Stocks to Watch: Citigroup, Crocs, Marsh & McLennan, Rambus, US Steel
Monday's top stories and stocks with potential to move...
Stocks to watch for Monday, August 27, 2007:
- Citigroup (C) pulled together its emerging-markets credit group and its global credit-trading business. The combined group will be headed by Carey Lathrop, a nearly 20-year veteran of the bank who led the emerging-markets business.
- Crocs (CROX), in an attempt to diversify its product line, will introduce a line of apparel for men and children. The apparel line, which Crocs intends to unveil today, will feature regular fibers, such as cotton, interwoven with a lightweight derivative of the pliable, plastic resin used to make Crocs' shoes. It will make its debut in stores in October.
- Home Depot (HD) agreed to cut the price in its supply division sale to buyout firms by $1.8 billion, sources said on Sunday, as a housing market drop and a credit crunch forced all sides to renegotiate.
- Marsh & McLennan (MMC) said it has agreed to buy back $800 million worth of its outstanding shares in an accelerated share repurchase transaction. The company said it will fund the transaction with proceeds from the recent sale of Putnam Investments and that it will conduct the purchase under the $1.5-billion share buyback authorization announced on Aug. 7.
- Rambus (RMBS) said the special litigation committee established by the board has finished its review of stock options practices and submitted a final report to court. The special litigation committee was composed of two independent directors, J. Thomas Bentley and Abraham Sofaer, and it conducted its review with the assistance of independent counsel, the company said.
- United States Steel (X) said it will buy Canadian steelmaker Stelco for $1.1 billion in a cash deal, including X paying $36.59 per share of Stelco.
- Wal-Mart (WMT) is considering acquisitions in its home market as it seeks to open smaller stores and limit its reliance on giant supercenters for growth, the Financial Times reported.
- Asian trading closed with the Hang Seng +2.86%, Nikkei +0.32%, Sensex +2.89%, Taiwan +0.32% and Shanghai +0.83%.
- Looking towards Europe, we see the CAC +0.79%, DAX +0.07%, ATX +0.74%, Swiss Mkt. +0.54% and Stockholm +0.02%.
- Crude oil is trading higher +0.23 to 71.32 while gold is edging lower -1.0 to 676.5 this morning.
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