Abbott, Apple, Bank of America, Luxottica, Sears, Time Warner - MarketWatch
SAN FRANCISCO (MarketWatch) - Stocks expected to move sharply in Tuesday's trading include Abbott Labs, Apple, Bank of America, Luxottica, Philips, Sears and Time Warner. U.S. markets were closed Monday for the Martin Luther King Jr. Day holiday.
Abbott Laboratories (ABT:![]()
, , ) received clearance from the Food and Drug Administration to market Humira to treat adults with moderate to severe chronic plaque psoriasis. Humira was approved for moderate to severe rheumatoid arthritis in 2002, psoriatic arthritis in 2005, ankylosing spondylitis in 2006 and moderate to severe Crohn's disease in 2007. Chronic plaque psoriasis is an autoimmune disease characterized by skin lesions.
ABT
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Apple: (AAPL:![]()
, , ) With the hoopla surrounding Steve Jobs' appearance at the annual Macworld show out of the way, investors and analysts are shifting their attention to the fiscal first-quarter earnings report, scheduled for Tuesday. The quarter is typically Apple's busiest, as the company tends to have strong iPod sales from the holiday-shopping season.
AAPL
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Bank of America: (BAC:![]()
, , ) The market is bracing for the same problems that ailed bank earnings earlier this week - consumer-credit and capital-market issues - to show up when the nation's largest commercial bank reports fourth-quarter earnings on Tuesday.
BAC
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Burlington Northern Santa Fe Corp.: (BNI:![]()
, , ) Berkshire Hathaway Inc., (BRKA:![]()
, , ) (BRKB:![]()
, , ) led by the investor Warren Buffett, on Friday reported buying another 1.2 million shares of the railroad operator, increasing its stake to 18.2%.
BNI
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BRKA
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BRKB
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Diageo: (DEO:![]()
, , ) Morgan Stanley upgraded the maker of Johnnie Walker Scotch to overweight from equal-weight as part of a note in which it grew more positive on spirits makers. "We are more confident the spirits players will meet market expectations for earnings, as they have limited exposure to rising raw material costs and continuing growth from emerging markets, which supports positive price and mix trends. Spirits is a lagging sector that will be slow to respond to weakening consumer trends," the broker said.
DEO
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Dominion Homes Inc., (DHOM:![]()
, , ) hit hard by the housing slump, agreed to be acquired by a group for 65 cents a share. The group consists of companies affiliated with Angelo Gordon & Co., Silver Point Capital and Dominion's largest shareholder, BRC Properties Inc. Dominion's chief executive and also a principal at BRC Properties, Douglas Borror, will stay on as chairman and CEO. Dominion's holders, not including the buyout group, would receive 65 cents a share cash. That's a 38% premium over the closing price on Jan. 17. The deal is expected to close in the first half.
DHOM
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FiberTower Corp., (FTWR:![]()
, , ) the San Francisco provider of services provider to wireless carriers, said Michael Gallagher resigned as president, chief executive officer and a director to pursue other interests. The company retained Heidrick & Struggles to search for a successor. Meantime, it named Chief Financial Officer Thomas Scott, and Ravi Potharlanka, senior vice president of operations, interim co-presidents. And it named Potharlanka chief operating officer.
FTWR
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Internet-search firms: Google Inc. saw its lead in the Internet-search market slacken in December, according to Nielsen Online. Google (GOOG:![]()
, , ) garnered a 56.3% share of the market in December, compared with 57.7% in the previous month. Yahoo (YHOO:![]()
, , ) saw its share in December fall to 17.7% from 17.9% in November. Microsoft Corp. (MSFT:![]()
, , ) saw its share rise to 13.8% from 12%.
GOOG
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YHOO
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MSFT
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Luxottica Group (LUX:![]()
, , ) was downgraded to underweight from equal-weight at Lehman Brothers. "Although the company has the most dominant position in its marketplace of any of our companies and we see scope for significant long-term upside from the Oakley integration, we believe Luxottica is most at risk to earnings downgrades and negative news flow from U.S. retailers," the broker said. The U.S. accounts for roughly 70% of its sales.
LUX
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Perini Corp. (PCR:![]()
, , ) said it reached an interim agreement with Deutsche Bank AG (DB:![]()
, , ) to receive payment for construction work on the Cosmopolitan Resort & Casino project in Las Vegas. The developer of the project received a loan-default notice from Deutsche Bank. A unit of the Framingham, Mass., construction and real-estate-development company is the general contractor for the project.
PCR
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DB
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Royal Philips Electronics NV, (PHG:![]()
, , ) Europe's largest consumer electronics firm, on Monday reported that fourth-quarter profit more than doubled, boosted by asset sales, but noted that a struggling economy was hurting some parts of its business.
PHG
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Sears Holdings Corp. (SHLD:![]()
, , ) Chairman Edward Lampert plans to reorganize the retailer into several businesses with broad authority to shape their own future, The Wall Street Journal reported.
SHLD
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Time Warner Inc.'s (TWX:![]()
, , ) HBO will soon make its content available on the Internet, The New York Post reported in its Monday editions. The service will roll out in Green Bay and Milwaukee, Wis., on Tuesday, and in other markets shortly thereafter, the Post reported.
TWX
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Todd Shipyards Corp., (TOD:![]()
, , ) the Seattle provider of vessel-construction and maintenance services, cut the quarterly dividend 67% to 5 cents a share from 15 cents. A company statement on Monday didn't specify a payable date or record date. Todd did say that in paring the payout, the board considered several factors, including current business and opportunities, working capital needed to build ferries for the Washington State Ferry System and other projects, and "conditions in the financial and marine bonding markets." Another factor: its plan, also announced Monday, to buy the assets of Everett Shipyard Inc., the Everett, Wash., provider of ship-repair services. Terms weren't disclosed.
TOD
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Wal-Mart Stores Inc. (WMT:![]()
, , ) said Friday that Vice Chairman John Menzer, 56, will retire March 1. Menzer's current responsibilities will be assumed by other executives at the Bentonville, Ark., discount retailer. Wal-Mart also will move major support functions into individual businesses. Eduardo Castro-Wright, president and chief executive of Wal-Mart Stores U.S., will assume responsibility for the logistics and real estate divisions. The information systems division will report to Chief Executive Lee Scott, while Vice Chairman Mike Duke will oversee global procurement.
WMT
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Woodward Governor Co., (WGOV:![]()
, , ) the Fort Collins, Colo., producer of energy-control solutions for engines, aircraft and industrial equipment, reported on Monday that fiscal first-quarter net income rose 42% on 20% higher sales.
Xstrata: (XSRAF:WGOV
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XSRAF
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RIO
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