Spotlight Stocks: BP, Dell, Tiffany, United Airlines
Friday's top stories and stocks with potential to move.
Stocks to watch for Friday, May 30, 2008:
- BP PLC's (BP) partners in its Russian venture, TNK-BP, are looking to oust the unit's CEO Robert Dudley. The unit accounts for nearly a quarter of the company's oil production and a fifth of its reserves, reported The Wall Street Journal. BP has refused to obliged which could cause a feud between the two.
- Dell (DELL) reported 1Q net income of $784 million, or 38 cents a share, up 4% from $756 million, or 34 cents a share a year ago. The results include $106 million in restructuring expenses related to severance costs and facilities closures. Revenue rose to $16.08 billion from $14.72 billion. Sales rose 9% from last year as commercial sales in Asia grew 19%, and revenue in emerging countries such as Brazil, Russia, India and China rose 47%, reported The Wall Street Journal.
- Tiffany & Co (TIF) reported 1Q profits of $64.4 million, or 50 cents a share, up 19% from $54.08 million, or 39 cents a share a year ago. The company cited strong growth in Asia-Pacific and European markets for the gain, while also noting that it doesn't expect domestic improvement until later this year. Sales rose 12 percent to $668.15 million, from $595.7 million in the year-ago period.
- United Airlines (UAUA) and US Airways (LCC) have suspended merger discussions citing labor opposition and integration costs, reported Reuters. On the other hand, United is close to an alliance with Continental (CAL). Airlines continue to seek partnerships to help them through the problems of rising fuel costs and economic slowdown.
Asian trading closed with the Hang Seng +0.61%, Nikkei +1.52%, Sensex +0.61%, Taiwan -0.76% and Shanghai +0.94%.
A quick look towards Europe finds the CAC +0.39%, DAX +0.51%, FTSE +0.22%, ATX -0.41%, Swiss Mkt. -0.03% and Stockholm +0.41%.
In commodities, crude oil is lower -0.93 to 125.69 while gold is higher +1.3 to 878.5 this morning.
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