Spotlight Stocks: BHP Billiton, Disney, Time Warner, Toll Brothers
Wednesday's top stories and stocks with potential to move...
Stocks to watch for Wednesday, February 6, 2008:
- BHP Billiton (BHP) announced a formal takeover bid for Rio Tinto (RTP) for about $173.6 bln. According to the Wall Street Journal, BHP is offering 3.4 BHP shares for each Rio Tinto share, an increase from its initial and informal proposal of a three-for-one, all-share takeover
- Walt Disney (DIS) reported fiscal 1Q earnings of $1.25 bln, or 63 cents a share, compared to $1.7 bln, or 79 cents a share a year ago. Revenue rose to $10.45 billion, attributed to strong income from television networks, theme parks and consumer products.
- Time Warner (TWX) reported 4Q net income of $1.03 bln, or 28 cents a share, down 41% from $1.73 bln, or 44 cnets a share a year ago. Revenue rose 2.4% to $12.64 billion from $12.34 billion. This quarter numbers were taken down by a one cent a share restructuring charge.
- Toll Brothers (TOL) posted a 22% loss y/y in fiscal 1Q home-building revenue to $842.7 mln. According to the Wall Street Journal, the company said it is still finalizing its first-quarter impairment analysis, but expects pretax write-downs of between $150 million and $300 million.
- Google (GOOG) is attempting to stage a joint venture with a Chinese online music company in the hopes to offer free, licensed music downloads in the country. The WSJ says the service, which is likely to offer access to tunes from three global music companies as well as dozens of smaller players, could start in the next several weeks barring any last-minute hiccups.
- United Technologies (UTX) is in discussions with Boeing (BA) to work out finances and costs related to the delay of BA's 787 Dreamliner. Boeing has said it expects to have the new passenger plane airborne this summer, about a year later than planned.
- Asian trading closed mostly lower with the Hang Seng -5.40%, Nikkei -4.70%, Sensex -2.81%, Taiwan +2.03% and Shanghai -1.55%.
- A glance towards Europe shows the CAC +0.58%, DAX +0.54%, FTSE +0.07%, ATX -0.65%, Swiss Mkt. -0.66% and Stockholm +0.08%.
- Over in commodities, crude oil is trading up +0.21 to 88.62 and gold is also higher +8.8 to 894.7 this morning.
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