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Spotlight Stocks: Citigroup, Freddie Mac, Google, Teva


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


Stocks to watch for Friday, July 18, 2008:

  • Citigroup (C) reported a loss for the 2Q of $2.5 billion, or 54 cents a share, falling from a profit of $6.23 billion, or $1.24 a share a year ago. Analysts expected a loss of 66 cents a share. The company was hurt by a rise in loan defaults as credit costs have risen to $7.2 billion. The Associated Press reports Citigroup cut 6,00 jobs in the quarter to bring the total for 2008 up to 11,000.

  • Freddie Mac (FRE) is mulling a plan to raise up to $10 billion by selling new shares to investors, reported The Wall Street Journal. The company has seen its stock rebound nicely since emergency regulatory actions were taken a few days ago. FRE hopes to avoid a complete government rescue which would involve stricter oversight.

  • Google (GOOG) reported 2Q profit of $1.25 billion, or $3.92 a share, a 35% increase from $925 million, or $2.93 a share a year ago. Adjusted for employee stock compensation, the company would have earned $4.63 a share. The report fell short of analyst expectations of $4.74 a share. 2Q revenue rose 39% to $5.37 billion from $3.87 billion. Shares dropped 7% after the earnings miss.

  • Mattel (MAT) reported second quarter net income of $11.8 million, or 3 cents a share, down from $22.8 million, or 6 cents a share a year ago. Sales rose 11% to $1.11 billion, including a 3% rise in the US and 15% internationally. The company beat expectations as its Speed Racer and "Kung Fu Panda" products sold well amid a decline in Barbie sales.

  • Teva Pharmaceuticals (TEVA) will reportedly buy generic drugmaker Barr Pharmaceuticals (BRL) in a deal worth $7.46 billion, said Reuters. Teva will pay $66.50 per share in cash and stock, which represents a 42% premium over Wednesday's closing price. Teva will also assume BRL's debt of $1.5 billion.

Market Recap

  • Asian trading closed with the Hang Seng +0.64%, Nikkei -0.65%, Sensex +3.99%, Taiwan -2.28% and Shanghai +3.49%.

  • Looking at Europe we see the CAC +0.66%, DAX +0.67%, FTSE +0.52%, ATX +0.01%, Swiss Market +0.44% and Stockholm +1.35%.

  • In commodities, crude oil is higher +2.10 to 131.41% and gold is lower -8.7 to 962.0 this morning.
No positions in stocks mentioned.

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