Stocks To Watch: Dell, eBay, Ford, IBM, Sysco
Today's top stories and some stocks with potential to move...
Stocks to watch for Thursday, July 19:
- Allstate (ALL) reported a 16% increase in second-quarter net income late Wednesday, but the property and casualty insurer's results missed analyst estimates as catastrophes, competition and reinsurance costs took their toll.
- Avnet (AVT) agreed to acquire Magirus Group's European enterprise infrastructure division. Financial terms of the agreement weren't disclosed. The distributor of electronic components and technology services expects the transaction, which is scheduled to close in October, to add 8 cents to 2008 earnings per share.
- The IRS is seeking data from Citigroup (C) and Lehman (LEH) to determine if certain derivatives trades were designed to avoid taxes.
- Dell (DELL) agreed to acquire privately held service delivery platform provider SilverBack Technologies. Financial terms of the agreement weren't disclosed. The computer systems company said the acquisition, which is subject to closing conditions, is part of its strategy for IT simplification.
- Dow Chemical (DOW) plans to team up with one of Brazil's largest ethanol players to manufacture plastic from sugar cane.
- eBay (EBAY) saw its second-quarter earnings surge 50% mostly due to strong growth in its online payments business that offset a continued slowdown in the online auction giant's listings.
- Ford (F) is expected to receive opening bids on Thursday for its Jaguar and Land Rover brands from a number of companies including private equity firms and other automakers. Probable bidders include Cerberus Capital Management, the company that purchased the Chrysler Group in May.
- Google (GOOG) executives are being called to testify before Congress about the impact of a DoubleClick deal on online advertising and consumer privacy.
- IBM (IBM) reported a second-quarter profit that rose almost 12% from a year ago as the technology and services giant recorded strong gains in its global services and software business.
- AT&T's (T) senior executive VP of public policy says that his company thinks 700 MHz auction plan requiring open platform is a good compromise that balances interests of companies and consumers, which contrasts with Google (GOOG) and Yahoo (YHOO) who don't think it goes far enough.
- Sprint Nextel (S) and Clearwire (CLWR) announced plans to jointly build the first nationwide mobile broadband network using WiMAX technology and to promote the global development of WiMAX-based services.
- Sysco (SYY) said its board approved a 20-million-share repurchase program. The company's previously approved 20-million-share buyback plan from November 2005 has about 1.8 million shares remaining. These remaining shares will be repurchased prior to the initiation of the new program. The food distribution company has about 618 million shares outstanding.
- Asian trading closed with the Hang Seng +0.76%, Nikkei +0.56%, Sensex +1.63%, Taiwan -0.13% and Shanghai -0.44%.
- A quick check of European bourses finds the CAC +0.86%, DAX +1.11%, FTSE +0.92%, ATX +1.01%, Swiss Mkt. +1.89% and Stockholm +0.67%.
- Crude oil is trading higher +0.45 to 75.50 and gold is unchanged at 673.7 this morning.
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