Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Spotlight Stocks: Ambac, BHP, Diebold, General Electric


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


Stocks to watch for Tuesday, March 4, 2008:

  • Ambac Financial (ABK) has chosen not to follow through with its rumored split as part of a $2-3 billion restructuring plan. Ambac planned to split its operations into a triple-A-rated municipal bond insurance business and a structured finance business with potentially lower ratings.
  • BHP Billiton (BHP) is in talks to receive backing worth a record $55 billion for its hostile takeover bid of Rio Tinto (RTP). According to Reuters, the company and mandated lead arrangers have approached around ten relationship banks to sub-underwrite the loan, sources said.
  • Diebold (DBD) rejected the $2.63 billion buyout offer by United Technologies (UTX) citing undervaluation. Diebold hasn't filed financial statements with the Securities and Exchange Commission for almost a year because of a continuing investigation into its revenue-recognition practices, reported the Wall Street Journal. The company says that puts shareholders at a disadvantage with regards to available information.
  • General Electric (GE) will provide jet engines to EADS and Northrop (NOC), the consortium that just won a $35 billion contract from the US Airforce to provide refueling tanks. GE will earn at least $5 billion over the next 20 years for this service.
  • General Motors (GM) named Chief Financial Officer Frederick "Fritz" Henderson its president and chief operating officer filling previously unoccupied spots. GM continues to struggle as sales dipped again last month for cars and light trucks.
  • Staples (SPLS) reported 4Q earnings of $331 million, or 47 cents a share, down slightly from $337 million, or 46 cents a share a year ago. Sales rose 1 percent to $5.32 billion, from $5.29 billion a year ago.

Market Recap

  • Asian trading closed with the Hang Seng -1.97%, Nikkei finished flat, Sensex -2.03%, Taiwan +2.51% and Shanghai -2.32%.
  • A glance across the pond finds the CAC -1.03%, DAX -1.35%, FTSE -0.97%, ATX -1.26%, Swiss Mkt. -1.17% and Stockholm -1.38%.
  • Over in commodities, crude oil is trading higher +0.09 to 102.54 and gold is also up +2.2 to 986.4 this morning.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos