Spotlight Stocks: Fannie Mae, Intel, Motorola, National City
Wednesday's top stories and stocks with potential to move.
Stocks to watch for Wednesday, April 2, 2008:
- Fannie Mae (FNM) tightened its lending rules, saying it will require a minimum credit score of 580 for loans it buys on an individual basis, reported the Wall Street Journal. The company previously had no score requirement. The company also said it will increase the period needed for borrowers to "re-establish" their credit history after a foreclosure to five years from four years.
- Intel (INTC) announced it will enter into the business of providing "Internet in your pocket," according to the New York Times. Intel hopes to offer a range of devices that will fill the gap between smart-phones and laptop computers. The company is calling the new computers Mobile Internet Devices, or MIDs and says they will be highly compatible with its laptop and desktop processors.
- Lehman Brothers (LEH) announced it will raise up to $4 billion in order to grow capital and calm investors. The bank is reportedly looking to expand into China, building on its already strong presence in Hong Kong, Singapore and Mumbai.
- Motorola (MOT) will halt production of mobile phones in Singapore by the end of this year, resulting in the loss of 700 jobs, reported Reuters. This announcement is part of the company's global $500 million cost-reduction initiative.
- National City Corp. (NCC) is mulling over the option to sell itself to fellow Ohio bank KeyCorp. If the deal were to go through, the combined company could also receive a capital infusion from private-equity company Kohlberg Kravis Roberts & Co. NCC's stock has fallen over 70% in the past year.
- Pfizer (PFE) has discontinued a Phase III clinical trial for tremelimumab, an experimental advanced skin cancer treatment due to early data showed it was not superior to standard chemotherapy. The company notified regulators and investigators worldwide of the halt, and will work with researchers to see if any patients were benefiting from the drug.
PREMIUM ANALYSIS ON THESE STOCKS & MORE IN REAL-TIME ON BUZZ & BANTER
- Asian trading closed with the Hang Seng +3.18%, Nikkei +4.21%, Sensex +0.79%, Taiwan +2.20% and Shanghai +0.56%.
- A quick check across the pond finds the CAC +0.38%, DAX +0.35%, FTSE -0.08%, ATX +0.29%, Swiss Mkt. +1.13% and Stockholm +0.55%.
- Crude oil is trading higher +0.94 to 101.92 and gold is also up +8.1 to 891.0 this morning.
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