Dr. J--Taking Care Of Business


5/31- Palm hand helds, Dollar Tree Stores and Michael Jordan? Jon, the couldn't break its losing streak, but the Nasdaq managed to claw its way back into positive territory yesterday. What does trading look like for this final day of May?

What to watch:

The Securities and Exchange Commission has subpoenaed Citigroup (c) for information of a natural gas transaction that improved the appearance of Dynegy's (DYN) finances. It was unclear to what extent the bank is a target of the investigation or whether it is simply being asked to provide information to aid the government's investigation into energy-trading Dynegy.
Palm (PALM) announced 4th-quarter revenue will be about $230 million,sales will be 22% below its previous forecast, and the company will not meet its goal to break even in the quarter.

Good news for one of America's embattled drug makers, as GlaxoSmithKline, Europe's biggest drugs company, and Bristol-Myers Squibb have held preliminary talks about the possibility of a merger. BMY shares have fallen from $52 in January, to a close of $29 yesterday.

U.S. retailer of goods that cost about $1, Dollar Tree Stores (DLTR) will replace cable operator Adelphia Communications Corp. (ADLAE) on the Nasdaq 100 Index at the start of trading Monday. Dollar Tree shares closed at $37.51. While Adelphia's shares could trade at Dollar Tree stores, as they are almost less than a buck, closing last night at $1.16.

Another Dollar related stock and a competitor to DLTR Dollar General (DG) has been beset by an accounting scandal and earnings restatements recently, but last night said that it beat Wall Street's earnings estimate for the first quarter.

Hot Stock: Michaels Stores (MIK) Why? Well, not because of Michael Jordan. This arts- and-crafts retailer expects same-store sales to grow about 6% in May. The company had previously forecast growth of 4 percent to 6 percent. Shares closed at $38.50 in regular trading.


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