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Stocks to Watch: AIG, Cisco, Morgan Stanley...


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


Stocks to watch for Thursday, November 8, 2007:

  • American International Group (AIG) reported 3Q net income of $3.09 bln, or $1.19 a share, down 27% from a year earlier when the company reported $4.22 billion or $1.61 a share. The decline was attributed in part to the company's mortgage guarantee unit.
  • American Eagle Outfitters' (AEO) same-store sales for the month ended Nov. 3 fell 3%, on lower October store traffic. Analysts had estimated an increase of 0.8%. The company said total sales for the four weeks ended Nov. 3 were $210.2 million, compared with $186.4 million for the four weeks ended Oct. 28, 2006.
  • American Express (AXP), in its lawsuit against Visa and Mastercard (MA), agreed to drop charges against Visa after it settled for $2.25 bln. The suit had alleged the companies blocked AXP from the U.S. bank-issued card business. Individual banks such as JPMorgan Chase, Capital One, U.S. Bancorp, Wells Fargo and Providian will also be dropped as part of the settlement.
  • Cisco Systems (CSCO) reported net income of $2.2 billion, or 35 cents a share, on sales of $9.55 billion for the quarter ended Oct. 27, a 37% increase from $1.6 billion, or 26 cents a share, on revenue of $8.18 billion for the same period last year.
  • Heely's (HLYS) reported 3Q net income dropped 44% to $6.65 million, or 24 cents a share, from $11.8 million, or 48 cents a share, a year earlier. Net sales declined 31% to $49.9 million from $72.5 million in the year-ago period.
  • Hewlett-Packard (HPQ), because of plans to outsource to manufacturing of its branded digital cameras, will take a pre-tax charge for the 4Q of $30 mln.
  • Morgan Stanley (MS) said it will write-down $3.7 mln from the firm's US subprime-related exposure. The exposures totaled $12.3 bln at the end of 3Q, representing $10.4 billion in net exposures at Aug. 31. As of Oct. 31, Morgan Stanley had net exposure of $6 billion.
  • News Corp. (NWS) reported net income of $732 mln or 23 cents a share, compared with $843 million, or 27 cents a share a year ago, beating analyst expectations. Revenue was $7.07 billion vs. last year's $5.91 billion.

Market Recap

  • Asian trading closed with the Hang Seng -3.19%, Nikkei -2.02%, Sensex -1.20%, Taiwan -3.90% and Shanghai -4.85%.
  • A quick check of European bourses finds the CAC -0.47%, DAX +0.28%, FTSE +0.30%, ATX -0.10%, Swiss Mkt. -0.63% and Stockholm -0.51%.
  • Crude oil is trading higher +0.42 to 96.79 and gold is up +1.1 to 834.6 this morning.
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