Spotlight Stocks: HSBC, Northrop, United Technologies, UPS-Minyanville

Spotlight Stocks: HSBC, Northrop, United Technologies, UPS

Minyanville Staff Mar 03, 2008 7:45 am

Spotlight Stocks: HSBC, Northrop, United Technologies, UPS


		Monday's top stories and stocks with potential to move.

Stocks to watch for Monday, March 3, 2008:

E-Trade (ETFC) is hiring Donald Layton, a former vice chairman of J.P. Morgan Chase & Co., as the brokerage firm's new chief executive, reported the Wall Street Journal. Since Citadel put $1.75 billion in the company in Novemeber, it is trading lower by 13%. E-Trade is rumored as a possible acquisition target.
HSBC (HBC) reported profits rose 10% in 2007on strong growth in Asia, which helped the company offset its $17.2 billion in bad debts related to US housing. The company reported record pretax profit of $24.2 billion for 2007, up from $22.1 billion in 2006.
Northrop Grumman (NOC) won a $40 billion contract from the U.S. Airforce to build 179 modified twin-engine Airbus A330s to start replacing the nation's geriatric fleet of more than 500 Boeing Co. tankers.
United Technologies (UTX) made an unsolicited bid to purchase Diebold (DBD) for $2.63 billion in cash, or $40 per share. DBD is currently trading 27% below its 52 week high which hit $54.50 in July.
UPS (UPS) revised its 4Q earnings statement to reflect a bookkeeping error yielding a result inflated by $65 million. The company said it lost $2.64 billion, or $2.52 a share.

Market Recap

Asian trading closed with the Hang Seng -3.07%, Nikkei -4.49%, Sensex -5.12%, Taiwan -1.78% and Shanghai +2.06%.
Over in Europe, we find the CAC -1.38%, DAX -1.92%, FTSE -1.76%, ATX -2.57%, Swiss Mkt. -1.81% and Stockholm -1.90%.
In commodities, crude oil is trading lower -0.67 to 101.19 while gold is on the rise +9.1 to 984.0 this morning.

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