Stocks to Watch: Boeing, Cendant, GM, Michaels, Wal-Mart
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Stocks to watch for Monday, July 3.
- Boeing (BA) said it had reached a final agreement with the US justice department following two procurement scandals which led to the ousting of one chief executive and a prison term for its former chief financial officer.
- BP plc (BP), the UK energy group, has suspended three Houston-based traders at the centre of an alleged propane price manipulation scheme.
- Cendant (CD) agreed to sell its Travelport unit to a Blackstone affiliate for $4.3 billion, in the first stage of a dismantling plan.
- Disney (DIS) said it amended its director-compensation policy to accommodate Steve Jobs's request not to be paid for serving on Disney's board.
- A General Motors (GM)-Renault-Nissan alliance as proposed by Kerkorian would face big hurdles, particularly in engineering cooperation, given GM's excess capacity and a product line heavy in trucks
- KLA-Tencor (KLAC) said a probe found that some stock options were wrongly dated and that it would likely need to take a charge and possibly restate earnings.
- Michaels Stores (MIK) accepted a takeover bid valued at over $6 billion from a private-equity group comprising Bain and Blackstone.
- Toyota's (TM) western European factories are safe from closure in the immediate future, the carmaker's new European president has pledged
- Wal-Mart (WMT) expects June same-store sales to rise 1.2%, setting a gloomier tone for other discount retailers' monthly results.
- Asian trading closed in the green with the Hang Seng +0.36%, Nikkei +0.43%, Sensex +0.81% and Taiwan +0.21%.
- A check across the pond finds the CAC playing the red-headed stepchild -0.09%, DAX +0.25%, FTSE +0.48%, ATX +0.76% and Stockholm +0.39%.
- Crude oil is trading +0.66 to 73.92 while gold is soaring +27.1 to 616.0 so far today. For their part, stateside futes are above fair value.
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