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Stocks to Watch: Boston Scientific, Citigroup, El Paso, General Motors, Sony


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


Stocks to watch for Tuesday, September 4, 2007:

  • Apple (AAPL) announced Friday that due to a pricing discrepency, it will pull shows from NBC off its iTunes store.
  • Boston Scientific (BSX), in a meeting Sunday of a group of cardiologists in Austria, presented research that showed drug-coated heart stents may not increase the risk of blood clots as much as previously thought. Boston Scientific and rival Johnson & Johnson (JNJ) are the leading makers of drug-coated stents. The study reversed an earlier finding that showed an 18% increase in deaths among patients, which helped trigger a plunge in worldwide sales.
  • Burlington Northern Santa Fe (BNI) said it has been notified that Berkshire Hathaway (BRK-A) may reach the 25% ownership mark of its plan to acquire more of the railroad company.
  • Citigroup (C) said Friday that it had acquired the wholesale mortgage-origination and servicing assets of subprime-mortgage lender ACC Capital Holdings, including the servicing rights on $45 billion of home loans.
  • El Paso (EP) said its El Paso Pipeline Partners L.P. subsidiary filed a registration statement with the Securities and Exchange Commission in connection with its planned initial public offering of common units. The company said that it will apply to list the units on the New York Stock Exchange under the symbol "EPB." Lehman Brothers, Citi, Goldman Sachs and UBS are underwriting the deal, with EP owning 2% general-partner interest, incentive distribution rights, 65% limited partner interest and the remaining 90% interest in each of Colorado Interstate Gas and Southern Natural Gas.
  • First Marblehead (FMD) said that on Aug. 22 it received a subpoena for information regarding its role in the student-loan industry as part of the New York Attorney General's ongoing investigation of several lending, educational, and nonprofit institutions.
  • General Motors' (GM) crossover vehicles, Buick Enclave, GMC Acadia and Saturn Outlook seem to be a rare positive in its struggling US sales. Each have three rows of seats and look like big sport-utility vehicles, but are lighter, have a smoother ride and get better gas mileage than SUVs. All three are selling briskly and have a GM plant running at full capacity, a key to profitable auto production.
  • Kraft Foods (KFT) said on Tuesday it has struck deals with Starbucks (SBUX) and Bosch Household Appliances to fuel growth of its Tassimo hot beverage system, which the company said was on track to become a $200 million brand by year's end.
  • Sony's (SNE) Chief Executive Howard Stringer is planning a big move to expand the company and challenge Apple (AAPL) in the area of video-downloading services, according to the Wall Street Journal. Stringer is planning to use Sony's PlayStation 3, PlayStation Portable and its Bravia high-definition televisions to develop products and services to let users download television shows and movies.
  • Starwood Hotels & Resorts Worldwide (HOT) named Frits van Paasschen as its new chief executive, effective Sept. 24. The former chief executive of Coors Brewing succeeds Bruce Duncan, who has served as interim chief since April and will continue as Starwood's chairman.

Market Update

  • Asian trading closed with the Hang Seng -0.08%, Nikkei -0.63%, Sensex +0.28%, Taiwan -0.63% and Shanghai -0.51%.
  • A quick check across the pond finds the CAC -0.28%, DAX +0.01%, FTSE -0.20%, ATX +1.40%, Swiss Mkt. +0.33% and Stockholm -0.77%.
  • Crude oil is trading higher +0.07 to 74.11 while gold is unchanged at 681.9 this morning.
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