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Spotlight Stocks: Alcoa, Goodyear, Sears, Sprint


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


Stocks to watch for Thursday, February 28, 2008:

  • Alcoa (AA) is being accused of a 15 year conspiracy by Aluminum Bahrain BSC of the Persian Gulf state of Bahrain. The accusations include overcharging, fraud and bribery. According to Reuters, Bahrain said Alcoa steered payments for an aluminum precursor ingredient to a group of companies abroad, in order to pay kickbacks to a Bahrani government official.
  • British American Tobacco (BTI) reported its full-year net profit rose 12% and also says it will buy Skandinavisk Tobakskompagni's cigarette business in a cash-and-stock deal valued at £2.06 billion ($4.08 billion), reported the Wall Street Journal. ST sells more than 60% of Scandinavia's cigarettes
  • Goodyear (GT) is close to making a more than $1 billion investment in a manufacturing plant near the Chinese city of Dalian. Goodyear plans to set up a plant in the Beishan area and hire more than 2,000 employees. The company will make the appropriate announcements once any decisions have been finalized.
  • Sears Holdings (SHLD) reported fiscal 4Q net income of $426 million, or $3.17 a share, down 47% from $811 million, or $5.27 a share a year ago. The company said revenue slipped 6.8% to15.07 billion, due in part to low same store sales and an extra week in the quarter a year ago.
  • (CRM) reported a fiscal 4Q profit of $7.38 million, or 6 cents a share, up from $516,000, or break-even in the period a year earlier. Revenue at the company surged 50% higher to $216.9 million.
  • Sprint Nextel (S) reported a 1Q loss of $29.4 million, or $10.36 a share, compared with a profit of $261 million, or 9 cents a share, a year ago. Revenue fell to $9.8 billion from $10.44 billion. The company continues to forecast falling subscribers and rising cancellations.

Market Recap

  • Asian trading closed with the Hang Seng +0.44%, Nikkei -0.75%, Sensex -0.01%, Taiwan +1.86% and Shanghai -0.80%.
  • A quick look towards Europe finds mostly red with the CAC -0.84%, DAX -0.82%, FTSE -0.70%, ATX +0.12%, Swiss Mkt. -0.47% and Stockholm -0.71%.
  • Over in commodity land, crude oil is up +0.08 to 99.74 while gold is lower -2.3 to 958.7 this morning.
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No positions in stocks mentioned.

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