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Stocks to Watch: Advanced Micro Devices, Alcoa, Apple, General Electric, Kinder Morgan, Sun

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I always feel like somebody's watching me.

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Stocks to watch for Tuesday, May 30:

  • Advanced Micro Devices (AMD) to expand in Dresden and spend $2.5 bln over next three years.
  • Alcoa (AA) aluminum prices hinge on whether co. can avoid strike by workers at plants that produce 1.2 mm metric tons - WSJ.
  • Apple (AAPL) report on Wired site speculates on Nike/Apple deal; opportunities could promise sports tech boom.
  • CTC Media plans to offer 20.4 million shares at $16-$18 with underwriters Morgan Stanley (MS: News, Quote) and Deutsche Bank. The company plans to trade under the symbol "CTCM" on the Nasdaq.
  • Engelhard (EC) is near a deal to accept BASF's (BF) $4.8 billion, or $39 a share offer after pressure from its shareholders not to miss out on the buyout opportunity.
  • General Electric (GE) plans a new push to generate billions of dollars of revenue in India; expects sales in India to reach $8 billion annually by 2010 - WSJ.
  • General Motors (GM) plans to build its own factory in Russia as well as try to salvage a troubled joint venture with the country's largest car-maker.
  • HSBC (HBC) said revenue is continuing to outgrow costs and that corporate credit quality remains strong.
  • Ipsco (IPS) said it will extend its share buyback program to include its U.S.-listed shares.
  • Kinder Morgan's (KMI) management proposed taking the oil-and-gas pipeline company private in a $13.5 billion deal that would be the biggest management-led buyout in history and one of the largest leveraged buyouts ever.
  • Level 3 Communications (LVLT) Tuesday said it plans to sell 125 million common shares and $150 million worth of convertible senior notes due 2012 in two separate offerings.
  • Power Integrations (POWI) said it has received notice from the Nasdaq that the company is not in compliance with filing rules. The power conversion products supplier has yet to file its report for the quarter ended March 31.
  • Sovereign Bancorp (SOV) said the company and Banco Santander Central Hispano S.A. (STD) have received all required regulatory approvals to complete Santander's $2.4 billion investment in Sovereign and Sovereign's acquisition of Independence Community Bank (ICBC).
  • Sun Microsystems (SUNW) upped to buy from neutral at UBS; anticipates 5,000 job cuts.
  • Tribune Company (TRB) said it will buy back up to 75 million shares of its common stock, which would represent 25% of the total shares outstanding and have a total market value estimated at more than $2 billion.
  • Vodafone Group (VOD) reported a $41 billion loss in the 12 months ending March 31; plans to return $17 billion to shareholders and increase its dividend.


Market Update

  • Asian trading closed with the Hang Seng -0.66% while the Nikkei dipped -0.35%.
  • A check of the European bourses finds the CAC -0.95%, DAX -1.17% and FTSE -1.11%.
  • Crude oil is trading +1.04 to 72.41 while gold is +1.5 to 652.5 so far today. For their part, stateside futes are below fair value.



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