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Stocks to Watch: Arcelor, Delphi, Delta, Freddie Mac, L-3, Intuit, Texas Instruments, Vonage


It's a slow ride...take it easy...


Stocks to Watch for Monday, June 12

  • Arcelor board announced it formally rejects Mittal's (MT) offer; Arcelor to buyback shares at €44/share; to meet MT again to review proposal; MT indicated it may improve offer again. CEO Clifford says iron ore demand stronger than it was 6 months ago and sees very very strong demand across the board; supply growth lags copper and iron ore demand.
  • BBVA is in talks to acquire Texas Regional Bancshares, in a deal that would mark a substantial expansion of the Spanish bank's U.S. business. Texas Regional, a bank with a market capitalization of $1.87 billion, is the parent of Texas State Bank.
  • Delphi, its unions and General Motors (GM) agreed to expand attrition efforts at the parts supplier and push back contentious litigation.
  • Delta (DALRQ) is recalling 64 furloughed pilots this summer as the airline increases capacity on key domestic and international routes.
  • Freddie Mac (FRE) spent $10 million several years ago on political consultants, the company's former top lobbyist said in a sworn deposition last year.
  • Enzo Biochem (ENZ) reported a third-quarter net loss of $3.44 million, or 11 cents a share, compared with a net loss of $1.5 million, or 5 cents a share, during the year-ago period. The Farmingdale, N.Y.-based biotechnology company posted revenue of $9.63 million vs. $11 million a year ago.
  • HEI Inc. (HEII) said Chief Financial Officer Timothy Clayton plans to resign as of June 30. Clayton plans to pursue other opportunities through his firm Emerging Capital LLC, the Minneapolis-based technology and diversified electronics company said.
  • InfoUSA (IUSA) said its Chairman and Chief Executive Vinod Gupta, as well as George Haddix and Vasant Raval, have been re-elected to the board, according to certified results. The directors will serve on the board until the 2009 annual meeting, the Omaha, Neb.-based consumer information provider said. Additionally, the shareholder proposal to amend the company's bylaws was defeated, the company said.
  • Interline Brands (IBI) said its operating unit has priced $200 million of senior subordinated notes due 2014. Among other moves, the company sees using the proceeds for its planned acquisition of American Sanitary and repaying its credit facility.
  • Intuit (INTU) said it has begun reviewing its historical stock-option grants, and has received an informal inquiry from the Securities and Exchange Commission. The Mountain View, Calif.-based provider of software such as TurboTax, indicated in an SEC filing that its directors have formed a special committee to conduct an internal review.
  • L-3 (LLL) named finance chief Michael Strianese as interim CEO, as questions remained as to what the defense contractor knew about late CEO Frank Lanza's health.
  • LAN Airlines (LFL) said traffic in May rose 3.3%, as capacity increased 6.3%. Monthly load factor, or the percentage of a plane filled with passengers, decreased 1.9 percentage points to 65.7%.
  • McAfee (MFE) said it received a document subpoena on Wednesday as part of a formal investigation by the Securities and Exchange Commission of the company's stock option practices. McAfee, a Santa Clara, Calif.-based provider of security software, plans to cooperate, according to a filing with the SEC.
  • Microsoft (MSFT) blogger Robert Scoble, one of the best-known corporate bloggers, is leaving the software giant to take a job at a podcasting start-up.
  • Sanmina-SCI (SANM) said the Securities and Exchange Commission has requested information regarding the company's stock-option grants since 1997. The company plans to fully cooperate with the SEC's request.
  • Semtech (SMTC) said it has filed to extend the deadline for its first-quarter results to June 14 instead of submitting its 10-Q. Management was unable to complete the 10-Q because of an internal review and the Securities and Exchange Commission's inquiry into stock-option grants since 1997, according to the Camarillo, Calif.-based chip supplier.
  • Texas Instruments (TXN) is unveiling early results for a new process that may give it bragging rights on chip maker Intel.
  • Trinity Industries (TRN) said it has completed selling Hackney Ladish Inc., formerly known as Trinity Fittings Group, to the units management team and the investment firm Levine Leichtman Capital Partners Inc.
  • Vonage (VG) said it has not received a closure letter from the Federal Trade Commission on its investigation into Vonage's 911 disclosures and compliance. Until the company receives such a letter, the FTC's inquiry into this matter remains open, Vonage said.

Market Update

  • Asian trading comes in with the Hang Seng losing -0.05%, the Nikkei +0.56% and the Sensex -3.4%
  • A quick check across the pond finds the CAC -0.43%, DAX -0.75% and FTSE -0.33%.
  • Crude oil is trading +0.15 to 71.78 while gold is down -2.3 to 610.5.


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