Spotlight Stocks: Alcatel-Lucent, Blackstone, General Electric, Vodafone
Tuesday's top stories and stocks with potential to move.
Stocks to watch for Tuesday, May 27, 2008:
- Alcatel-Lucent (ALU) will ask shareholders to vote on a proposal which would tie a CEO bonus worth 6 million euros ($9.45 million) to performance, reported the Times newspaper. This comes after the company reported a 1Q net loss and warned of lower 2008 sales. CEO Pat Russo will have to meet at least 90 percent of the performance target for sales, or 75 percent of the performance target for operating profit, according to the seventh resolution of Alcatel's AGM agenda, available on its website.
- Blackstone (BX) and Apollo Management LP are discussing a purchase of Chemtura (CEM), a specialty-chemicals company with a market capitalization of $1.9 billion, reported The Wall Street Journal citing a person familiar with the situation. CEM hired Merrill Lynch (MER) in December to explore strategic options.
- General Electric (GE) may have found a suitor for its appliance unit, which it put up for sale last week as LG Electronics of South Korea has expressed interest. The company has become popular for selling washing machines with designs that looked European, but were sold at lower prices, said the WSJ.
- Vodafone (VOD) CEO Arun Sarin will step down from his position as he says he has achieved the goals he had set. Sarin will be replaced by his deputy, Vittorio Colao, in July, reported Reuters. The company also gave a solid guidance for 2009 and said results for the year ending March 2008 either in line with or slightly ahead of forecasts.
- Asian trading closed leaning green with the Hang Seng +0.64%, Nikkei +1.48%, Sensex -0.45%, Taiwan +0.81% and Shanghai +0.32%.
- Glancing towards Europe we spy mostly red skies with the CAC -0.81%, DAX -0.31%, FTSE +0.05%, ATX -0.69%, Swiss Mkt. +0.39% and Stockholm -0.98%.
- In commodities crude oil is higher +0.99 to 133.19 and gold is lower -3.5 to 922.5 this morning.
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