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Stocks to Watch: Broadcom, HSBC, Rio Tinto


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


Stocks to watch for Monday November 26 2007:

  • Broadcom (BRCM) said a verdict claiming Qualcomm (QCOM) infringed on its patents was affirmed by a federal judge. BRCM will now look to stop QCOM from manufacturing, selling and using all third generation cellular chips that fall under these patents, and will also receive $19.6 mln in damages.
  • HSBC (HBC) said it will transfer two of its structured investment vehicles onto its balance sheet and provide funding of up to $35 mln. Also, Chairman Stephen Green said he'd like to increase the company's emerging market exposure to 60% from its current 50%. There is no intention to withdraw from the US, where the bank has seen recent struggles.
  • Philips Electronics (PHG) said it agreed to purchase Genlyte (GLYT), a lighting manufacturer, for $2.7 bln in cash, or $95.50 a share. This represents a 52% premium on the company's closing price from Friday.
  • Rio Tinto (RTP), looking to convince its investors to reject the takeover bid by BHP Billiton (BHP), gave a bullish presentation outlining plans to increase iron-ore output to up to 600 mln metric tons per year.
  • Sanofi-Aventis (SNY) said by 2012, it will begin producing flu vaccines for pandemic strains in China in its new $148 mln facility. "In the case of a pandemic, this plant could be manufacturing hundreds of millions of doses," Jacques Cholat, president of Sanofi Pasteur International, the firm's vaccine arm, told reporters.
  • UAL Corp. (UAUA) reportedly is entertaining the idea of a merger with another major airline carrier. In order to look more appealing for a merger, UAL is looking to sell off some assets and possibly spin off its frequent-flier program, Mileage Plus.

Market Recap

  • Asian trading closed with the Hang Seng +4.09%, Nikkei +1.66%, Sensex +2.09%, Taiwan +2.23% and Shanghai -1.46%.
  • A quick check towards Europe finds the CAC +0.17%, DAX +0.42%, FTSE +0.20%, ATX +1.13%, Swiss Mkt. +0.72% and Stockholm +2.12%.
  • Crude oil is trading higher +0.25 to 98.43 and gold is also up +8.2 to 833.0 this morning.
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No positions in stocks mentioned.

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