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Stocks to Watch: Alltel, AMR, Research in Motion, TXU Corp., XM Satellite

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Today's big stories and some stocks with potential to move...

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Stocks to watch for Monday March 5, 2007:

  • Alltel (AT) is increasing its efforts to sell itself. The wireless operator has made overtures in recent weeks to AT&T (T), which has been willing to entertain the possibility, though it remains skeptical.
  • AMR Corp.'s (AMR) American Airlines reported traffic in February fell 1.3%, while capacity dropped 3.2%. Load factor, or the percentage of a plane filled with passengers, rose 1.5 percentage points to 76.5%.
  • Career Education (CECO) said that a U.S. District Court has dismissed the amended complaint in McSparran v. Larson, a shareholder derivative action against the company and certain of its current and former officers and directors. In so doing, the court terminated the litigation, which was first filed against the company in January 2004, the Hoffman Estates, Ill.-based education company said. "The amended complaint provides no substantial reason to question the independence of a majority of CEC's board of directors," the court said, according to Career Education.
  • Energy Transfer Equity L.P. (ETE) said it has completed a private placement of 5.01 million of its common units to a group of institutional investors at a price of $31.96 each. The company said the share sale will generate net proceeds of roughly $160 million, which ETE plans to use to repay debt.
  • Palm (PALM), maker of the Treo smart phone, is working with Morgan Stanley to explore its strategic options. The company is considering options ranging from a sale to a purchase.
  • Research In Motion (RIMM) plans to restate its prior three fiscal years' results, following a review of past stock-options grants. The BlackBerry maker said it expects a $250 million reduction on previous earnings.
  • Starbucks (SBUX) continues dispute with Ethiopia over its attempt to trademark names of its coffee-growing regions.
  • TXU Corp. (TXU) said that E. Gail de Planque has resigned from the board. De Planque's resignation avoids any perception of a potential conflict of interest stemming from her historical professional relationships within the industry, the company said.
  • XM Satellite Radio (XMSR) and Sirius Satellite Radio (SIRI) , currently seeking approval for a proposed $13.6 billion merger, promised again Friday that existing XM and Sirius radios would not become obsolete if the deal is completed.

Market Update

  • Asian trading closed with the Hang Seng -4.00%, Nikkei -3.34%, Sensex -3.66%, Taiwan -3.74% and Shanghai -1.63%.
  • Looking over at Europe, we find the CAC -1.68%, DAX -1.94%, FTSE -1.61%, ATX -2.08%, Swiss Mkt. -1.68% and Stockholm -2.92%.
  • Gold is trading -3.40 to 640.7 and crude oil is -1.13 to 60.57 this morning.
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No positions in stocks mentioned.

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