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Spotlight Stocks: Ford, Goldman, Nvidia, Toll Brothers

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

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Stocks to watch for Wednesday, August 13, 2008:

  • Ford's (F) president of the Americas, Mark Fields, told reporters that the company would return to profitability, but it will take time before its small cars start making money amid growing demand. The company will bring new global model cars to the US from Europe starting in 2010. Fields noted the company's efforts to shrink its workforce so its factory output could equal demand and also said it would save money by designing, engineering and manufacturing its models worldwide instead of developing different vehicles for different regions, reported the Associated Press.

  • Goldman Sachs (GS) and a consortium of investors agreed to pay $1.5 billion for a portfolio of private-equity investments from ABN Amro. The Wall Street Journal reported Goldman's investment comprises 32 European companies as well as roughly $450 million in capital to be invested in future deals. Other companies in the group include Banco Santander (STD) and Royal Bank of Scotland (RBS).

  • General Motors' (GM) CEO Rick Waggoner said the company is seeing buying interest in its planned sale of $4 billion of assets. GM could free up about $15 billion in liquidity through cost-cutting, sales and borrowing in order to reverse the performance of the company under harsh economic conditions.

  • Nvidia (NVDA) reported a fiscal 2Q net loss of $120.9 million, or 22 cents a share, down from a profit of $172.7 million, or 29 cents a share a year ago. Revenue declined 4.5% to $892.7 million from $935.3 million. The company cited a $196 million charge to cover costs associated with technical issues involving laptop chips failing at high rates because of packaging materials. It was also hurt by pricing pressures from its rival Advanced Micro Devices (AMD).

  • Toll Brothers (TOL) said it plans to report a 34% drop in its 3Q homebuilding revenue. It cited continued weakness in most of its markets. Reuters reported preliminary results for the quarter ended July 31 showed home-building revenue of about $796.5 million, down from $1.21 billion in the year-earlier quarter.


Market Recap

  • Asian trading closed with the Hang Seng -1.61%, Nikkei -2.11%, Sensex -0.78%, Taiwan -0.02% and Shanghai -0.44%.

  • Over in Europe, we see the CAC -0.90%, DAX -0.66%, FTSE -0.59%, ATX -0.48%, Swiss Market -0.63% and Stockholm -1.14%.

  • Commodities are higher with crude oil +0.23 to 113.24 and gold +4.8 to 813.0 this morning.
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No positions in stocks mentioned.

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