Stocks to Watch: ConocoPhillips, Dell, Sprint Nextel
Friday's top stories and stocks with potential to move...
Stocks to watch for Friday November 30, 2007:
- Abbott Laboratories (ABT) said the FDA's Circulatory System Devices Advisory Panel has recommended approval of its Xience V Everolimus Eluting Coronary Stent System. The drug is intended to treat coronary artery disease.
- Alliance Data Systems (ADS) said that it had not yet been approached with renegotiations of a takeover bid by Blackstone (BX) for $81.75 a share. The company however, is still trying to negotiate with BX on a deal valued at $7.8 bln.
- Brocade Communications (BRCD) reported fiscal 4Q net income of $32 mln, or 8 cents a share, up from $20 mln, or 7 cents a share a year ago. Revenue for the quarter ended Oct. 27 climbed to $340 million from $208.8 million.
- ConocoPhillips (COP) will submit a proposal to build a $30 bln pipeline for natural-gas from Alaska to the continental US states. Alaska's previous governor had killed a similar deal last year, but new governor Sarah Palin would like to expedite the process.
- Dell (DELL) reported fiscal 3Q profit of $766 mln, or 34 cents a share compared with $601 mln, or 27 cents a share a year earlier. Revenue came in at %15.65 bln compared to the year-ago numbers of $14.42 bln. The company also noted a decline in revenue from its PC sales and forecast that it will incur more costs in the year ahead.
- McDonald's (MCD) has named Neil Golden its chief marketing officer, effective April 1, 2008. Current CMO William Lamar Jr will retire at the end of 1Q.
- Sprint Nextel (S) turned down an investment offer by South Korea company SK Telecom (SKM) and private equity company Providence Equity Partners for $5 bln. The consortium had wanted to name Sprint's former chairman Tim Donahue as chief executive.
- Asian trading closed with the Hang Seng +0.57%, Nikkei +1.08%, Sensex +1.89%, Taiwan +1.65% and Shanghai -2.63%.
- A glance towards European bourses finds the CAC +1.02%, DAX +1.23%, FTSE +1.01%, ATX +0.86%, Swiss Mkt. +0.92% and Stockholm +0.88%.
- Crude oil is trading up +0.05 to 91.06 and gold is also higher +3.1 to 805.4 this morning.
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