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Stocks to move sharply: G, MGLN

By Nancy Cesarano, CBS MarketWatch
Last Update: 8:39 AM ET Oct. 29, 2004


The following is a list of companies that are expected to see significant activity in Friday trading action.


Alliant Energy Corp. (LNT: news, chart, profile) said its earnings from continuing operations for the third quarter fell to 76 cents from 77 cents. It said "extremely mild weather conditions" in its domestic utility service territories in the third quarter had a negative impact of 12 cents to 14 cents a share.

Commerzbank Securities raised German insurer Allianz (AZ: news, chart, profile) to "overweight" from "equal weight" lifted its price target to 95 euros from 91 euros. "Allianz Life is close to gaining critical mass in variable annuities, which should improve profitability," the broker told clients.

American Power Conversion (APCC: news, chart, profile) was downgraded to "neutral" from "buy" by First Albany, due primarily to valuation concern. The stock closed Thursday up 4 cents at $17.08, but surged 20 percent in after-hours trading after the power supply device maker reported better-than-expected third-quarter earnings

Archer Daniels Midland (ADM: news, chart, profile) reported fiscal first-quarter earnings of 41 cents a share versus 23 cents in the same period a year ago, as an increase in earnings from its oilseed processing and agriculture services businesses offset a decline in corn processing.

Avon Products Inc. (AVP: news, chart, profile) on Friday posted third-quarter net income of 37 cents a share up from 28 cents in the year-ago quarter

Beckman Coulter (BEC: news, chart, profile) reported third-quarter earnings of 87 cents a share against 62 cents a share in the same period a year ago. Excluding non-recurring items, earnings were 74 cents, exceeding the average analyst estimate compiled by Thomson First Call of 72 cents.

Clear Channel Communications Inc. (CCU: news, chart, profile) posted Friday third-quarter net income of 44 cents a share compared with $1.03 a share in the same quarter a year ago. Excluding one-off items, the company earned 38 cents a share in third-quarter 2003. Revenue climbed 4 percent to $2.6 billion.

Coca-Cola Enterprises (CCE: news, chart, profile) earned 44 cents per share, down from the year-ago 56 cents. In September, the company said it expected to earn 38 cents to 40 cents a share. See full story.

Constellation Energy (CEO: news, chart, profile) reported third-quarter earnings of $1.19 a share versus $1.15 a share in the same period a year ago. Excluding non-recurring items, earnings were $1.22 a share, exceeding the average analyst estimate compiled by Thomson First Call of $1.15 a share, amid better-than-anticipated results from its merchant energy business.

Cooper Cameron (CAM: news, chart, profile) said net income for the third quarter fell to 55 cents a share from 63 cents. Revenue rose 25 percent to $539 million.

Credit Suisse Group's (CSR: news, chart, profile) board is to meet Friday with executives from Credit Suisse First Boston to hear plans to revamp the investment bank, the Financial Times reported. A review of CSFB's operations was begun in July by new Chief Executive Brad Dougan and its conclusions will be presented in December. The report said the bank was not planning job cuts or stopping dealings with large institutions, and is considering changing its name to Credit Suisse.

DaimlerChrysler (DCX: news, chart, profile) was downgraded by J.P. Morgan to "neutral" from "overweight" on poor earnings quality and visibility, saying "too many unquantified risks remain" at the car maker

Delta Air Lines (DAL: news, chart, profile) reached a deal with its pilots that will save $1 billion a year. See full story.

Delta Apparel (DLA: news, chart, profile) reported fiscal first-quarter earnings of 34 cents a share up from 14 cents a share in the same period a year ago.

Deutsche Bank (DB: news, chart, profile), Germany's leading bank, posted an 18 percent rise in third-quarter net income to 680 million euro and a 28 percent rise in earnings per share to 1.28 eurocents on the year. Net revenue declined 2 percent to 5.1 billion euro..

Dow Chemical (DOW: news, chart, profile) reported an 86 percent increase in net income because of strong pricing momentum. See full story.

DreamWorks Animation (DWA: news, chart, profile) rose Thursday nearly 40 percent to $38.75 a share. Trading for the first time on the New York Stock Exchange, with 29 million shares in the deal, the company raised about $819 million as the biggest IPO of the week and the first major stock debut out of Hollywood in years. See full story.

Encana (ECA: news, chart, profile) is to sell its U.K. subsidiary to Nexen (NXY: news, chart, profile) for $2.1 billion in cash, including a 43 percent stake in the Buzzard oil field and 41 percent and 54.3 percent stakes in the Scott and Telford oil fields. It also includes exploration licenses covering more than 740,000 net acres in the North Sea. EnCana said it expects to record an after-tax gain in excess of $1 billion on the U.K. asset sale.

ExxonMobil's (XOM: news, chart, profile) third-quarter net income jumped 56 percent to 88 cents a share, boosted by high oil and gas prices, better refining and marketing results and record chemical earnings. See full story.

Friendly Ice Cream (FRN: news, chart, profile) said third-quarter earnings fell to 46 cents from 70 cents a share in the same period last year. Comparable restaurant sales decreased 1.7 percent for company-operated restaurants and increased 2.7 percent for franchised restaurants. Total revenue fell to $153 million from $161 million.

For its third quarter, Gateway (GTW: news, chart, profile) reported a loss of 16 cents a share vs. the year-ago loss of 43 cents. The company said personal-computer shipments to large electronic retailers increased. See full story.

Gillette (G: news, chart, profile) posted a profit of 47 cents a share compared with last year's 41 cents. The company said strong sales of battery-powered men's razors, combined with "heightened hurricane-related sales" of Duracell batteries, helped fuel earnings. See full story.

Insight Communications (ICCI: news, chart, profile) posted Friday a third-quarter net loss of 9 cents a share compared with a loss of 14 cents in the year-ago quarter. The cable operator said revenue rose 10 percent to $250.5 million from a restated $228.5 million.

Merrill Lynch overnight downgraded its ratings on financial service stocks Jefferies Group (JEF: news, chart, profile), a brokerage, and Archipelago Holdings (AX: news, chart, profile), a stock market-trading group, to "neutral" from "buy," citing valuation.

Magellan Health Services Inc. (MGLN: news, chart, profile) posted third-quarter earnings of 73 cents per share, reversing a year-earlier loss of $1.42 a share, as revenue rose nearly 23 percent to $458 million. According to Thomson First Call, the managed-care provider had been expected to earn 73 cents per share on revenue of $435 million.

Martha Stewart Living Omnimedia Inc. (MSO: news, chart, profile) reported a narrower-than-expected loss, but said the fourth quarter is looking worse than expected. See full story.

Metro One Telecommunications (INFO: news, chart, profile) posted a third-quarter loss of 32 cents a share, compared with a loss of 43 cents in the year-earlier period.

Shares of Novatel Wireless Inc. (NVTL: news, chart, profile) fell more than 12 percent in after-hours trading after it reported net income of 16 cents a share on sales of $31 million but issued a disappointing forecast for fourth-quarter revenue. See After Hours column.

Peoples Energy (PGL: news, chart, profile) swung to a fourth-quarter net loss of 16 cents a share compared with earnings of 4 cents in the year-ago period as it took a $17 million restructuring charge.

Praecis Pharmaceuticals (PRCS: news, chart, profile) said its third-quarter net loss widened to 27 cents a share from 25 cents. Revenues reached $1.07 million from zero in the same period last year due to sales of the company's first product, the prostate drug Plenaxis. It said: "All of these changes should positively impact our future as a fully integrated biopharmaceutical organization and we are looking forward to a productive fourth quarter and 2005."

Oil drilling contractor Pride International (PDE: news, chart, profile) said its net loss for the third quarter eased to 13 cents a share from 19 cents in the same period last year. Refinancing charges, $3.5 million in costs related to Hurricane Ivan and executive severance costs of $2.8 million prompted a charge of 20 cents for the quarter.

Provident Financial Holdings Inc. (PROV: news, chart, profile) said its board approved an increase of 40 percent in the bank holding company's cash dividend, to a quarterly rate of 14 cents per share vs. 10 cents previously. The new dividend will be payable Dec. 17 to shareholders of record on Nov. 23.

Raytheon, (RTN: news, chart, profile) the nation's fourth-largest defense contractor, reported third-quarter net income of 34 cents a share vs. the year-ago loss of 8 cents a share. See full story.

Safeguard Scientifics Inc. (SFE: news, chart, profile) posted Friday a third-quarter net loss of 16 cents a share compared with a profit of 15 cents in the year-ago quarter, which included a one-off gain of around $30 million from the sales of interests in a number of companies.

SPX Corp. (SPW: news, chart, profile) said it's reached a definitive agreement to sell its Bomag unit for $446 million in cash, with net proceeds earmarked to reduce the company's debt position. Privately owned Fayat Group will buy Germany-based Bomag, a compaction equipment business that's expected to generate 2004 revenue of about $490 million.

US Airways, (UAIRQ: news, chart, profile) the nation's seventh-largest airline, posted a loss of $4.22 a share, wider than its year-ago loss of $1.69 a share. See full story.

Verizon Communications (VZ: news, chart, profile) said profit rose as the company added 1.7 million wireless customers. The nation's largest phone carrier posted profit 65 cents a share, up from 64 cents a year ago. See full story.

Viacom (VIAB: news, chart, profile)(VIA: news, chart, profile) said it earned 42 cents a share, up from 37 cents a share a year ago. The company also announced an $8 billion stock buyback as well as an increase of 17 percent in its quarterly dividend. Viacom is a shareholder in MarketWatch, the publisher of this report. See full story.

Viad Corp. (VVI: news, chart, profile) posted a third-quarter net loss of $3.14 per share, including charges, compared with a loss of $2.37 a share a year ago. Pre-charge, the trade show services supplier earned 57 cents..

Westwood One (WON: news, chart, profile) reported third-quarter net of 24 cents a share, down from 27 cents in the same period a year ago. Revenue rose 5 percent to $141.4 million. Analysts surveyed by Thomson First Call had been expecting earnings of 29 cents and revenue of $145.6 million, on average.