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Spotlight Stocks: Goldman, Intel, Time Warner, Toyota

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

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Stocks to watch for Wednesday, July 16, 2008:

  • Goldman Sachs (GS) is being accused by executives at Bear Stearns and Lehman Brothers (LEH) of helping along the process to their demise. The Wall Street Journal reported former Bear CEO Alan Schwartz said GS traders in London had manipulated the firm's stock price in the days leading to its fall. LEH CEO Richard Fuld Jr. also reportedly alleged that Goldman traders had been spreading negative rumors about the firm. Goldman CEO Lloyd Blankfein said he would act "severely" if he ever discovered this type of behavior had occurred.

  • Intel (INTC) reported 2Q net income of $1.6 billion, or 28 cents a share, a 25% leap from $1.28 billion, or 22 cents a share a year ago and beating Street expectations. Strong sales of laptop chips helped the results as CEO Paul Otellini said, demand was strong "in all segments and all parts of the globe." Shares rose 23 cents, or 1.1 percent, to $20.94 in after-hours trading.

  • Time Warner (TWX) is looking to speedily complete a deal where it would either merge or sell its AOL unit to Microsoft (MSFT) or Yahoo (YHOO). Reuters reports, citing a source familiar with the matter, that the company hopes the talks are finished by a deadline of August 1, when Yahoo holds its important shareholders meeting. Terms of any proposed deal are not currently available. It is likely a deal with Yahoo would be a merger of sorts, while Microsoft is more likely to buy the AOL unit.

  • Toyota (TM) said it will cut its global sales forecast for fiscal 2008 to 9.5 million vehicles, or a 3.6% decline, as the economic and consumer slowdown continues to pinch its efforts in the US and Japan, said Reuters. The official announcement of the cuts, which are in line with analyst expectations, is expected this month.


Market Recap

  • Asian trading closed with the Hang Seng +0.23%, Nikkei +0.05%, Sensex -0.79%, Taiwan -1.81% and Shanghai -2.65%.

  • A quick check of Europe finds the CAC -1.13%, DAX -0.83%, FTSE -1.28%, ATX -2.45%, Swiss Mkt. -1.57% and Stockholm -0.57%.

  • In commodities, crude oil is lower -0.78 to 137.96 and gold is also down -1.4 to 977.4 this morning.
No positions in stocks mentioned.

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