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Stocks To Watch: Bear Stearns, BlackRock, Dell, Dow Jones, Lennar


Today's top stories and some stocks with potential to move...


Stocks to watch for Tuesday, June 26:

  • Babcock & Brown rekindled its $2.2 billion bid to buy utility NorthWestern (NWEC) after U.S. regulators last month moved to block the purchase.
  • Barclays's (BCS) efforts to buy ABN Amro (ABN) and fend off an Royal Bank of Scotland-led counterbid got a boost after a Dutch legal official said the sale of its U.S. unit didn't require shareholder approval.
  • Bear Stearns (BSC) shares fell to their lowest level in nearly a year Monday, on concern about the firm's hedge-fund woes and vulnerability to further subprime-market declines.
  • BlackRock (BLK) agreed to buy the fund of funds business of Quellos Group for up to $1.7 billion. Quellos said Chief Executive Jeffrey Greenstein will retire.
  • ConocoPhillips (COP) has decided to walk away from its Venezuelan oil projects rather than agree to a government takeover of the assets.
  • Dell (DELL) is introducing notebook and desktop PCs with more innovative designs as it pushes to win over individual consumers.
  • Dow Jones (DJ) and News Corp. (NWS) were on the brink of agreeing to editorial protections for Dow Jones, an accord that could pave the way for the sale of the Wall Street Journal publisher.
  • FreightCar America (RAIL) said late Monday it sees second-quarter earnings coming in below Wall Street's estimate on North American weakness and a decline in orders and backlog. The company anticipates a quarterly profit between 85 cents and 95 cents per share. Analysts expect a profit of $1.20 per share, according to a Thomson Financial poll.
  • IBM (IBM) agreed to pay $7 million to a Dollar General (DG) shareholder fund to settle two SEC investigations.
  • Iberdrola agreed to pay $4.58 billion for Energy East (EAS), as the Spanish utility expands in the U.S., especially in renewable energy.
  • Lennar (LEN) swung to a loss on continued deterioration in the housing market and rising inventories. The home builder warned of further weakness in the third quarter.
  • Roche made an unsolicited bid of about $3 billion for Ventana (VMSI), in a move aimed at broadening its diagnostic portfolio. The bid is a 45% premium above Ventana current stock price.
  • Upper Deck began a tender offer for New York trading-card company Topps (TOPP) at $10.75 a share, or about $425 million.

Market Update:

  • Asian trading closed mixed with the Hang Seng -0.09%, Nikkei -0.12%, Sensex +0.09%, Taiwan -0.82% and Shanghai +0.82%.
  • A quick look across the pond is showered in red with the CAC -0.46%, DAX -0.73%, FTSE -0.24%, ATX -1.12%, Swiss Mkt. -0.56% and Stockholm -0.53%.
  • Crude oil is trading lower -0.40 to 68.78 and gold is also down -1.5 to 653.2 this morning.
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No positions in stocks mentioned.

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