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Spotlight Stocks: Electronic Arts, Google, Target, WaMu

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

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Stocks to watch for Thursday, March 13, 2008:

  • Electronic Arts (ERTS) announced a tender offer to acquire all of Take-Two's (TTWO) outstanding shares for $26 each. This is the same price it had offered the company in its unsolicited bid last month, reported the Wall Street Journal. Shares of TTWO have traded at or above the $26 level, but are currently lower, closing yesterday at $24.91.
  • Google (GOOG) has plans to introduce a new service in which Web publishers can manage ad sales and serve up ads each time a user pulls up a Web page. The service will be offered for free and will include the customer's agreement to allow some Google ads to be served in vacant spots.
  • Gymboree (GYMB) reported 4Q profit rose to $26.8 million, or 93 cents a share (97 cents a share excluding stock option expenses and an inventory shrinkage). Revenue rose to $278.4 million from $241 million in the year-ago period.
  • Men's Wearhouse (MW) reported fiscal 4Q net income fell to $14.8 million, or 28 cents a share, compared with net income of $52.3 million, or 95 cents a share a year ago. Sales fell 3.9% to $535 million. Sales at stores open at least one year fell 5.4% in the quarter.
  • Sigma Designs (SIGM) reported 4Q net profit of $35.3 million, or $1.12 a share, up from $4.6 million, or $0.17 a share a year ago. Revenue was $76.4 million, up from $31.2 million. Analysts had expected the company to report earnings of $0.80 a share on revs of $75.41 million, according to a survey by FactSet.
  • Target (TGT) is holding discussions aiming to sell half of its $8 billion credit-card portfolio to an unidentified "investment partner". The Wall Street Journal reported the company would significantly increase its liquidity for use in store expansion, debt retirement or share repurchases.
  • Washington Mutual (WM) may receive further bailout as Toscafund Asset Management of the UK has approached its board with an offer to invest money for recapitalization. Tosca has about $8 billion under management and is part of Old Oak Holdings which has $12 billion under management.


Market Recap

  • Asian trading closed with the Hang Seng -4.79%, Nikkei -3.33%, Sensex -4.85%, Taiwan -2.66% and Shanghai -2.43%.
  • A quick look towards Europe finds the CAC -2.48%, DAX -2.35%, FTSE -1.85%, ATX -1.78%, Swiss Mkt. -1.19% and Stockholm -2.26%.
  • Crude oil is trading lower -0.23 to 109.69 and gold is up +9.90 to 990.40 this morning.

WHAT DO OUR EXPERTS THINK ABOUT THESE STOCKS? GET A FREE TRIAL TO OUR PREMIUM PRODUCTS: BUZZ & BANTER, JEFF COOPER'S MARKET REPORT & FLEXFOLIO. CALL 212-991-9357 OR CLICK BELOW FOR A 14 DAY FREE TRIAL.

No positions in stocks mentioned.

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