Spotlight Stocks: Citigroup, Clear Channel, Motorola, Oracle
Thursday's top stories and stocks with potential to move.
Stocks to watch for Thursday, March 27, 2008:
- Citigroup (C) has reportedly settled claims accusing it of helping Enron deceive investors, according to the New York Times. The bank said it would pay $1.66 billion to the Enron Bankruptcy Estate, which represented Enron creditors.
- Clear Channel (CCU) said it won a court ruling from a Texas judge against six banks led by Citigroup. The banks had backed out of its more than $22 billion commitment to lend money for a CCU buyout by private equity. CCU said the judge issued a temporary order directing the banks not to interfere with the merger by refusing to fund it or demanding new terms.
- Motorola (MOT) yesterday said it would split into two separate publicly traded companies, by spinning off its mobile phone unit to investors. Billionaire investor Carl Icahn had pressured the company into taking this action and called it a "step in the right direction".
- Nokia (NOK) is talking with major music labels about allowing it to sell their songs through its "Comes With Music Service", which is expected to launch later this year. Buyers of certain Nokia devices will be offered unlimited music from at least Universal Music Group, reported Reuters.
- Oracle (ORCL) reported fiscal 3Q profit of $1.3 billion, or 26 cents a share, up from $1 billion, or 20 cents a share a year ago. Revenue rose to $5.3 billion from $4.4 billion. Excluding special items, Oracle said earnings for the quarter were 30 cents a share.
- Paychex (PAYX) reported a 3Q profit of $142.5 million, or 39 cents a share, up from $126.6 million, or 33 cents a share a year ago. The company reported revenue of $532.2 million, compared to $485.3 million a year ago. The co. said that for its entire fiscal year, it expects its earnings to rise between 11% and 13%, and its sales to grow 9% to 11% over the prior year.
- Asian trading closed skewed to the red with the Hang Seng +0.21%, Nikkei -0.80%, Sensex -0.44%, Taiwan -1.85% and Shanghai -5.42%.
- A quick check of Europe finds green with the CAC +0.90%, DAX +1.36%, FTSE +1.06%, ATX +2.29%, Swiss Mkt. +1.26% and Stockholm +1.12%.
- Commodities are trading up as we see crude oil +1.27 to 107.17 and gold up +0.2 to 949.4 this morning.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter