Friday's stocks in the news
From Standard & Poor's Equity ResearchHomebuilding stocks edge up as Hovnanian (HOV) kicks off a three-day sales event in various parts of the country, which includes incentives worth up to $100,000.
American Express (AXP) drops after Merrill Lynch reportedly downgrades to neutral from buy.
Lattice Semiconductor (LSCC) now sees third quarter revenue flat to down 2% sequentially vs. previous guidance of flat to up 4% sequentially. It plans to take a restructuring charge in the third quarter estimated at $1.4-$1.7 million. S&P reiterates hold.
Monsanto Company (MON) rises on news that the company and Dow AgroSciences LLC, a unit of Dow Chemical (DOW), reach a cross-licensing agreement aimed at launching SmartStax, first-ever eight-gene stacked combination in corn.
Palm (PALM) rises after Morgan Keegan upgrades to outperform from market perform.
Intel (INTC) was reportedly downgraded by Merrill Lynch based on valuation.
Fluor (FLR) falls after Citigroup downgrades to hold from buy.
ImClone Systems (IMCL) loses ground after Friedman Billings downgrades to market perform from outperform.
Tween Brands (TWB) announces a special share repurchase program and approves accelerated share repurchase transaction (ASR). It says its board authorized the company to purchase up to $175 million of its outstanding common shares. Based on quarter-to-date operating results and benefit from ASR, it expects third quarter EPS of $0.43-$0.47 vs. previous guidance of $0.40-$0.45, and $1.84-$1.98 for 2007, vs. prior guidance of $1.80 to $1.95.
Cardinal Health (CAH) reaffirms $3.95-$4.15 fiscal year 2008 non-GAAP EPS from continued operating outlook. It now expects its Supply Chain Pharmaceutical unit to grow profit in line with its long-term goal of 7%-10%, vs. previously expected outlook of at top end of the long-term range.
Liz Claiborne (LIZ) agrees to sell assets of four of its brands to Li Fung USA. Transaction is expected to close in the fourth quarter.
Eli Lilly (LLY) gets FDA approval for its osteoporosis drug Evista for a new use to reduce risk of invasive breast cancer in two populations: postmenopausal women with osteoporosis and postmenopausal women at high risk for invasive breast cancer.
Rockwell Collins (COL) reaffirms fiscal year 2007 guidance for revenues of $4.35 billion and EPS of $3.40. It sees $4.7-$4.75 billion fiscal year 2008 revenues and EPS of $3.80-$3.95.
Equinix (EQIX) raises third quarter guidance to $101-$102 million revenue, $38-$39 million EBITDA. It raises 2007 guidance to $413-$415 million revenue, $149-$151 million EBITDA. It sees $605-$625 million 2008 revenue, $234-$250 million EBITDA. It plans to offer 3.66 million shares.
Oneok (OKE) sees third quarter EPS at the low-end of $0.09-$0.19 range due to weakness in its energy services segment. S&P maintains hold.
Alaska Air Group (ALK) sets $100 million stock buyback.
Dell (DELL) says it is delaying its second quarter report until it has completed a financial restatement process.