The upcoming week is not very active on the earnings front but we do have some key events to watch for individual equities and companies. This our cast of “The Unusual Suspects” for the week ahead.
We are reviewing events or ongoing news in shares of Automatic Data Processing Inc. (NYSE: ADP), CSX Corporation (NYSE: CSX), Five Star Quality Care Inc. (NYSE: FVE), Gilead Sciences, Inc. (NASDAQ: GILD), Live Nation Entertainment, Inc. (NYSE: LYV), Lululemon Athletica Inc. (NASDAQ: LULU), Rambus Inc. (NASDAQ: RMBS), Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN), Research-in-Motion Ltd. (NASDAQ: RIMM), SIRIUS XM Radio Inc. (NASDAQ: SIRI), Pandora Media Inc. (NYSE: P), Six Flags Entertainment Corp. (NYSE: SIX), and Valeant Pharmaceuticals International, Inc. (NYSE: VRX).
Inside each preview we have shown what the news or upcoming event is, given price indications, and added color on each if applicable. Also, we had ten top analyst calls of the week that are carry-over events from last week and we also have a full detailed earnings calendar with previews for the top ten companies reporting earnings this coming week in separate articles.
Automatic Data Processing Inc. (NYSE: ADP) announced on Friday evening that its board of directors had raised its share buyback plan with an additional 35 million shares of common stock on top of about 15 million shares remaining under the previous buyback plan. If executed entirely, this would be about 10% of its entire stock’s float.
CSX Corporation (NYSE: CSX) is set to split 3-for-1 on Thursday after it declared that split in early May. This is one of the many pending and current splits, a trend we are seeing more of than we have in years. Shares closed at $73.48 Friday and the 52-week range is $46.51 to $80.42.
Five Star Quality Care Inc. (NYSE: FVE) is expected to have a secondary offering of up to 10 million shares mid-week, with all of the shares expected to be sold by the company. Shares were pounded on the announcement of the deal with a drop from $7.20 before to $6.27 on the day of the news and then to close out the week at $6.10. Its market cap is only about $220 million share its 52-week trading range is $2.72 to $8.95.
Gilead Sciences, Inc. (NASDAQ: GILD) disclosed a subpoena from the Department of Justice on Friday after the close, which included requests for documentation on testing of nearly all its products. The wording also noted “criminal” on top of civil in the subpoena. If Gilead was Lucille Ball, it would have “splaining” to do. Surprisingly, shares were only down a little more than 2% at $39.40 after the close on the news. Its 52-week range is $31.73 to $42.93.
Live Nation Entertainment, Inc. (NYSE: LYV) was up 6% Friday on word that Liberty’s John Malone and Live Nation CEO Irving Azoff were in talks to possibly take Live Nation private. At $10.92, its 52-week trading range is $8.17 to $12.48, but this stock stalled out at $16.00 in April-2010 and has been dead since.