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Stocks to Watch: Blackstone, Bear Stearns, Continental Airlines, Intel, Take-Two


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


Stocks to watch for Tuesday, September 11, 2007:

  • Bear Stearns' (BSC) share price is at its lowest point in two years, and aggressive buying has made British financier Joespeh Lewis the biggest investor in the company. Throught August and September, Lewis bought about 7% of Bear's shares outstanding.
  • Blackstone (BX) agreed to buy a 20% stake in chemical maker China National BlueStar for $600 mln, marking Blackstone's first investment in China since Beijing took a $3 bln stake in the company.
  • Comverse Technology's (CMVT) ) fiscal second-quarter net loss widened to $73.6 million from $24.7 million a year earlier. Adjusting for stock-based compensation, special committee investigation expenses, a retention bonus and other items, income fell to $32.2 million from $40.7 million a year earlier.
  • Continental Airlines (CAL) said it expects overall capacity to increase 3.5% in the third quarter, bringing its consolidated load factor to a range of 83% to 84%. Continental said it expects to end the third quarter with an unrestricted cash and short-term investments balance of approximately $3 billion, according to an SEC filing.
  • General Motors (GM) hopes to launch a set of electric cars in about three years. The several vehicles will all share many parts with their mainstream models and will have newly developed batteries required for electric vehicles.
  • Intel (INTC) forecast a higher range for revenue in the current period, citing 10% revenue growth from the year-earlier period, compared to the prediction of 7% growth. The company said gross profit margin would reach the upper end of its prior forecast.
  • Sharper Image (SHRP) said its fiscal second-quarter loss widened to $20.6 million, or $1.36 a share, from $14.6 million, or 98 cents a share, a year earlier. The specialty retailer's revenue fell 25% to $80.3 million in the period ended July 31 from $107.2 million in the year-ago period.
  • Take-Two Interactive Software (TTWO) said it was able scale back its net losses for the July quarter as revenue dropped from the previous year due to tough comparisons.

Market Update

  • Asian trading closed mixed with the Hang Seng -0.20%, Nikkei +0.71%, Sensex -0.35%, Taiwan +0.73% and Shanghai -4.51%.
  • A quick check across the pond finds the CAC +1.46%, DAX +1.17%, FTSE +1.47%, ATX +1.66%, Swiss Mkt. +1.12% and Stockholm +1.82%.
  • Crude oil is trading lower -0.01 to 77.48 while gold is up +2.1 to 714.3 this morning.
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