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Stocks To Watch: Apple, AT&T, Bear Stearns, NWA, Research in Motion


Today's top stories and some stocks with potential to move...


Stocks to watch for Monday, July 2:

  • Aeroflex (ARXX) said it plans to seek a strategic buyer for its radar systems development and manufacturing business. The microelectronics and testing equipment producer will retain its synthetic test systems and broadband test equipment units.
  • Apple's (AAPL) hotly anticipated iPhone -- which many expect will redefine the category of wireless computing devices -- went on sale Friday evening.
  • AT&T (T) agreed to buy Dobson Communications (DCEL) for $2.8 billion in cash. The deal is valued at $5.1 billion including debt.
  • Bear Stearns (BSC) hired a former Lehman Brothers (LEH) executive to run its asset-management division after the unit's reputation took a hit over subprime-mortgage losses that two of its hedge funds sustained.
  • Citigroup (C) converted its Japanese banking operation into a locally incorporated and licensed unit, a change that allows the financial giant to speed up the opening of new branches.
  • Commerce Bancorp (CBH) said Chief Executive Vernon Hill is leaving amid a scandal involving real-estate deals he and his family cut with the lender. Shares of the company jumped more than 8% during afternoon trading on Friday as at least one analyst said it could now be acquired.
  • Electronics for Imaging (EFII) completed the independent investigation into its stock option practices from Oct. 2, 1992, through 2006, finding that the company lacks evidence supporting many of the recorded option grant dates.
  • Gap (GPS) is launching a credit card that consumers can use outside its walls and still earn rewards at its Gap, Banana Republic and Old Navy chains.
  • General Motors (GM) and Ford (F) and the rest of the auto industry are set to announce their June U.S. sales on Tuesday.
  • NWA (NWA) plans to cut summer capacity and increase its pilot ranks as it copes with more than 1,000 flight cancellations.
  • Philip Morris, owned by Altria Group (MO) will launch a clove-flavored cigarette in Indonesia as it pushes its Marlboro brand into a major market.
  • Wall Street showered its favor on Research In Motion (RIMM) Friday, sending the handheld device's maker's stock to a fresh all-time high while putting pressure on rival Palm (PALM)
  • Savvis (SVVS) sold assets in two adjacent data centers to Microsoft (MSFT) for $200 million. As a result of the sale, Savvis expects 2007 revenue of $805 million to $820 million and adjusted earnings before interest, taxes, depreciation and amortization of $155 million to $165 million.
  • Sycamore Networks (SCMR) will cut its work force by 46 employees, about 10% of its staff. The fiber-optic networking products company expects to take restructuring charges and asset-impairment charges in the range of $4 million to $7 million, most of which will be recorded in the six-month period ending Oct. 27.
  • Shares of Talbots (TLB) rallied Friday, gaining as the troubled maker of classic women's suits and dresses named a well-respected retailing veteran as its chief executive.

Market Update:

  • Asian trading closed with the Hang Seng -0.75%, Nikkei +0.04%, Sensex +0.09%, Taiwan +0.63% and Shanghai +0.41%.
  • A quick check towards Europe finds the CAC -0.39%, DAX -0.59%, FTSE -0.37%, ATX -0.45%, Swiss Mkt. +0.03% and Stockholm -0.53%.
  • Crude oil is trading lower -0.10 to 70.58 while gold is higher +2.0 to 652.9 this morning.
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No positions in stocks mentioned.

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