Stocks to Watch: Apple, Genesco, Lennar, Microsoft, Target
Tuesday's top stories and stocks with potential to move...
Stocks to watch for Tuesday, September 25, 2007:
- Apple (AAPL) said that many of the unauthorized, unlocking programs circulating on the Internet are causing irreparable damage to iPhone software, when the company issues future software upgrades to the device, said Apple. The next software upgrade is expected later this week. Users who download the unlocking software to the iPhone void their warranty, the company added.
- EchoStar Communications (DISH) has agreed to acquire Sling Media Inc. in a cash and options deal that values the provider of Slingbox at $380 million.
- General Mills (GIS) named Kendall Powell chief executive, succeeding longtime CEO Steve Sanger. GIS called this a longtime succession plan.
- General Motors (GM) workers totalling about 73,000 walked out of factories in the US yesterday as negotiations between the company and the United Auto Workers halted with the denial of jobs guarantees.
- Genesco (GCO) will reconvene a special shareholder meeting Oct. 4 to adopt a charter amendment that would allow the redemption of employees' subordinated convertible preferred stock following the completion of the company's merger with Finish Line (FINL). Shareholders of record as of Aug. 6 are eligible to vote at the meeting.
- Gilead Sciences (GILD) said an add-on treatment for resistant hypertension appears to have effectively decreased blood pressure in a recent Phase IIb study. The company tested the antihypertensive treatment, darusentan, in patients who didn't reach their blood pressure goals while taking full doses of three or more medications.
- Lennar (LEN) swung to fiscal third-quarter net loss on continued write-downs and announced it has cut its work force by 35%. The company reported a net loss of $513.9 million, or $3.25 a share, compared with year-earlier net income of $206.7 million, or $1.30 a share. The latest quarter's results included $344.7 million in land-sale losses and loss from unconsolidated entities of $127.4 million.
- Lowe's (LOW) said sales are moving below previous expectations because of drought in the mid-Atlantic, southeastern and western regions of the U.S. It expects fiscal full-year earnings at the low end of an earlier forecast of $1.97 to $2.01 a share.
- Microsoft (MSFT) is in talks with Facebook Inc. to buy a minority stake in the social networking site. Microsoft's proposal would value Facebook at $10 bln or higher. MSFT will have to outbid Google (GOOG), which has also expressed interest.
- Target (TGT) cut its forecast for September sales at stores open more than a year, citing weaker-than-expected traffic.
- Asian trading closed with the Hang Seng -0.64%, Nikkei +0.55%, Sensex +0.32% and Shanghai -1.08%.
- A quick look towards Europe is a red one with the CAC -1.11%, DAX -0.67%, FTSE -1.15%, ATX -0.92%, Swiss Mkt. -1.05% and Stockholm -1.32%.
- Crude oil is trading lower -0.92 to 80.01 and gold is also down -8.7 to 730.6 this morning.
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