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Spotlight Stocks: Bank of America, Dominion Homes, Wachovia, GM, DuPont


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


Stocks to watch for Tuesday, January 22, 2008:

  • Bank of America (BAC) reported its 4Q profit dropped 95% amid over $7 bln in losses related to credit troubles and poor decision making. Net incmome at the company fell to $268 million, or 5 cents per share, from $5.26 billion, or $1.16, a year earlier.
  • Dominion Homes (DHOM) has agreed to be taken over by a consortium, including Angelo Gordon & Co., Silver Point Capital and Dominion's largest shareholder, BRC Properties Inc., for 65 cents a share. The price represents a 38% premium over the closing price on Jan. 17.
  • Wachovia Corp. (WB) reported 4Q net income of $51 mln, or 3 cents a share, down sharply from $2.3 bln, or $1.20 a share a year ago. The losses were attributed to mortage and credit market troubles.
  • General Motors (GM) has debuted a hybrid car in China, the Buick LaCrosse Eco-Hybrid, and also said it plans to create fuel cell powered cars after 2010.
  • Abbott Laboratories (ABT) was cleared by the FDA to market its chronic plaque psoriasis drug Humira. The affliction is an autoimmune disease characterized by skin lesions.
  • CSX Corp.'s (CSX) reported 4Q net income of $365 mln, or 86 cents a share, up from $347 mln, or 75 cents a share a year ago.
  • DuPont (DD) reported 4Q net income of $545 mln, or 60 cents a share, down 37% from the year ago number of $871 mln, or 94 cents a share, a number which included a $465 mln tax benefit. The Wall Street Journal reported net sales rose 11% to $6.98 billion from $6.28 billion, with volume gains making up three percentage points of the gain and the weaker dollar adding four percentage points.
  • UnitedHealth (UNH) reported 4Q net income of $1.22 bln, or 92 cents a share, a 3.5% increase from $1.18 bln, or 84 cents a share a year ago. Revenue rose 3.2% to $18.71 billion from $18.13 billion.

Market Recap

  • Asian trading closed severely lower with the Hang Seng -8.65%, Nikkei -5.65%, Sensex -4.97%, Taiwan -6.51% and Shanghai -7.22%.
  • A quick look towards Europe finds the CAC -1.28%, DAX -1.74%, FTSE -0.70%, ATX -1.35%, Swiss Mkt. -1.02% and Stockholm +0.04%.
  • In commodities, crude oil is trading lower -3.39 to 87.26 and gold is dipping -19.2 to 862.8 this morning.


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No positions in stocks mentioned.

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