Stocks to Watch, Nov. 23: Hormel, Petco
{{#rendered}} {{/rendered}}Among the companies whose shares are expected to see active trade in Wednesday's session are Hormel Foods Corp., Petco Animal Supplies and Patterson Companies Inc.
Hormel Foods Corp. (HRL) is expected to report fiscal fourth-quarter earnings of 57 cents a share, according to analysts polled by Thomson First Call.
Patterson Companies Inc.'s (PDCO) fiscal second quarter is expected to show a profit of 33 cents a share.
{{#rendered}} {{/rendered}}After Tuesday's closing bell, Petco Animal Supplies (PETC) reported a drop in its third-quarter profit and warned that its current quarter and full year numbers fall short of Wall Street expectations.
Watch List
Endurance Specialty Holdings Ltd. (ENH) said it expects $115 million in losses, net of reinsurance, reinstatement premiums and tax benefits, as a result of Hurricane Wilma. Endurance's $120 million gross estimate of losses includes $35 million in losses from damage on the Yucatan Peninsula in Mexico.
{{#rendered}} {{/rendered}}Energen Corp. (EGN) said its Energen Resources Corp. unit has agreed to buy Permian Basin oil properties from a private company for $168 million. The sale will have an effective date of Nov. 1 and is expected to close by the end of the year. Energen plans to use available cash and existing lines of credit to finance the acquisition without having to access the capital markets. It expects to repay short-term borrowings related to the purchase during 2006.
Iberiabank Corp. (IBKC) reaffirmed its forecast for fourth-quarter earnings of 76 cents to 81 cents a share, including branch expansion initiative costs, and increased its quarterly dividend 7.7% to 28 cents from 26 cents a share. Lafayette, La.-based Iberiabank also said it expects 2005 earnings of $3.21 to $3.26 a share on an adjusted basis that excludes one-time costs from its acquisition of American Horizons, and one-time hurricane costs and lost revenue. Iberiabank sees full-year 2006 earnings of $3.54 to $3.64 a share, excluding costs for stock-option expensing. It expects the expensing to reduce its earnings in each quarter of 2006 by 4.5 cents a share after taxes.
Michaels Stores Inc. (MIK) reported third-quarter net earnings of $55.4 million, or 40 cents a share, compared with $42.5 million, or 31 cents a share, in the year-earlier quarter. The Irving, Texas-based retailer said the quarter's sales were $839.7 million, compared with $799.9 million last year. Analysts polled by Thomson First Call had expected the company to report earnings of 37 cents a share on revenue of $846 million. Same-store sales in the quarter were up 0.8%.
{{#rendered}} {{/rendered}}Opsware Inc. (OPSW) reported a third-quarter net loss of $2.79 million, or 3 cents a share, vs. a net loss of $6.3 million, or 8 cents a share, in the year-ago period. Revenue at the Sunnyvale, Calif.-based IT automation and utility computing software company rose to $15.3 million from $10.2 million last year. Analysts polled by Thomson First Call had estimated revenue of $15 million.
Possis Medical Inc. (POSS) reported third-quarter net earnings of $256,602, or a penny a share, down from $2.19 million, or 11 cents a share, in the year-ago period. Excluding a charge of 4 cents a share for stock-based compensation, earnings came in at 5 cents a share. Revenue at the Minneapolis-based company fell to $15.5 million from $17.5 million last year. Analysts polled by Thomson First Call had estimated earnings of 8 cents a share on revenue of $16 million.
Restoration Hardware Inc. (RSTO) reported a quarterly loss that grew from a year ago, and said it expects weaker same-store sales in the upcoming quarter.
{{#rendered}} {{/rendered}}Washington Redskin owner Dan Snyder said his investment firm, Red Zone LLC, has amassed enough shareholder votes to oust Six Flags Inc.'s (PKS) chief executive and chief financial officer and take over the amusement park operator's board.
Sovereign Bancorp Inc. (SOV) and Banco Santander Central Hispano S.A. (STD) have agreed to revised terms of their investment agreement, and the New York Stock Exchange said the latest version doesn't require shareholder approval.
Sharper Image Corp. (SHRP) reported a third-quarter net loss of $10.5 million, or 70 cents a share, compared with a restated net loss of $3.7 million, or 24 cents a share, last year. The electronics retailer said its loss included an R&D tax credit benefit of $737,000, or 5 cents a share. Revenue fell to $123.1 million from $153.6 million in the year-ago period. Same-store sales fell 18% in the quarter.
{{#rendered}} {{/rendered}}Sigma Designs Inc. (SIGM) reported third-quarter net earnings of $1.95 million, or 8 cents a share, compared with $525,000, or 2 cents a share, during the year-ago period. The Milpitas, Calif.-based company reported quarterly revenue of $8.5 million, compared with $7.68 million last year.
Wind River Systems Inc. (WIND) reported third-quarter net earnings of $5.73 million, or 6 cents a share, vs. $2.26 million, or 3 cents a share, during the same period a year ago. Pro forma earnings were 8 cents a share for the quarter. The Alameda, Calif.-based software company posted revenue of $67.6 million vs. $60 million. Analysts surveyed by Thomson First Call had forecast third-quarter earnings of 7 cents a share on revenue of $67 million.