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Spotlight Stocks: Anadarko, JPMorgan, UBS, Vodafone


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


Stocks to watch for Tuesday May 6, 2008:

  • Anadarko Petroleum (APC) reported 1Q net income of $286 million, or 61 cents a share, down sharply - 83% - from $1.72 billion, or $3.70 a share a year ago. Revenue fell to $2.9 billion from $5.2 billion, the company said. The company has sold off assets to reduce debt since its purchases of Kerr McGee and Western Gas in August 2006. APC has cut its debt from $26 billion and it now stands at about $11.2 billion.
  • JPMorgan (JPM) will buy up an undivided interest representing 47% of Target's (TGT) $8.2 billion credit-card portfolio for $3.6 billion, reported The Wall Street Journal. Target is aiming to gain 'substantial liquidity' to help it in paying back debt, expanding stores and repurchasing shares. TGT is expected to to repay the investment in the fifth and sixth years of this 'loan'.
  • McKesson (MCK) reported fiscal 4Q net income of $307 million, or $1.05 a share, up 19% from $257 million, or 85 cents a share a year ago. Sales were $26.2 billion compared with last year's $24.2 billion, a 9% increase. The company cited strong sales in its distribution and technology units for the growth.
  • Merck (MRK) said it will slash its salesforce by about 1,200 jobs as the use of two of its cholesterol drugs has decreased as the industry continues to be pressured. The cuts represent about 15% of the company's sales reps.
  • UBS (UBS) will sell $15 billion in mortgage assets - both Alt-A and subprime - to BlackRock (BLK), while also planning to cut about 5,500 jobs by mid-2009, reported The Wall Street Journal. The company has compiled write-downs on dud mortgage securities totaling more than $37 billion. The company reported a 1Q net loss of 11.54 billion Swiss francs ($10.99 billion).
  • Vodafone (VOD) won a deal with Apple (AAPL) to sell its iPhone in Britain. The company will begin selling the phone in 10 countries including Australia, the Czech Republic, Egypt, Greece, Italy, India, Portugal, New Zealand, South Africa and Turkey.

Market Recap

  • Asian trading closed with the Hang Seng +0.30%, Nikkei +2.05%, Sensex -0.67%, Taiwan +0.23% and Shanghai -0.73%.
  • A quick look across the pond finds the CAC -0.67%, DAX -0.60%, FTSE -0.55%, ATX -0.03%, Swiss Mkt. -1.51% and Stockholm -0.72%.
  • In commodities, crude oil is down -0.14 to 119.83 while gold is higher +5.7 to 879.8 this morning.
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No positions in stocks mentioned.

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