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Spotlight Stocks: Boeing, Bear Stearns, Countrywide

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

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Stocks to watch for Tuesday, March 11, 2008:

Bear Stearns (BSC) shares were hit hard yesterday, falling more than 11% on questions over its liquidity. The company issued a press release after the close, stating "there is absolutely no truth to the rumors. Bear Stearns' balance sheet, liquidity and capital remain strong."

Boeing (BA) plans to submit a formal complaint over the $35 billion dollar Air Force tanker deal the U.S. government awarded to rivals Northrup Grumman (NOC) and European Aeronautic.

Texas Instruments (TXN) lowered guidance after the close, cutting revenue estimates to between $3.21 billion and $3.35, down from $3.27 billion to $3.55 billion. Stocks fell in after-hours trading.

Countrywide (CFC) shares fell 14% yesterday as an FBI probe into fraudulent lending practices led investors to question whether the purchase by Bank of America (BAC) would go through. Although BofA announced it still planned to complete the deal, Countrywide's stock is now trading materially lower than the proposed acquisition price.

Fannie Mae (FNM) and Freddie Mac (FRE) are, to use a Toddism, now teenagers after the government sponsored mortgage companies closed down 13% and 12% respectively on fears of higher-than-expected losses on delinquent mortgages.

Wellpoint (WLP), the domestic health benefits provider, lowered its fiscal 2008 earnings forecast to between $5.76 and $6.01 per share, down from $6.41 per share. The company cited lower than expected enrollment and higher medical costs.

Toll Brothers (TOL) announced it may take additional losses resulting from joint-ventures, where partners won't share the cost of development projects. Toll said it "may be adversely impacted by the failure of the joint venture or its participants to fulfill their obligations."

Market Recap
  • Asian trading closed with the Hang Seng +1.28%, Nikkei +1.01%, Sensex +1.06%, Taiwan +0.99% and Shanghai +0.47%.
  • A quick look towards Europe finds the CAC +0.64%, DAX +0.22%, FTSE +0.99%, ATX +0.76%, Swiss Mkt. +0.50% and Stockholm +0.30%.
  • Crude oil is trading higher +0.32 to 108.22 and gold is up +9.30 to 981.40 this morning.
No positions in stocks mentioned.

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