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.
- Salesforce.com (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.
- 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.
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.
Daily Recap Newsletter