Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Spotlight Stocks: Cisco, Disney, Legg Mason, Sprint


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


Stocks to watch for Wednesday, May 7, 2008:

  • Cisco Systems (CSCO) reported fiscal 3Q earnings of $1.77 billion, or 29 cents per share, down 5.4% from $1.87 billion, or 30 cents per share a year ago. Ex one-time charges, Cisco earned 38 cents per share, beating analyst estimates. Sales came in at $9.79 billion. The company guided in line with expectations, but many analysts remain cautious on this name.
  • DirecTV (DTV) posted 1Q net income of $371 million, or 32 cents a share, up 10% from $336 million, or 27 cents a share a year ago. The company also said it will raise up to $2.5 billion of debt to buy back up to $3 billion of its own stock, reported the Associated Press. DTV said revenue climbed 17 percent to $4.59 billion from $3.91 billion citing HD and DVR service demand in the US.
  • Disney (DIS) reported fiscal 2Q net income of $1.13 billion, or 58 cents a share, up 22% from $931 million, or 44 cents a share a year ago. Revenue grew 10 percent to $8.71 billion. The company said television ratings and ad revenue were dragged by the writers strike, but strong international sales of shows such as "Grey's Anatomy" boosted overall revenue.
  • Legg Mason (LM) reported a fiscal 4Q net loss of $255.5 million, or $1.81 a share, compared with a profit of $172.5 million, or $1.19 a share a year ago citing, among other things, a $291 million in charges for losses in money-market funds. It also took $94.8 million in charges to reduce the value of acquired-management contracts held by Bruce Sherman's Private Capital Management unit, according to The Wall Street Journal.
  • Sprint Nextel (S) and Clearwire (CLWR) are teaming up, along with a few other backers, in a $14.5 billion venture to bring faster Internet access to cellphones and laptops than what is currently available with WiMax technology, reported The Wall Street Journal. Sprint plans to invest $3.2 billion in CLWR, which will provide the technology for the faster service. After the deal, Sprint will hold around 51% of the firm, existing Clearwire shareholders will own 27% and the new investors will hold 22%.

Market Recap

  • Asian trading closed with the Hang Seng -2.48%, Nikkei +0.38%, Sensex -0.19%, Taiwan +0.78% and Shanghai -4.13%.
  • Looking over at Europe, we see the CAC +0.65%, DAX +0.83%, FTSE +0.61%, ATX +1.54%, Swiss Mkt. +0.43% and Stockholm +0.67%.
  • In commodities, crude oil is trading lower -0.23 to 121.61 and gold is also down -7.8 to 869.0 this morning.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos