AMB, Electronic Arts, Ford, Hertz, Verizon: U.S. Equity Preview
Shares of the following companies may have unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 8:45 a.m. in New York.
AMB Property Corp. (AMB US): The industrial real estate landlord cuts its earnings forecast for the current fiscal year to a range of $1.20 a share to $1.26 a share from an earlier forecast of as much as $1.33 a share. The average analyst estimate is $1.23.
Amylin Pharmaceuticals Inc. (AMLN US) plunged 51 percent to $10.10. The maker of the diabetes treatment Byetta was cut to “neutral” from “overweight” at JPMorgan & Chase Co. by equity analyst Cory Kasimov and given a 12-month price target of $11 after the company canceled a quarterly-update conference call because U.S. regulators denied approval for an injectable diabetes shot.
Eli Lilly & Co. (LLY US), which markets the diabetes drug outside the U.S., slipped 4.6 percent to $35.74. Alkermes Inc. (ALKS US), maker of the technology allowing the drug to be used in longer-acting form, fell 27 percent to $10.60.
BlackRock Inc. (BLK US) rose 0.5 percent to $175.51. The world’s biggest asset manager said third-quarter net income rose to $551 million, or $2.83 a share, as its purchase of Barclays Global Investors won new assets. Excluding certain one-time costs, the company earned $2.75 a share, beating the $2.46 average analyst estimate.
Boeing Co. (BA US) advanced 2.1 percent to $70.50. The 94- year-old airplane maker boosted its profit forecast because of an improved outlook in the commercial airplanes sector to as much as $4 a share, up from a range of $3.50 to $3.80 a share it initially projected. The company reported third-quarter profit of $1.12 a share, beating analysts’ average estimate of $1.07.
Boston Scientific Corp. (BSX US) gained 3.5 percent to $6.18. The second-biggest maker of heart devices by revenue reported third-quarter profit that topped analysts’ estimates as sales of its key heart-rhythm devices matched the upper range of analysts’ estimates.
Cree Inc. (CREE US) slid 9.8 percent to $47.80. The maker of energy-efficient lighting products forecast second-quarter sales of $280 million at most. That missed the average estimate of $296.2 million from analysts in a Bloomberg survey.
Delta Air Lines Inc. (DAL US) gained 6 percent to $12.40. The carrier had third-quarter adjusted earnings of $1.10 a share, topping the 94 cents forecast by analysts.
Electronic Arts Inc. (ERTS US): The second-largest video- game publisher may be looking to buy U.K. game maker Chillingo to gain market in the online and mobile space, the Wall Street Journal’s All Things Digital reported, citing unidentified sources.
Ford Motor Co. (F US) rose 1 percent to $13.45. The second- biggest U.S. carmaker is making more revenue on each vehicle sold, the Detroit News reported, citing Derrick Kuzak, vice president of global product development. The average revenue on each vehicle sold increased by $3,300 to $26,100 in 2009, Kuzak said, saying revenue is increasing this year without giving specific figures.
FSI International Inc. (FSII US) slipped 15 percent to $2.62. The maker of equipment for chip factories forecast first- quarter sales of $12 million at most. That trailed the $28.6 million estimated by Needham & Co.
Furniture Brands International Inc. (FBN US): The furniture retailer was cut to “underperform” from “market perform” at Raymond James Financial Inc.
Hertz Global Holdings Inc. (HTZ US) advanced 3.3 percent to $10.35. The car-rental company that recently abandoned its pursuit of Dollar Thrifty Automotive Group Inc. said it will earn 47 cents to 48 cents a share for the year, more than an earlier forecast of 43 cents to 45 cents. The new forecast is higher than the average analyst estimate of 46 cents a share.
Intuitive Surgical Inc. (ISRG US) dropped 5.4 percent to $263.99. The surgical-system maker reported third-quarter revenue of $344.4 million, below the $349.9 million average analyst estimate from a Bloomberg survey.
Juniper Networks Inc. (JNPR US) rose 0.7 percent to $30.75. The second-largest U.S. maker of networking equipment reported third-quarter sales of $1.01 billion, below the $1.03 billion average of analyst estimates compiled by Bloomberg, as companies curbed spending on hardware to link computers.
Mead Johnson Nutrition Co. (MJN US), maker of Enfamil baby formula, and beverage maker Hansen Natural Corp. (HANS US) are merger and acquisition candidates, according to Goldman Sachs Group Inc. The firm cited Mead Johnson’s emerging Asia exposure and participation in infant and children’s nutrition. It said Hansen could be a candidate because it has an attractive asset growth profile.
Morgan Stanley (MS US) slid 1.7 percent to $24.97. The owner of the world’s largest brokerage reported a third-quarter loss of 7 cents a share after writing down a stake in Revel Entertainment, an Atlantic City casino project. The firm posted earnings from continuing operations excluding items of 23 cents a share, versus the 21-cent analyst estimate.
Silgan Holdings Inc. (SLGN US): The manufacturer of consumer goods packaging said third-quarter adjusted per-share earnings were 89 cents, missing the 90-cent analyst estimate.
Stanley Black & Decker Inc. (SWK US): The biggest U.S. toolmaker said third-quarter profit was 97 cents a share excluding some items, beating analysts’ consensus estimate of 88 cents. The company raised its forecast for earnings excluding some items to as much as $3.70 a share, higher than the average analyst estimate of $3.59.
Stryker Corp. (SYK US): The maker of artificial body parts and hospital equipment said it expects to earn as much as $3.30 as share in 2010. Analysts, on average, estimate profit of $3.26, according to a Bloomberg survey.
United Technologies Corp. (UTX US) declined 1.6 percent to $72.46. The maker of Pratt & Whitney jet engines raised its profit forecast on an adjusted basis for the current fiscal year to $4.70 a share, lower than the $4.71 projected by analysts. Third-quarter earnings excluding some items were $1.30 a share, which topped the average analyst estimate of $1.28.
Verizon Communications Inc. (VZ US) increased 0.4 percent to $32.30. The biggest U.S. mobile carrier said the Samsung Electronics Co.’s Galaxy Tab will be available Nov. 11 for $599.99.
Western Digital Corp. (WDC US) fell 2.6 percent to $29.41. The world’s second-biggest maker of hard disk drives reported first-quarter profit of 84 cents a share, beating the 81-cent average of estimates compiled by Bloomberg.
Yahoo! Inc. (YHOO US) advanced 1.4 percent to $15.70. The most-visited U.S. Web portal predicted fourth-quarter sales of $1.13 billion to $1.23 billion after Internet users and advertisers shifted to social-networking sites and Google Inc. Analysts had estimated sales of $1.25 billion on average, according to data compiled by Bloomberg.
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