Stocks to Watch: DuPont Realigns Operations, Creates New Unit
Updated from 10:06 a.m. EST
United Technologies
(UTX) - Get n.a. Report
expects to earn $4.32 a share in 2002, which would be 2 cents ahead of the current First Call consensus estimate. Additionally, the company said revenue for this year will be about the same as in 2001, when the top line came to $27.9 billion.
Earnings Reports & Outlooks
Charter Communications
(CHTR) - Get Charter Communications Inc. Report
posted a fourth-quarter loss of $1.04 a share, topping estimates by 4 cents. Revenue rose 13.6% to $1.1 billion. For 2002, the company expects top line growth of 12% to 14% and operating cash flow growth of 11% to 13%.
Mergers, Acquisitions & Joint Ventures
J.B. Oxford
(JBOH)
agreed to acquire certain assets from
Stockwalk.com
, a unit of
Stockwalk Group
TheStreet Recommends
(STOK) - Get Stoke Therapeutics Inc. Report
. J.B. Oxford will acquire about $400 million in customer assets and 11,500 customer accounts. Financial terms of the deal weren't disclosed.
Jakks Pacific
(JAKK) - Get JAKKS Pacific Inc. Report
signed an agreement to acquire
Toymax
(TMAX)
for $4.50 a share in cash and stock. Based on the number of Toymax shares outstanding, the transaction is valued at about $54.5 million.
Analyst Actions
Prudential downgraded
Newmont Mining
(NEM) - Get Newmont Corporation Report
to sell from hold and lowered its price target on the stock to $10 from $21.
Credit Suisse First Boston upgraded
National Semiconductor
(NSM)
and
Micrel
(MCRL)
to buy from hold. The firm set a price target of $30 on National and a target of $26 on Micrel.
Miscellaneous News
DuPont
(DD) - Get DuPont de Nemours Inc. Report
is creating a textiles and interiors subsidiary and realigning its operations into five business segments. The five divisions are: DuPont Electronic & Communication Technologies; DuPont Performance Materials; DuPont Coatings & Color Technologies; DuPont Safety & Protection; and DuPont Agriculture & Nutrition. The company also said it will consider an initial public offering of the textiles and interiors division.
United Therapeutics
(UTHR) - Get United Therapeutics Corporation Report
received an "approvable letter" from the Food and Drug Administration for its drug Remodulin to treat pulmonary arterial hypertension. The biotech firm said final approval is contingent on discussions with the FDA over the drug's labeling.
