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Stocks to Watch: Adobe Systems, Dell, IBM, New York Times, Novastar Financial


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


Stocks to watch for Tuesday, September 18, 2007:

  • Adobe Systems (ADBE) said its third-quarter profit more than doubled compared with the same period a year earlier, citing sales of its Creative Suite 3 flagship product.
  • Apple's (AAPL) iPhone is set to launch in the U.K. on Nov. 9, in time for the holiday shopping season. O2, the U.K.'s mobile division of Spain's Telefonica will sell the phone for £269 ($536). Apple is expected to announce deals with France Telecom's Orange and Deutsche Telekom in Germany in coming days.
  • E-Trade (ETFC) said it planned to exit the wholesale-mortgage business. It also lowered its profit expectations by more than 25% for the year.
  • Dell (DELL) said that according to a letter it received, the company isn't in compliance with Nasdaq listing requirements. The company said it expected to receive the Nasdaq notification that refers to delays in the company's filing of its quarterly reports for two periods in 2006 and one in 2007. Dell said it expects to file all of its past reports before or on the Nasdaq deadline of Nov. 12.
  • Ford's (F) head of North and South American operations said it may hasten cost cutting if the slowing US economy puts it at risk to miss its financial goals in 2008 and 2009.
  • IBM (IBM) is planning to offer a free software package over the Internet which will rival Microsoft's Office, which lists at $120 on retail sites. The package is called Symphony, and will offer e-mail and instant messaging throught its Notes program, as well as a new Open Document Format, which does not work well with Microsoft products.
  • General Electric's (GE) and Blackstone's (BX) buyout of PHH Corp. (PHH) may come up short as J.P. Morgan (JPM) and Lehman (LEH) "revised [their] interpretations as to the availability of debt financing." This could result in a shortfall of as much as $750 million needed by Blackstone to fund its part of the deal.
  • New York Times (NYT) said it will offer content available through its subscription based TimesSelect service for free starting Wednesday, shifting its focus to advertising revenue.
  • NovaStar Financial's (NFI) its status as a real estate investment trust has ended after saying it will not proceed with plans to declare a common stock dividend, retroactive to Jan. 1, 2006. NovaStar said that it cannot create enough value through the issuance of preferred securities to satisfy the Real Estate Investment Trust distribution requirement because of a substantial decline in its market capitalization during recent months, combined with its inability to consummate a planned rights offering and demands on the company's liquidity.
  • Yahoo (YHOO) has agreed to buy e-mail service provider Zimbra Inc. for about $350 million. The deal is expected to close in the fourth quarter.

Market Update

  • Asian trading closed with the Hang Seng -0.09%, Nikkei -2.02%, Sensex +1.06%, Taiwan unchanged and Shanghai +0.07%.
  • Looking towards Europe we find the CAC +0.14%, DAX -0.18%, FTSE +0.21%, ATX +0.85%, Swiss Mkt. -0.01% and Stockholm -0.12%.
  • Crude oil is trading higher +0.38 to 80.95 and gold is also up +4.6 to 728.4 this morning.
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No positions in stocks mentioned.

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