Wednesday's stocks in the news
From Standard & Poor's Equity ResearchAmgen (AMGN) rises after a FDA panel votes against certain restrictions on drugs produced by Amgen and Johnson & Johnson (JNJ) to treat anemia brought on by kidney failure. S&P reiterates buy on Amgen.
Aluminum Corp. of China Ltd. (ACH) falls after Alcoa (AA) says it plans to divest its ownership of ACH. S&P notes that Alcoa holds 7% of ACH shares.
Apple (AAPL) rises after UBS Financial raises target to $182 from $175, and keeps buy.
Texas Instruments (TXN) narrows expected ranges for third quarter revenue and EPS. The chip maker now sees revenue of $3.56-$3.72 billion, vs. prior range of $3.49-$3.79 billion, with EPS from continuing operations of $0.49-$0.53, vs. prior view of $0.46-$0.52.
H&R Block (HRB) says as part of its previously announced restructuring plan designed to reduce costs and improve operating efficiencies in response to reduced mortgage loan origination volumes and current secondary market pricing levels, it plans to eliminate about 575 positions in addition to the 615 positions announced on May 15.
Chiquita Brands International (CQB) says it expects a slight improvement in third quarter net sales, but margins will be squeezed as cost pressure continue.
General Cable (BGC) agrees to acquire the global wire and cable business of Freeport-McMoRan Copper & Gold (FCX) for $735 million, subject to adjustment.
Gerber Scientific (GRB) posts $4.4 million, vs. $4.4 million, first quarter operating profit as severance costs offset 12% revenue rise.
Jos. A. Bank Clothiers (JOSB) posts $0.44, vs. $0.38, second quarter EPS on 13% revenue rise. Beginning in fiscal year 2008, JOSB will provide actual sales results to investing public each quarter in connection with release of its quarterly EPS.
Molina Healthcare (MOH) sees 2007 EPS of $1.85-$1.95, from previous view of $1.75-$1.90. Expects premium revenue of about $2.4 billion.
Goldman initiates coverage of Orbitz Worldwide (OWW) with a buy, sets $18 year-end 2008 target.
Pathmark Stores (PTMK) posts $0.36 second quarter loss per share, vs. $0.17 loss, on 0.2% same-store sales drop, 0.4% total sales drop. It notes impact from pre-tax expenses related to the proposed merger with Great Atlantic & Pacific and pretax charges.