Spotlight Stocks: Broadcom, Lehman, Pfizer, Toyota
Monday's top stories and stocks with potential to move.
Stocks to watch for Monday, August 25, 2008:
- Broadcom (BRCM) reportedly plans to buy the digital television unit of Advanced Micro Devices (AMD) for $192.8 million in cash. The deal, which will not require the approval of shareholders, has been approved by the boards of both companies. They now await regulatory approval.
- Lehman Brothers (LEH) CEO Richard Fuld has been involved in day-to-day executive affairs less and less, according to a senior source at the company and reported by the Observer. Fuld faces a potential 'internal coup' which could strip him of his executive duties. Additionally, South Korea's financial regulator warned Korean Development Bank to be cautious when discussing the acquisition of Lehman.
- Pfizer (PFE) has opted to not undergo Phase III studies in Asia for an experimental treatment of glaucoma and ocular hypertension. The maker of the drug, Nicox, has been working with Pfizer for four years to develop the PF-03187207 drug. In May, Pfizer decided against moving into final Phase III tests outside of Asia after a mid-stage study failed to meet its primary endpoint. The companies will focus on a joint effort in diabetic retinopathy.
- Toyota Motors (TM) will raise its suggested retail prices for some hybrid and commercial vehicles in Japan to offset rising prices of steel, crude oil and other raw materials, reported the Financial Times. For Prius and Harrier hybrid vehicles the increase will be 3%, while for some Dyna/Toyoace trucks and Probox vans it will be a 2% bump.
- Asian trading closed in the green with the Hang Seng +3.50%, Nikkei +1.68%, Sensex +0.34%, Taiwan +1.72% and Shanghai +0.34%.
- A quick check across the pond finds the CAC -0.47% -0.47%, DAX -0.20%, ATX +0.77% and Stockholm -0.48%.
- In commodities, crude oil is trading higher +0.59 to 115.17 while gold is down -5.6 to 827.4 this morning.
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