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Spotlight Stocks: Bank of America, Blackrock, Dominion Homes, JP Morgan

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

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Stocks to watch for Monday, March 24, 2008:

  • Bank of America (BAC), according to banking analyst Richard Bove of Punk Ziegel & Co, may put aside a record $6.5 billion in the 1Qto cover future loan losses. Bove said actual losses in the portfolios should be "somewhat less" than the amount he expects set aside, suggesting the bank would be conservative in its forecast of future credit trends, reported Reuters.
  • Blackrock (BLK) plans to form a joint venture with former Countrywide (CFC) President Stanford Kurland and some colleagues called Private National Mortgage Acceptance Company LLC, or PennyMac. According to the Wall Street Journal, PennyMac seeks to raise more than $2 billion to buy distressed mortgages on the cheap, work with borrowers to restructure them, and then resell them as performing mortgages at a profit.
  • Dominion Homes (DHOM) said it received notice from Nasdaq that its shares will be delisted at the opening of business March 31 since it failed to regain compliance with minimum market value requirements. The company doesn't plan to appeal and will seek a listing on the over-the-counter Bulletin Board.
  • JP Morgan (JPM) may increase its offer for Bear Stearns (BSC) to $10 a share after the angry response from shareholders to the original offer of $2 a share. The Fed is balking on the new offer, possibly causing further delay on the merger, or even a BSC collapse.
  • Palm Inc. (PALM) reported a 3Q net loss of $31.5 million, or 30 cents a share, compared to earnings of $11.8 million, or 11 cents a share a year ago. Excluding certain charges, the company said net losses would have come in at $17 million, or 16 cents a share. Revenue fell 24% to $312.1 million.
  • Tiffany & Co.'s (TIF) fiscal 4Q net income fell 16% to $118.3 million, or $0.89 a share, from $140.5 million, or $1.02 a share a year ago. The company posted earnings from continuing operations, excluding non-recurring items, of $168.8 million, or $1.27 a share. Sales for the quarter ended Jan. 31 rose 9.8% to $1.05 billion from $958.9 billion.


Market Recap

  • Asian trading closed with the Nikkei -0.02%, Sensex +1.96%, Taiwan +3.99% and Shanghai -4.49%.
  • In commodities, crude oil is trading lower -1.17 to 100.67 and gold is also down -0.6 to 919.4 this morning.
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No positions in stocks mentioned.

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