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Stocks to Watch: Advanced Micro Devices, Celgene, Fannie Mae...


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


Stocks to watch for Monday, November 19, 2007:

  • Advanced Micro Devices (AMD) will introduce its new desktop chip platform, Spider. AMD added the graphics and chip-set lines through its 2006 purchase of ATI Technologies Inc. for $5.4 billion. Though, it is reported the new processors will not match the speed of Intel's (INTC) new chips.
  • Celgene (CELG) agreed to acquire blood-cancer treatment maker Pharmion (PHRM) for $2.9 billion in cash and stock. The company will pay PHRM shareholders $72 a share for their stock, a 50% premium over Friday's closing price, to be received in 1/3 cash and the rest in Celgene stock.
  • Citigroup (C) named its new chief risk officer, Jorge Bermudez, to replace Dave Bushnell effective immediately. The company also formed an advisory committee to provide input on ways to improve the company's risk management processes.
  • Fannie Mae (FNM) said it will issue preferred shares totaling 20 mln at $25 per share, or $500 mln total, on or after Wednesday. The stock will have an annual dividend rate of 7.625%.
  • Merrill Lynch (MER) agreed to a base salary of $750,000 annually for incoming CEO John Thain, along with a $15 mln cash bonus for 2007. Thain will also be compensated for the equity he gave up upon leaving NYSE Euronext.
  • NYSE Euronext (NYX) said on Friday that incoming CEO Duncan Niederauer will receive an annual salary of $1 mln, along with a 2008 bonus of up to $5 mln.
  • Xerox (XRX) declared a dividend of 4.25 cents per share, payable Jan. 31 for shareholders of record on Dec. 31. This marks the company's first dividend payment since 2001, when it paid a 5 cents quarterly dividend.

Market Recap

  • Asian trading closed with the Hang Seng -0.56%, Nikkei -0.74%, Sensex -0.33%, Taiwan -0.96% and Shanghai -0.87%.
  • A quick check across the pond finds the CAC -0.30%, DAX -0.78%, FTSE -0.82%, ATX -1.93%, Swiss Mkt. -0.72% and Stockholm -1.57%.
  • Crude oil is trading higher +0.83 to 94.67 and gold is also up +2.9 to 789.1 this morning.
No positions in stocks mentioned.

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