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Spotlight Stocks: Adobe, Goldman, Intel, McClatchey


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


Stocks to watch for Tuesday, June 17, 2008:

  • Adobe Systems (ADBE) reported 2Q net income of $214.9 million, or 40 cents a share, up 41% from $152.5 million, or 25 cents a share a year ago. The company said it was helped by strong demand internationally. Revenue beat expectations of $880 million, coming in at $886.9 million.
  • Goldman Sachs (GS) is nearing completion of a restructuring plan for a $7 billion structured investment vehicle formerly run by Cheyne Capital of London, reported the Financial Times. The company could see up to $18 billion worth of SIV assets being similarly restructured in the coming months. Once the deal is completed, Cheyne's assets will be auctioned off to establish a price. The Goldman will create a new off-balance sheet vehicle to buy the assets, with the transfer of assets being funded by the US bank for just one day before being sold on to the new vehicle, said the FT.
  • Intel's (INTC) SpectraWatt team, which has been working on technology to use in solar panels, is reportedly planned to be spun off to form a new company. The new company will make photovoltaic cells, the primary component in panels that use sunlight to generate electricity, reported The Wall Street Journal. Initial funding of $50 million will come from a consortium including Intel's venture-capital arm and Goldman Sachs' Cogentrix Energy subsidiary.
  • McClatchey (MNI) will reportedly cut 1,400 jobs, or 10% of its workforce, in order to cut costs as revenues continue to fall. The newspaper publisher reported a 15.4 percent decline in advertising revenues for the year so far. According to a spokeswoman, the cuts would be spread throughout the company and would come through a combination of voluntary departures, layoffs and attrition, reported the Associated Press.

Market Recap

  • Asian trading closed with the Hang Seng +0.12%, Nikkei -0.04%, Sensex +1.96%, Taiwan +0.39% and Shanghai -2.76%.
  • A quick check of Europe finds the CAC +0.89%, DAX +1.34%, FTSE +1.57%, ATX +1.19%, Swiss Mkt. +0.77% and Stockholm +1.06%.
  • In commodities, crude oil is down -1.98 to 132.67 while gold is higher +1.8 to 885.4 this morning.
No positions in stocks mentioned.

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