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Spotlight Stocks: Coca-Cola, Intel, JPMorgan, WaMu


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


Stocks to watch for Wednesday, April 16, 2008:

  • BlackRock (BLK) posted 1Q net income of $242 million, or $1.82 a share, up from $195.4 million, or $1.48 a share a year ago. The company cited a rise in assets under management.
  • Coca-Cola (KO) reported 1Q net income of $1.50 billion, or 64 cents a share, up from $1.26 billion, or 54 cents a share a year ago. Net operating revenue rose to $7.38 billion from $6.10 billion a year ago, helped by foreign exchange rates. Internationally, Coke has done well in emerging markets such as Brazil, China, India and Turkey while the US economy has slowed.
  • Intel (INTC) reported 1Q net income fell to $1.44 billion, or 25 cents a share, down from $1.64 billion, or 28 cents a share a year ago. Revenue came in at $9.7 billion, up from $8.85 billion. INTC cited charges of 4 cents a share related to restructuring and asset impairment for the decline.
  • JPMorgan (JPM) this morning reported 1Q profit of $2.37 billion, or 68 cents a share, down from $4.79 billion, or $1.34 a share a year ago. The company was hurt by write-downs for leveraged loans and mortgages and by an increase in credit reserves, reported Reuters.
  • Merrill Lynch (MER) will announce $6-8 billion in new write-downs today, for a total of over $30 billion since October. According to the Wall Street Journal, the firm is planning a cost-saving initiative that includes job cuts of 10% to 15% in some areas where business is off, such as bond finance.
  • Washington Mutual (WM) reported a 1Q loss of $1.14 billion, or $1.40 a share, down sharply from a year ago profit of $784 million, or 86 cents a share. The company also announced it will revise its incentive-pay program which made executives' cash bonuses safe from costs related to mortgage losses and foreclosures, reported the Wall Street Journal.

Market Recap

  • Asian trading closed with the Hang Seng -0.10%, Nikkei +1.20%, Sensex +0.56%, Taiwan +1.58% and Shanghai -1.69%.
  • A quick check towards Europe finds the CAC +0.64%, DAX +0.70%, FTSE +0.99%, ATX +0.66%, Swiss Mkt. -0.41% and Stockholm +0.63%.
  • In commodities, crude oil is trading higher +0.42 to 114.21 and gold is also up +6.0 to 934.7 this morning.
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No positions in stocks mentioned.

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