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Spotlight Stocks: ArcelorMittal, General Motors, Nintendo, Viacom


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


Stocks to watch for Wednesday, July 30, 3008:

  • ArcelorMittal (MT) reported 2Q net income of $5.8 billion, up more than double its figures from a year ago of $2.7 billion. Revenue was up more than a third to $37.8 billion from $27.2 billion as increased steel prices offset minimal shipment increases and rising costs of energy and iron ore. The company saw strong demand for steel in emerging markets in Asia, Russia and the Middle East.

  • Electronic Arts (ERTS) reported a fiscal 1Q net loss of $95 million, or 30 cents a share, better than the year ago loss of $132 million, or 42 cents a share. Revenue for the quarter was $804 million, up from $395 million the prior year. The company missed on Wall Street estimates as the company has stopped providing quarterly guidance in favor of solely giving full year projections. ERTS expects to release some new major video game titles in the coming year.

  • General Motors (GM) and Ford (F) will reportedly scale back their auto-leasing businesses amid a harsh credit environment. Ford said that it would be essentially ending leasing deals on most trucks and SUVs, reported The Wall Street Journal. The Big Three automakers reportedly owe 20% of their total new vehicle businesses to leases.

  • Nintendo's quarterly profit rose to 119.19 billion yen ($1.1 billion), up 31.5% from 90.63 billion yen a year ago. Net profit rose 33.7% to 107.27 billion yen on sales of 423.38 billion yen, up 24.4%. Strong sales of its Wii game system helped the numbers, while sales of its DS portable game system -- which has sold 77.5 million units to date -- dropped for the quarter. The Wii outsold Sony's (SNE) PlayStation 3 and Microsoft's (MSFT) Xbox 360.

  • Viacom (VIA) reported 2Q net profit of $407 million, down 6% from $434 million a year ago when numbers included the $94 million sale of MTV Russia. Revenue rose 21 percent to $3.86 billion, topping analyst estimates. The company cited strong performance from films such as "Iron Man" and sales of its Rock Band video game for the revenue gain. Ad revenue grew just 2% to $1.17 billion worldwide, including a 1% growth in the US, reported the Associated Press.

Market Recap

  • Asian trading closed with the Hang Seng +1.94%, Nikkei +1.58%, Sensex +3.59%, Taiwan +0.80% and Shanghai -0.48%.

  • Quickly glancing towards Europe, we see the CAC +1.18%, DAX +0.77%, FTSE +1.27%, ATX +0.56%, Swiss Market +1.21% and Stockholm +1.16%.

  • In commodities, crude oil is trading lower -0.47 to 121.72 and gold is also down -8.4 to 908.2 this morning.
No positions in stocks mentioned.

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