demand for its agricultural products will cause it to report
second quarter earnings 7 cents below analysts' current expectations of 41 cents a share.
the company expects full year earnings to be 11 cents below current expectations.
The company expects the problems to last into next year and said it is considering
strategic alternatives, including the possible sale of the units, for its agricultual and
livestock divisions. The shares tumbled 5 points in after hours trading on the news.
CHERRY CORP (CHERA, 13)- The company
warned that its first quarter earnings will be below current expectations. The
electronics company sees earnings of 35 cents a share, analysts were looking for 48 cents.
COMVERSE TECHNOLOGY (CMVT, 67)- The
communications equipment and software maker beat first quarter estimates by 3 cents,
earning 48 cents. Revenues rose 25% to $200.51 million in the quarter.
NEWBRIDGE NETWORKS (NN, 27.06)- The
telecom equipment manufacturer missed fourth quarter estimates by a penny, earning 12
cents a share in the quarter.
PETSMART (PETM, 8.5)- The pet store
operator announced a $25 million stock buy back. |
6/1/99 |
| AMAZON.COM (AMZN,
118.75)- The online retailer was the subject of a negative cover story in this
weekend's Barron's. The article states that Amazon is losing its competitive
advantage over traditional retailers as it grows and is forced to invest in real estate
and added inventory. Earlier last month a Barron's story set a $10 price target for
the shares. The shares are currently trading down $5 a share in European trading. BARNES & NOBLE (BKS, 28.19)- The Federal Trade
Commission is strongly considering blocking the company's planned acquisition of Ingram
Book on antitrust grounds. The shares could come under pressure today as a result of
the news.
BROWN FORMAN (BF.a, 61)- Allied Domecq
Plc is reportedly discussing a $18.7 billion merger with the drink maker, according to a
published report in yesterday's The Independent (UK).
CUTTER & BUCK (CBUK, 29.63)- The
company announced a 3 for 2 split after Friday's close.
E*TRADE GROUP (EGRP, 44.5)- The
online broker will acquire Telebanc Financial in a $1.8 billion deal according to the Wall
Street Journal Interactive.
FIRST AMERICAN (FAM, 40.81)- AmSouth
Bancorp (ASO) will reportedly acquire the bank holding in a $6.3 billion deal according to
Bloomberg. First American shareholders will receive 1.8 shares of ASO for each share
of FAM (about $51 a share for FAM stockholders).
FRANKLIN COVEY (FC, 9.75)- The company
warned that it will lose 22 cents a share in its third quarter due to disappointing
revenues in its Training and Education line and poor international sales. The
company expects fiscal year 1999 earnings to be $1.05-$1.10 per share. The maker of
agendas and planners is trading at a price/book ratio of 0.59 and a price/sales ratio of
0.40. The shares trade on a forward P/E ratio of 9 and are down from a 52 week high
of 21.13.
LOCKHEED MARTIN (LMT, 40.43)- The
aircraft manufacturer received a favorable mention in this weekend's Barron's.
PEGASYSTEMS (PEGA, 8.38)- The S.E.C. has
launched an investigation into the company's accounting practices and into the trading of
its stock. The shares, down from a 52 week high of 31 7/8, could come under renewed
pressure in today's trading.
SKYTEL (SKYT, 20.31)- MCI WorldCom will
acquire the wireless provider in an agreed $1.3 billion deal (about $21.50 a share based
on Friday's close).
UNIMED PHARMACEUTICALS (UMED, 9.25)- The
company said it is talks to sell the drugmaker to an undisclosed acquirer. The
company has hired Hambrecht & Quist to assist in the talks. No purchase price
was given. |
5/31/99 |
| U.S. MARKETS CLOSED FOR
HOLIDAY |
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DISCLAIMER |
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