Stocks to watch Wednesday: Guess, AeroVironment
WASHINGTON (MarketWatch) -- Among the stocks that could see active trade in Wednesday's session are
Investors will have quarterly financial results to sort through from a host of companies.
Bristol-Myers Squibb's board approved a $3 billion increase in authorization for the company to buy back its own common stock. This comes on top of about $340 million in remaining authorization under a stock-repurchase plan adopted more than two years ago, according to the New York-based pharmaceutical company (BMY) . It's expected that the buyback program will take a couple years to play out, Bristol-Myers Squibb said, adding that the board's decision reflected the "strong financial position" of the company as well as its "balanced approach to capital allocation, including a commitment to its dividend and a disciplined approach to business development." The company had nearly 1.71 billion average common shares outstanding on a fully diluted basis in the first quarter.
The board of Guess (GES) authorized the repurchase of up to $500 million in common stock, augmenting about $19 million that remains under a prior $250 million authorization dating from March 2011. Buybacks may be made from time to time on the open market or via privately negotiated transactions, the Los Angeles-based company said. Guess had 89.5 million weighted average common shares outstanding in the three months ended April 28, quarterly financial results showed. The company also said it's repurchased 5 million shares during the current fiscal quarter.
Also late Tuesday,
Underwriters exercised in full their option to buy additional shares of
The board of
Tuesday earnings recap
AeroVironment (AVAV) forecast higher earnings and revenue for fiscal 2013 as the Monrovia, Calif.-based reported financial results for the fourth quarter and fiscal year ended April 30. Specifically, the provider of unmanned aircraft and electric transportation systems pegged its profit in a range of $1.41 to $1.51 a share, on projected revenue of $348 million to $370 million. These compare to the $1.36 a share earned by AeroVironment on revenue of $325 million for fiscal 2012. "Record fourth- quarter revenue of $111 million and earnings per share of 80 cents produced another year of profitable growth," said Tim Conver, the company's chairman and CEO, in the earnings release.
H&R Block Inc. (HRB) posted net income of $586 million, or $1.99 a share, for the fourth quarter ended April 30, down from $658.2 million, or $2.14 a share, earned in the final three months of fiscal 2011. The company generated quarterly revenue of $2 billion, down from the prior year's nearly $2.04 billion, as revenue from tax services fell about 2%. Analysts surveyed by Thomson Reuters had forecast that Kansas City-based H&R Block would earn $2.05 a share on $2.01 billion in revenue for the April quarter. The company also issued an update on its stock repurchases, saying it's bought back and retired 22.8 million shares, representing 8% of outstanding stock, since the end of January.