Spotlight Stocks: Bank of America, Exxon, Home Depot, SunMicro
Friday's top stories and stocks with potential to move.
Stocks to watch for Friday May 2, 2008:
- Bank of America (BAC) said, according to Reuters, that there was no assurance that any of Countrywide's (CFC) outstanding debt would be redeemed, assumed or guaranteed, according to a regulatory filing. CFC reportedly has outstanding debt of about $97.23 billion. BAC is currently weighing options to handle the remaining debt.
- Exxon Mobil (XOM) reported 1Q profits of $10.9 billion, or $2.03 a share, up 17% from $9.3 billion, or $1.62 a share a year ago. This was the second highest quarterly profit in US history. Revenue rose to $116.8 billion from $87.2 billion a year earlier. The results were less than analyst estimates. According to the Associated Press, the company's refining operations limited its overall earnings growth, because prices for crude oil rose even faster than the increase drivers see at the gasoline pump.
- Home Depot (HD) said it plans to halt the close about 50 of its US locations and instead close 15 underperforming stores in the next seven weeks, reports The Wall Street Journal. Up to 1,300 employees could be cut out of a total of about 331,000 workers. The company will take a $586 million charge against earnings.
- Marathon Oil (MRO) reported quarterly earnings of $731 million, up from $717 million a year ago. On a per-share basis, earnings fell to $1.02 a share from $1.03 a share a year ago. Revenues rose 39%, reaching $18.1 billion from $13 billion.
- Sun Microsystems (JAVA) reported a loss of $34 million, or 4 cents a share, down from a profit of $67 million, or 7 cents a share a year ago. The company cited costs of 4 cents per share from Sun's $1 billion acquisition of MySQL AB as well as a $52 million tax charge. It also reportedly plans to slash 1,500 to 2,500 jobs. Shares dipped 15% in after hours.
- Asian trading closed with the Hang Seng +1.89%, Nikkei +2.05%, Sensex +1.81% and Taiwan +0.49%.
- A quick check of European bourses finds the CAC +0.96%, DAX +1.10%, FTSE +0.93%, ATX +1.67%, Swiss Mkt. +1.41% and Stockholm +1.52%.
- Over in commodities, crude oil is trading higher +0.63 to 113.15 and gold is also up +4.1 to 855.0 this morning.
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