U.S. EQUITIES OF INTEREST
Listed Alphabetically by Symbol
Allos Therapeutics (ALTH : NASDAQ : US$2.82), Net Change: 0.87, % Change: 44.62%, Volume: 29,456,600
If at first you don't succeed, try, try again. Last month, when the first time Allos went in front of the FDA for approval of their drug therapy for people suffering brain cancer that originate from breast cancer, they were denied a positive recommendation by the FDA's advisory panel. It is rare for the FDA to deny a positive advisory board recommendation and even rarer still for them to not reject a drug when the advisory panel gives the thumbs down. Well, the FDA granted them an "approvable letter" meaning that they will get their approval pending the completion of their Phase III trial and submit the results as an amendment to the new drug application. Also, an inspection is to be conducted of their manufacturing and control facilities. Though the company did not state how long this would take, we can't help but notice that the shares are still trading well below the $4 range they traded before the bad news early last month.
Coinstar (CSTR : NASDAQ : US$19.42), Net Change: 2.30, % Change: 13.43%, Volume: 3,167,100
I put in a dollar and it gives me five quarters. I win every time. A recent Wall Street Journal article highlighted Coinstar, which operates change-counting machines in almost 11,000 locations, mainly supermarkets. It charges shoppers a hefty 8.9% commission for its services. Still, the company is growing briskly. Revenue for the first three months of the year were up 13.3% from the year-earlier period. Coinstar says it is on track to add a total of 1,000 new machines this year. The company recently acquired Wellspring Capital Management’s ACMI Holdings for $235 million to gain the biggest operator of amusement park vending machines. The vending machines dispense stuffed animals and other toys as well as gumballs. There are approximately 167,000 machines in more then 18,000 locations. The company stated that the acquisition would allow them a foothold in a new outlet, enabling them to sell more products. Combined, the companies will be in more then 40,000 locations.
Fairchild (FCS : NYSE : US$18.13), Net Change: -1.37, % Change: -7.03%, Volume: 6,470,100
Will forecasts be met? That's the question of the day from the street for this chip maker. Fairchild has stated that indeed order cancellations could become a problem for the company. The company's order backlog is said to have increased by 17% since Q1. However, the company has expressed concerns that customer order cancellations could change everything. Piper Jaffray downgraded their 12-month target price to $22.00 from $27.00. While Lehman Brothers stuck with forecasts for Q2 revenue and earnings per share, and kept a $31.00 target price. Despite the stock taking a hit in Wednesday's trading session, Fairchild says they are confident with a five percent sales growth forecast for Q2, stating that demand was "extremely strong and broad based."
Home Depot (HD : NYSE : US$35.67), Net Change: -0.09, % Change: -0.25%, Volume: 11,178,600
As good as it gets? Banc of America had a very interesting report on Home Depot yesterday. They downgraded them to NEUTRAL from Buy based on growing concerns about the traffic-ticket gap. Though valuation in many ways still look positive, they have posted two consecutive quarters of 7% comps growth and subsequent high growth will not surprise the Street. Considering how buoyant the housing market has been, rising rates will block any growth in the area and will likely decline. This is as good as it gets, they figure.
icad (ICAD : NASDAQ : US$4.00), Net Change: 0.53, % Change: 15.27%, Volume: 654,600
The FDA has approved the company's Second Look 200 software system for early detection of breast cancer. The latest version, which combines with iCAD's Version 6.0 cancer detection software, is the most powerful and cheapest software available. It costs less than US$70,000 and can easily fit into small mammography clinics. The system has 94% sensitivity to breast cancers. Considering the leading cause of female cancer...that's huge. And yes, men can get breast cancer too. Like all little device companies, the trick now is to get rolling on sales, sales, and more sales. Unfortunately, not all companies in ICAD's position realize this, so keep your eye on how well they are able to convert this exiting news to revenue.
Intel (INTC : NASDAQ : US$28.01), Net Change: -0.32, % Change: -1.13%, Volume: 49,706,100
Open up and say ah, it's time for a check up. Intel is scheduled to provide a mid-quarter Q2F04 update today after market. Credit Suisse First Boston expects Intel to provide guidance closer to the midpoint of prior guidance of $7.6-8.2 billion revenue and 60% gross margins +/- 2%. Consensus expectations are for $8.0 billion and EPS of $0.26. CSFB says Intel remains well positioned in 2004 due to strong product cycles (notebooks, mobile computing, handsets), barriers (manufacturing, competitive), and leverage from capital efficiencies and revenue growth. Intel should experience a stronger second half in PCs and improved gross margin leverage. News from Computex, reports say Intel has quietly cut up to 34% off of their Xeon DP processors prices. This is ahead of the launch later this month of Intel's Xeon "Nocona", its first 64-bit x86 server processor. Credit Suisse First Boston has Intel rated an OUTPERFORM with a $33.00 target price.
Mattel (MAT : NYSE : US$17.62), Net Change: 0.10, % Change: 0.57%, Volume: 2,170,500
Repositioning Barbie. "The World's Premier Toy Brands - Today and Tomorrow", ran into a bump in the road yesterday after a major thunderstorm swept through the Dallas-Ft. Worth area, causing damage to a Mattel distribution center. The company is assessing the damage and has said everything should be up and running in the next few days. On top of the turbulent weather in Dallas, a challenging storm is brewing for Mattel products. Increased competition from entertainment products in 2004 coupled with challenges from the Barbie line are cause for concern. After conducting channel checks at Mattel stores, CSFB is concerned that fundamentals remain challenging for the traditional toy manufacturers in general. The company has big plans for penetration into the e-learning segment of the market, which could help them weather the storm through the second half of the year. CSFB has a $21.00 target price and a Neutral rating on the stock.
Blue Nile Inc. (NILE : NASDAQ : US$38.20), Net Change: 2.36, % Change: 6.58%, Volume: 516,500
Lucy online with diamonds. Are investors looking at Blue Nile with kaleidoscope eyes? According to U.S. Census Bureau statistics, 2001 total U.S. retail jewellery sales were approximately $51 billion. Diamonds and diamond jewellery represent a substantial portion of the U.S. retail jewellery market. According to the Jewellers of America 2003 Cost of Doing Business Survey, diamonds and diamond jewellery make up approximately 47% of jewellery sales. Forrester Research estimates that online jewellery and luxury goods sales will grow at a 25% compound annual growth rate from approximately $2 billion in 2003 to $6 billion in 2008. Profitable since 2002, the company earned $27 million last year on $128.9 million in sales. The first quarter this year, sales and earnings climbed 43% and 12%, respectively. The five-year-old company just has 115 full-time staff and operates out of a 10,000 square-foot warehouse. Enough said.
Phelps Dodge (PD : NYSE : US$66.93), Net Change: -1.37, % Change: -2.01%, Volume: 2,041,600
"The good copper pans, the '54 Strat, these are the things I miss the most"- Steely Dan. The board has elected to re-instate the dividend for the world's second largest copper producer which stopped paying in September, 2001. This is a major clue that the game is back for real. Heck, maybe these base metal executives are no longer scared of their own shadows like they were when commodity prices were in the toilet? The dividend is $0.25 per share, per quarter. Cash flows are strong and the tight supply of copper throughout the world continues.
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