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Stocks to Watch: Apollo, AT&T, Goldman, KB Homes, McGraw-Hill


Wednesday's top stories and stocks with potential to move...


Stocks to watch for Wednesday, January 9, 2008:

  • Alliant Techsystems (ATK) reported it plans to buy MacDonald, Dettwiler and Associates for about $1.33 billion. The deal for the information systems and geospatial information services business is expected to close in 1Q '09.
  • Apollo Group (APOL) reported fiscal 1Q net income of $139.9 mln, or 83 cents a share, up from the year ago figure of $113.9 mln or 65 cents a share. Revenue at the company rose to $780.7 million from $667.8 million.
  • Apple (AAPL) has lifted its restrictive online pricing policies in Europe relating to music downloads on its iTunes service. The company had been under investigation by the European Union relating to charges that it and record companies were unfairly restricting the choice and cost of downloads.
  • AT&T (T) saw its stock fall 4.5%, or $1.87, in yesterday's trading to close at $39.16. This occurred after CEO Randall Stephenson blamed the weak economy for a rash of landline and high-speed Internet customers not paying their bills, reported the Wall Street Journal.
  • Bear Stearns (BSC), as expected, officially named Alan Schwartz its new chief executive, replacing the outgoing James Cayne. Cayne will remain as the company's chairman.
  • Citigroup (C) has asked a judge of the U.S. Bankruptcy Court in Manhattan to throw out a $21 bln lawsuit filed by Enron. The suit claims Citi had a hand in Enron's 2001 collapse, but the bank says these allegations are false.
  • Goldman Sachs (GS) will back a new private equity fund, the Hopu Fund, worth $2 bln, being set up by Fang Fenglei, its partner in China. GS plans to invest about $300 mln in the project.
  • KB Homes (KBH) reported a net loss of $772.7 mln, or $9.99 a share in the 4Q. This was more than nine times what analysts had expected. Shares traded down 9.2% yesterday after the report. The company attributes much of the loss to a $514 million noncash charge due to changed accounting for tax purposes.
  • McGraw-Hill (MHP) is cutting 611 jobs or 3% of its staff related to recent pain in the mortgage market. The company will take a 4Q pretax restructuring charge of $43.7 mln as a result. Most of the job cuts came from the S&P, which is owned by MHP.

Market Recap

  • Asian trading closed with the Hang Seng +1.86%, Nikkei +0.49%, Sensex -0.02%, Taiwan +1.53% and Shanghai +0.91%.
  • A quick check across the pond finds the CAC -0.71%, DAX -0.41%, FTSE -1.01%, ATX -1.35%, Swiss Mkt. +0.04% and Stockholm -1.70%.
  • Over in commodity land, crude oil is trading up +0.62 to 96.95 and gold is also higher +8.2 to 888.5.
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No positions in stocks mentioned.

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