Stocks to Watch: Exxon, Ford, General Electric, Sun Microsystems, Tiffany's
Hit the ground running...
Stocks to watch for Thursday, June 1:
- Delta (DALRQ) pilots ratified a deal with the carrier that calls for $280 million in annual concessions. A bankruptcy court judge has approved the agreement.
- Exxon (XOM) shareholders approved a nonbinding resolution opposed by management and offered lukewarm support for some directors.
- Ford (F) is set to begin a sales incentive campaign aimed at easing two of the main economic pressures on consumers: high gasoline prices and rising interest rates.
- General Electric (GE) and Credit Suisse will team in a $1 billion project to invest in infrastructure projects worldwide, the companies announced Wednesday.
- Marvel's (MVL) studio unit said Avi Arad would give up the posts of chairman and CEO but remain involved with an independent production deal.
- Goldman resigned as an adviser on Mirant's (MIR) offer for NRG Energy (NRG), after NRG accused the firm of giving secret information to its suitor.
- Starwood Hotels (HOT) plans to take elements from its upscale Westin hotel chain and plug them into a new extended-stay brand
- Sun Microsystems (SUNW) said it will lay off as many as 5,000 workers over the next six months to help it return to consistent profitability.
- Tiffany's (TIF) profit rose 7.7% as strong international sales offset a sluggish U.S. performance for the jewelry retailer.
- West Corp. agreed to a buyout from an investor group led by Thomas H. Lee Partners and Quadrangle Group for about $4.1 billion, including debt. Its shares rose 13%.
- Asian trading closed mixed with the Hang Seng dropping -1.34% and the Nikkei adding +0.24%.
- A quick check across the Atlantic finds a sea of red with the CAC -0.76%, DAX -1.24% and FTSE 0.37%.
- Crude oil is trading -0.47 to 70.82 while gold is -13.2 to 635.8 this morning. For their part, stateside futes are below fair value.
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