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Monday, November 10, 2008

Stocks In Focus For Tuesday

MarketWatch

SAN FRANCISCO -- Among the companies whose shares are expected to see active trade in Tuesday's session are Tyco International Ltd., TJX Cos., and Brooks Automation Inc.

Tyco International (TYC) is forecast to post earnings of 73 cents a share in the fiscal fourth-quarter, according to analysts surveyed by Thomson Reuters.

TJX (TJX) is likely to report a third-quarter profit of 55 cents a share, according to analysts surveyed by Thomson Reuters.

Ralcorp Holdings Inc. (RAH) is projected to post a fiscal fourth-quarter profit of 83 cents a share, according to analysts surveyed by FactSet Research.

After Monday's closing bell, Starbucks Corp. (SBUX) reported fiscal fourth quarter profit fell sharply from a year ago, due to weaker store traffic and restructuring charges. Starbucks earned $5.4 million, or 1 cent a share. Excluding charges, Starbucks said it earned 10 cents, below Wall Street's target of 13 cents, according to a FactSet analyst survey. The Seattle-based coffee chain earned $158.5 million, or 21 cents a share, a year earlier. Starbucks has spent this year taking steps to rejuvenate its business, including shutting down more than 600 stores, cutting jobs, and introducing new menu items. For the quarter, sales rose to $2.5 billion, from $2.4 billion. Starbucks shares fell 3% in late trading.

Watch list

Las Vegas Sands Corp. (LVS) said that its third-quarter loss narrowed to $32.2 million, or 9 cents a share, from $48.5 million, or 14 cents a share, in the year-ago period. The company reported adjusted earnings of 2 cents a share in the latest quarter. Revenue rose to $1.21 billion from $694.3 million last year. Analysts surveyed by FactSet Research estimated a quarterly profit of 11 cents a share on revenue of $1.16 billion.

Lionsgate Entertainment Corp. (LGF) said that its fiscal second-quarter loss narrowed to $48.1 million, or 41 cents a share, from $58 million, or 49 cents a share, in the year-ago period. Revenue rose to $380.7 million from $351.7 million last year. Analysts surveyed by FactSet Research estimated a quarterly loss of 19 cents a share on revenue of $385.6 million.

Liz Claiborne Inc. (LIZ) said it swung to a third-quarter loss of $68.7 million, or 73 cents a share, from a profit of $33.1 million, or 33 cents a share, in the year-ago period. The company reported adjusted earnings of 39 cents a share for the latest quarter. Analysts surveyed by FactSet Research estimated a quarterly profit of 38 cents a share. Revenue fell to $1.01 billion from $1.21 billion a year ago. The company sees adjusted fourth-quarter earnings of 19 cents to 24 cents a share from continuing operations. Analysts estimate 24 cents a share.

Rockwell Automation Inc. (ROK) said that its fiscal fourth-quarter profit fell to $125.6 million, or 87 cents a share, from $165.2 million, or $1.08 a share, in the year-ago period. The company reported earnings from continuing operations of $1.07 a share for the latest quarter. Revenue rose to $1.48 billion from $1.37 billion last year. Analysts surveyed by FactSet Research estimated a quarterly profit of 99 cents a share on revenue of $1.51 billion.

Sirius XM Radio Inc. (SIRI) said that its third-quarter loss widened on a $4.8 billion impairment charge related to the reduced value of certain assets since it agreed to acquire XM in February 2007. The company said it lost $4.88 billion, or $1.93 a share, compared with a loss of $119.6 million, or 8 cents a share, a year earlier when it stood alone as Sirius Satellite Radio. Excluding the impairment charge, stock based compensation and other items, Sirius XM said it would have lost 9 cents a share in the September quarter. On a pro forma basis, revenue rose 16% to $613 million. Analysts polled by Thomson Reuters were expecting a loss of 9 cents a share on sales of $587 million. The company said it would delay the filing of its 10-Q for no more than five days to calculate the precise value of its intangible assets.

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Word of the Day

Street Name

It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."

No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.

Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.

Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.

The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.