24/7 Wall St.

24/7 Wall St.

Pre-Market Stock News (Thursday, January 17, 2008)

It's earnings season. We've got dozens and dozens of companies with news related to earnings, management changes, contracts, drug news, retail, banking, tech, and more. Here is a snapshot of the news affecting shares in pre-market trading:

• ADC Telecom (ADCT) indicated up 2% after being noted as a cheap oversold tech stock again by Cramer on MAD MONEY last night.
• AEGON (AEG) announced its CEO of Netherlands operations stepped down.
• Altria (MO) noted as a great value stock again by Cramer on MAD MONEY.
• Bank of New York (BK) $0.67 EPS vs. $0.69 estimate; $118 million after-tax writedown on CDO's/mortgages or -$0.10 off of EPS.
• Black Hills (BKH) announced that CFO Mark T. Thies resigned effective January 18.
• Borg Warner (BWA) put earnings in 2008 at $2.85 to $3.00 EPS versus $2.85 estimates.
• Callaway Golf (ELY) reaffirmed 2007 targets of $0.87 to $0.87 versus $0.87 estimate.
• Capstone Turbine (CPST) announced its CFO is leaving to join a private genomics company; announced new distributor agreement in China for oil & gas sector.
• Cell Therapeutics (CTIC) reported that Zevalin + chemo and stem-cell transplants produce high overall survival and progression-free survival rates in relapsed NHL patients.
• China Automotive Systems (CAAS) announced its sales rose over 42% and exceeded 1.1 million units of power steering systems in in 2007.
• Converted Organics (COIN) announced that it is exempt from the new tax that will be levied on most of the solid waste facilities in New Jersey.
• Continental Airlines (CAL) revenues $3.52 Billion versus $3.51 Billion estimate; posted $71 million pre-tax profit, will have $70 to $140 million charge on employees.
• GlaxoSmithKline (GSK) lower after NEJM report pans antidepressants.
• IBM (IBM) reports earnings after the close, although it already raised guidance.
• Logitech (LOGI) trading down roughly 4% after posting $0.71 EPS versus $0.63 estimate but revenues looked light; looking for 15% sales growth and 20% operating income growth in 2008;
• Merrill Lynch (MER) loss was $12.57 net for Q4, -$10.73 for all of 2007, but writedowns for Q4 were $14.1 Billion (11.5B from ABS CDO and $2.6 from hedges with financial guarantors on ABS CDO); Thain interview CNBC at 9:15 AM.
• MFA Mortgage (MFA) announced a public offering of 25 million shares of common stock at $9.25 per share; closed at $9.41 yesterday.
• Novartis (NVS) shares down 2% after it noted a 45% earnings drop overseas after restructuring charges; plans some $9 Billion for share buybacks.
• Pfizer (PFE) lower after NEJM report pans antidepressants.
• PNC (PNC) $1.07 EPS versus $1.08 estimate.
• QLT Inc. (QLTI) reported Visudyne sales were lower by 40%; announced that it will sell U.S. operations and cut jobs in restructuring.
• TD Ameritrade (AMTD) reports earnings this morning.
• True Religion (TRLG) preliminary Q4 revenues $52.4 million versus $46.9 million estimate; sees 2008 EPS $1.48 to $1.52 on revenues of $210 to $215 million versus $1.56/$210.5M estimates.
• Wyeth (WYE) lower after NEJM report pans antidepressants.