Spotlight Stocks: China Unicom, Harris, Nvidia, Toyota
Monday's top stories and stocks with potential to move.
Stocks to watch for Monday, June 2, 2008:
- China Unicom (CHU) is set to take over China Netcom (CN) in a deal valued at more than $55 billion, more than double the company's current value. Unicom said it will issue new shares and swap 1.5 shares for every share in Netcom. Additionally, CHU agreed to sell a wireless network to fixed-line leader China Telecom (CHA) and its parent for 110 billion yuan ($15.2 billion). The Chinese government is looking to completely restructure its telecom industry, and this is a start to that.
- Harris Corp. (HRS) decided to remain independent after its board determined acquisition offers were below its value. Last week HRS received bids below the board's benchmark of $75 to $80 a share, according to people familiar with the matter. The company's stock was trading at $65.78 at Friday's close.
- Nvidia (NVDA) plans to announce its first chips made for MID's, or mobile Internet devices. NVDA is most known for it graphics managing chips and already sells these for cell phones which combine more complex applications. The company describes the new Tegra chips as a "computer on a chip" that will be particularly good for tasks such as watching videos and playing games, reported The Wall Street Journal.
- Toyota Motor (TM) may downgrade its US sales forecast as there is a dismal outlook in the market for pick-up trucks and other large vehicles, reported the Financial Times. The company originally planned to sell just over 2.64 million vehicles in the US market this year. Overall, the US market for large pick-ups dropped 17% in January to April of this year.
- Asian trading closed with the Hang Seng +1.22%, Nikkei +0.71%, Sensex -2.15%, Taiwan +1.22% and Shanghai +0.75%.
- A quick check of Europe finds the CAC -1.42%, DAX -1.06%, FTSE -0.87%, ATX -0.28%, Swiss Mkt. +0.51% and Stockholm -0.92%.
- Over in commodities, crude oil is lower -1.36 to 125.99 while gold is higher +1.8 to 893.3 this morning.
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