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Stocks to watch Thursday
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June 21, 2000: 7:27 p.m. ET
Tibco, Bed Bath report good earnings; Penn-America warns of shortfall
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NEW YORK (CNNfn) - After the closing bell on Wednesday, Tibco Software and Bed Bath & Beyond reported strong quarterly results, while Penn-America fell short of Wall Street projections.
In addition, tax preparation company H&R Block reported second-quarter results, Texas Instruments agreed to acquire Burr-Brown Corp. Wednesday for $7.6 billion in stock, and Visteon and Mercury Interactive were tapped to join the S&P 500 index.
Tibco Software
Internet software company Tibco Software Inc. on Wednesday reported a second-quarter profit, before non-cash charges, of $8.5 million, or 4 cents per share, compared to a net loss of $3.2 million, or 5 cents per share, for the second quarter of 1999.
Analysts surveyed by First Call had expected the company to reported a profit of one cent a share.
Total revenue for Tibco's second quarter was $54 million, a 157 percent increase over the $21 million the company reported a year ago, and about 30 percent above the prior quarter. Year-to-date revenue of $96 million equals the total revenue for all of fiscal year 1999, the company said.
Growth during the quarter was driven by increasing demand for Tibco's infrastructure software.
Shares of Tibco (TIBX: Research, Estimates) fell 2-9/16 to 83 on Wednesday.
Visteon, Mercury Interactive
Standard & Poor's said on Wednesday it is adding auto parts supplier Visteon Corp. (VC: Research, Estimates) and Internet software testing company Mercury Interactive Corp. (MERQ: Research, Estimates) to its influential S&P 500 market index after the close of trading on June 28.
Visteon, which is being spun off from Ford Motor Co. will replace Ikon Office Solutions Inc. (IKN: Research, Estimates) on the index. Ikon is being removed for lack of representation. Mercury Interactive is replacing Milacron Inc. (MZ: Research, Estimates), which will take Mercury's place on the S&P SmallCap 600.
Mercury shares closed down 2-1/16 at 97-7/8 on Wednesday. Shares of Visteon will spin off from Ford later in June.
Bed Bath & Beyond
Household retailer Bed Bath & Beyond Inc. (BBBY: Research, Estimates) on Wednesday reported a fiscal first-quarter profit of $23.4 million, or 16 cents a share, for the quarter ended May 27, compared with $17.9 million, or 12 cents, in the comparable quarter last year.
Analysts polled by First Call had expected earnings of 15 cents per diluted share.
The company said total net sales at its housewares and furnishings stores jumped by nearly 29 percent to $462.7 million from $359 million. Same-store sales -- or sales in stores opened at least a year -- increased about 5 percent from a year ago.
Shares of Bed Bath & Beyond rose 3/4 to close on the Nasdaq at 35-11/16.
Penn-America Group Inc.
Property-casualty insurer Penn-America Group Inc. on Wednesday warned that its second-quarter earnings would fall short of expectations due to losses in its commercial property portfolio.
The company did not give specific projections for its second-quarter results, but said it expects its earnings per share to come in below the analysts' consensus estimate of 21 cents per share.
"The soft insurance markets of 1999 resulted in higher-than-expected property losses during 2000," Penn-America President and Chief Executive Jon Saltzman said in a statement.
Penn-America (PNG: Research, Estimates) shares closed down 1-1/8 at 7-13/16 on the New York Stock Exchange Wednesday.
After-hours quotes on CNNfn
Check S&P futures trading on Globex
At 8:30 a.m. ET on Thursday, the Labor Department is scheduled to release a report on the number of initial claims for unemployment insurance for the week ended June 17.
 
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