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Stocks to Watch: Advanced Micro Devices, Alcoa, E-Trade, General Motors, IBM


I got soul but I'm not a Soldier....


Stocks to watch for Wednesday, May 31:

  • Albertson's (ABS) posted a 67% jump in profit for its fiscal first quarter, helped by a gain, but sales continued to languish amid competition from other grocers.
  • Alcoa (AA) and the steelworkers union continued to tangle over health-care proposals in a new labor pact as a strike looms.
  • DaimlerChrysler (DCX) is holding separate talks with Volkswagen and Chery Automobile about possibly working with one of them to build a new compact car that could be sold by the auto maker's Dodge brand.
  • Engelhard (EC) accepted a $5 billion offer from BASF after months of resisting the German chemical company.
  • E-Trade (ET) said it plans to acquire Retirement Advisors of America, a Dallas investment adviser. E-Trade sees the deal adding slightly to 2006 results.
  • Freddie Mac's (FRE) net income fell 27% for 2005, hurt by costs of settling shareholder suits, accounting changes and losses on Katrina.
  • General Motors (GM) tapped Troy Clarke to head its North American operations, and said Vice Chairman Devine will retire earlier than expected.
  • GlaxoSmithKline (GSK), the world's biggest AIDS-drug producer, said it is cutting the not-for-profit price charged for some of its medicines in poor countries by around 30%.
  • Goldman's (GS) board is expected to tap Lloyd Blankfein to succeed Paulson, underscoring the firm's shift toward trading. Goldman has contributed many former executives to the public sector.
  • Healthways (HWAY), one of the country's biggest disease-management companies, agreed to buy one of its largest rivals, LifeMasters Supported SelfCare, for $307.5 million in cash.
  • Hoku Scientific (HOKU) said it plans to diversify its product offerings by manufacturing and selling solar modules, in addition to manufacturing polysilicon, a material used in the production of solar modules. The Kapolei, Hawaii-based fuel-cell products developer said it expects to incur costs of about $250 million.
  • IBM reached a deal with Lenovo that would let the U.S. giant move more quickly to sell its nearly 15% stake in China's biggest computer maker.
  • MGM ended a video-distribution deal with Sony Pictures, handing the job of dispensing its movie library to Twentieth Century Fox.
  • Mirant (MIR) disclosed that it made an unsolicited offer to acquire NRG for $7.85 billion earlier this month, but it was rejected.
  • Rambus (RMBS) said its board audit committee has commenced an internal investigation of the timing of past option grants and potentially related issues. The committee expects to focus primarily on options issued in or before 2003, according to the Los Altos, Calif., chip-technology-licensing concern.
  • Tribune (TRB) plans to borrow up to $2 billion to buy back up to 25% of its outstanding shares, in an effort to shore up its stock price.
  • Vonage (VG) offered to cover the cost if its customers started having second thoughts about their agreements to buy IPO shares.

Market Update:

  • Asian trading closed with the Nikkei +0.12%.
  • A check of the European bourses finds the CAC -0.48%, DAX -1.06% and FTSE -0.61%.
  • Crude oil is trading +0.57 72.45 while gold is +5.5 660.00 so far today.


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