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Spotlight Stocks: AT&T, Bank of America, Genentech, Yahoo


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


Stocks to watch for Monday, July 21, 2008:

  • AT&T (T), set to report earnings on Wednesday, is expected to report a decline in landlines and weakness in its wireless business, reported The Wall Street Journal. Analysts are also expecting the company to guide lower for the entire fiscal 2008. With cell phones serving as many Americans' main lines and others using landlines offered by their cable service, phone companies in general are seeing a drop-off.

  • Bank of America (BAC) reported 2Q net income of $3.41 billion, down from $5.76 billion a year ago. According to the press release, diluted earnings per share decreased 44 percent to $0.72 from $1.28 last year. Net revenue rose to a record $20.32 billion stemming from an expanded net interest yield, loan growth and higher income from service charges, mortgage banking and investment and brokerage services.

  • Genentech (DNA) was presented a $43.7 billion offer from Swiss drugmaker Roche Holding to acquire all outstanding shares in the company. Roche currently owns 55.9% of Genentech. Reuters reports the company would offer $89 per share to buy up the remaining stake, a 9% premium over Friday's closing price.

  • Yahoo (YHOO) is expected to receive a call from one of its shareholders asking it to compromise and accept a mixed board of directors with representation from company nominees and those backed by Carl Icahn. The shareholder is Eric Jackson, founder of the activist hedge fund Ironfire Capital and leader of the grassroots shareholder group Yahoo Plan B, reported Reuters. The plan B group is comprised of 150 shareholders who hold 3.2 million YHOO shares.

Market Recap

  • Asian trading closed with the Hang Seng +3.01%, Nikkei -0.65%, Sensex +1.57%, Taiwan +3.97% and Shanghai +2.99%.

  • A quick check towards Europe finds the CAC +0.77%, DAX +0.88%, FTSE +0.60%, ATX +1.84%, Swiss Market +0.68% and Stockholm +0.01%.

  • In commodities, crude oil is trading higher +1.64 to 130.52 and gold is also up +7.7 to 965.7 this morning.
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No positions in stocks mentioned.

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