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Spotlight Stocks: Apple, Fannie Mae, GATX, Verizon


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


Stocks to watch for Monday, August 11, 2008:

  • Apple's (AAPL) CEO Steve Jobs said users have downloaded over 60 million programs for the iPhone since it opened its APP store a month ago. Most of the downloads were free, but the company reported $1 million in sales a day, totaling abut $30 million so far. The Wall Street Journal says the programs haven't been without glitches as programmers - who collect 70% of the proceeds from each transaction - are continuously updating software with technical issues.

  • Fannie Mae (FNM) will need to raise more capital in order to shore up its balance sheet for future credit losses and continue to supply liquidity to the mortgage market, according to Friedman Billings Ramsey analyst Paul Miller. He expects the company to need an additional $5 billion to $10 billion. Miller cut his price target on the shares of Fannie Mae to $6 from $11 to reflect continued pressure on capital from credit losses, while maintaining an "underperform" rating.

  • GATX Corp. (GMT) is bidding over $3 billion for General Electric's (GE) rail car leasing business, becoming the leading bidder thus far. GMT is also considered a candidate to acquire CIT Group's (CIT) rail car leasing business. GE's business controls over 165,000 rail cars and 120,000 intermodel trailers, containers and chassis, and CIT owns and manages over 100,000 rail cars, reported Reuters.

  • Verizon (VZ) made a deal with two labor unions and avoided a strike in its installation and repair operations by 65,000 workers in Northeastern and Mid-Atlantic states, reported the WSJ. The unions had wanted to organize more workers at Verizon, and the company agreed to transfer more than 600 positions from the Verizon Business unit to the Verizon land-line group. The company will also make 900 temporary workers in the landline unit regular full-time employees.

Market Recap

  • Asian trading closed with the Hang Seng -0.12%, Nikkei +1.99%, Sensex +2.22%, Taiwan +1.62% and Shanghai -5.21%.

  • Over in Europe, traders find the CAC +0.49%, DAX +0.37%, FTSE +0.99%, ATX +0.26%, Swiss Market +0.65% and Stockholm +1.28%.

  • In commodities, crude oil is higher +0.84 to 116.04 and gold is also up +4.8 to 862.6 this morning.
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No positions in stocks mentioned.

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