Stocks to Watch: Alcoa, Hewlett-Packard, New York Times, Proctor & Gamble, Yahoo
Tuesday's top stories and stocks with potential to move...
Stocks to watch for Tuesday, August 28, 2007:
- Alcoa (AA) said it agreed to sell its two remaining U.S. soft-alloy extrusion facilities in Warren, Ohio, and Plant City, Fla., to Golden Aluminum. The plants employ about 130 and 200 people, the company said. The deal, whose financial terms were not disclosed is expected to close by the end of September.
- Autodesk (ADSK) said it has acquired PlassoTech, a supplier of analysis and simulation software for the mechanical design market. Financial terms weren't disclosed. ADSK said the acquisition will allow it to enhance the simulation and optimization capabilities found in its Inventor software, making it easier to simulate, optimize and validate a complete digital prototype.
- Hewlett-Packard (HPQ) plans to launch a variety of new printers and Web-based printing services today, in an attempt to keep the sales of the company's printing division growing as business moves towards more internet based applications.
- The state of Ohio has filed an anti-trust lawsuit accusing Marsh & McLennan (MMC), AIG (AIG) and three other insurers and their subsidiaries of price fixing and other anti-competitive behavior, Attorney General Marc Dann said on Monday.
- Medco Health Solutions (MHS) has agreed to acquire diabetes-care provider PolyMedica (PLMD) for $1.5 billion, moving the drug-benefits manager further into diabetes treatment. Medco will pay $53 a share for PolyMedica, a 17% premium to Monday's closing price.
- Moody's Investors Service affirmed the New York Times' (NYT) Baa1 senior unsecured and Prime-2 commercial paper ratings and changed the rating outlook to negative from stable. Moody's said the negative rating outlook results from "increased pressure on the company's retail and classified advertising from cross media competition and the downturn in the housing market."
- Procter & Gamble (PG) said it has filed a patent infringement lawsuit against Kraft Foods (KFT), over its new plastic container for its Maxwell House Coffee. The lawsuit alleges that the new container infringes key Procter & Gamble patents on Folgers Coffee. The suit seeks to stop Kraft from selling the Maxwell House package and also seeks recovery of damages.
- Topps (TOPP) pushed back a shareholder vote on a $385 million takeover bid from Tornante, which the sports-card maker endorses, after the pullout last week of a rival bid by Upper Deck.
- Yahoo (YHOO), in response to a lawsuit filed on behalf of Chinese dissident Wang Xiaoning and his wife Yu Ling claiming that the company gave private information to authorities leading to Xiaoning's detention, said its Chinese subsidiery had no choice but to follow the local news.
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