Stocks to Watch: Merrill Lynch, Motorola, PHH Corp.-Minyanville

Stocks to Watch: Merrill Lynch, Motorola, PHH Corp.

Minyanville Staff Jan 02, 2008 7:51 am

Stocks to Watch: Merrill Lynch, Motorola, PHH Corp.


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

Stocks to watch for Wednesday, January 2, 2008:

Commerce Bancorp (CBH) has sold its Commerce Insurance Services unit to a group led by Commerce Insurance Services' Chairman George E. Norcross and President Michael Tiagwad. Financial terms of the deal were unavailable.
Merrill Lynch (MER) is trying to raise extra capital to help fight liquidity concerns amid 2007's credit losses by entering into discussions with Chinese and Middle Eastern sovereign wealth funds.
Motorola (MOT) has settled its outstanding patent infringement disputes with Metrologic Instruments. The companies agreed to enter into a patent cross-license for a limited term in the field of barcode scanning and mobile computing.
PHH Corp. (PHH) announced that its pending deal to be taken over by Blackstone (BX) and a unit of General Electric (GE) for $1.7 bln had past its deadline to complete and has been terminated. Blackstone, which now owes PHH a $50 mln break-up fee, could not come up with proper funding in time.
Qualcomm (QCOM), according to a ruling by U.S. District Judge James Selna, will be required to pay royalties to Broadcom (BRCM) for cellphone chips it sells that infringe on three patents. QCOM will be able to sell the chips, with royalties to BRCM through January 2009.
Vonage (VG) has entered into a limited cross-license with Nortel Networks (NT) regarding three Vonage and three Nortel patents. There are no financial terms involved.

Market Recap

Asian trading closed with the Hang Seng -0.91%, Sensex +0.81%, Taiwan -2.15% and Shanghai +0.21%.
A quick check towards Europe finds the CAC +0.65%, DAX +0.01%, FTSE +0.71%, ATX +0.62%, Swiss Mkt. -0.40% and Stockholm +0.02%.
Crude oil is trading higher +1.38 to 97.36 and gold is also surging +9.2 to 847.2 this morning.

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