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Spotlight Stocks: Del Monte, France Telecom, Sprint, UBS


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


Stocks to watch for Monday, June 30, 2008:

  • Del Monte (DLM) has agreed to sell its seafood business, StarKist, for $363 million to South Korean company Dongwon Enterprise. In fiscal 2008, StarKist generated about $560 million in sales. The sale includes manufacturing operations in American Samoa; Manta, Ecuador; and certain StarKist manufacturing assets in Terminal Island, California and Guayaquil, Ecuador reported the Associated Press.
  • France Telecom (FTE) withdrew its offer, worth $40 billion, for TeliaSonera on Monday, reported Reuters. The site said that this deal was unlikely to be completed from the start as FTE was restricted by its financial targets and because Sweden, which is a big TeliaSonera investor, was wary of selling at too low a price for political reasons.
  • H&R Block (HRB) reported fiscal 4Q profit of $543.6 million, or $1.66 a share, up from a loss of $85.6 million, or 26 cents per share a year ago. Revenue rose 11% to $2.6 billion from $2.3 billion last year. Associated Press reports the company was helped by a record-setting tax season and the sale of its troubled mortgage arm.
  • National Semiconductor (NSM) plans to announce a new technology, called SolarMagic, designed to reduce the impact of partial shading on solar panels. NSM CEO Tom McCalmont said SolarMagic can recoup as much as 40% of the power that otherwise would be lost to partial shading caused by trees, buildings or other obstacles.
  • Sprint Nextel (S) is expected to see stronger customer retention for the 2Q, reported The Wall Street Journal. The company is selling out of its Samsung Instinct in some of its retail stores, a good sign for investors and analysts. The stock rose 13% last week as the markets was negative overall.
  • UBS (UBS) announced it has plans to sell its biggest U.S. wealth management business, Paine Webber. Reuters reports "UBS is under pressure from the Swiss financial watchdog and one of its top shareholders, Olivant, to overhaul its business after more than $37 billion in writedowns during the global credit turmoil." UBS stock fell on the news.

Market Recap

  • Asian trading closed mostly lower with the Hang Seng +0.27%, Nikkei -0.46%, Sensex -2.47%, Taiwan -0.33% and Shanghai -0.45%.
  • A quick check across the pond finds the CAC +0.13%, DAX -1.13%, FTSE +0.68%, ATX +0.18%, Swiss Mkt. +0.46% and Stockholm -1.20%.
  • In commodities, crude oil is higher +2.71 to 142.91 and gold is also up +5.0 to 936.3 this morning.
No positions in stocks mentioned.

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