Stocks to Watch: Freddie Mac, Google, Wells Fargo...
Wednesday's top stories and stocks with potential to move...
Stocks to watch for Wednesday, November 28, 2007:
- Analog Devices (ADI) reported net income of $97.9 mln or 31 cents per share for the quarter ended November 3, a 29% loss from a year ago when it posted income of $138.4 mln or 39 cents a share. Revs came in at $648.5 million, compared to $609.7 million in the same period last year.
- Dress Barn (DBRN) reported fiscal 1Q earnings fell to $19.6 mln or 30 cents a share compared to $27.4 mln or 40 cents a share a year earlier. Sales rose at the retailer to $363.7 mln from $358.4 mln.
- Freddie Mac (FRE) will reportedly issue $6 bln of noncumulative, preferred stock including a larger offering of nonconvertible preferred shares and a substantially smaller offering of convertible preferred shares. FRE also declared a 50% decrease in quarterly dividend to 25 cents.
- General Motors (GM), in 2008, will begin production of a hybrid car in China. The company plans to have the hybrid ready for the 2008 Beijing Olympics.
- Google (GOOG) says it plans it invest money, hundreds of millions of dollars, in renewable electricity initiatives in an effort to make clean energy cheaper than that of coal-fired plants. According to the Wall Street Journal, the company plans to facilitate, through investments in projects and companies, the building of power-generating facilities that can produce about 1,000 megawatts of renewable electricity -- as much as one or two conventional power plants -- for three cents a kilowatt hour or less.
- Marvell Technology Group (MRVL) reported a loss of $6.4 mln in the 3Q on revs of $758.2 mln compared with a gain of $6 mln on revs of $520.4 mln a year ago.
- Verizon (VZ) will unveil a plan to allow its wireless customers to use a much broader variety of mobile phones, bought elsewhere, when subscribing to its service. People will be able to buy devices independently and plug them into their service provider, Verizon.
- Wells Fargo (WFC) will put away $1.4 bln in reserves to help cover losses on home-equity loans in the 4Q amid the deteriorating real estate market. The fund will cover a portfolio of $11.9 bln in loans.
- Asian trading closed mostly lower with the Hang Seng +0.59%, Nikkei -0.45%, Sensex -0.99%, Taiwan -1.19% and Shanghai -1.19%.
- A quick check towards Europe finds the CAC +0.73%, DAX +0.95%, FTSE +0.84%, ATX +1.13%, Swiss Mkt. +1.50% and Stockholm +0.76%.
- Crude oil is trading lower -0.03 to 94.39 and gold is also down -14.5 to 806.7 this morning.
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