Spotlight Stocks: Discover, Gannett, Hewlett-Packard, Texas Instruments
Tuesday's top stories and stocks with potential to move.
Stocks to watch for Tuesday, June 10, 2008:
- Discover Financial Services (DFS), which sued Visa (V) and MasterCard (MA) in 2004 over anticompetitive rules which limited growth, is seeking $6 billion from the companies in damages. V and MA allegedly precluded their member banks from issuing credit and debit cards over the Discover network, reported the Associated Press. MasterCard noted Discover's lawsuit relates to MasterCard's Competitive Programs Policy, which was withdrawn following the Supreme Court decision.
- Gannett (GCI) said it will write down its asset value by up to $3 billion, reported The Wall Street Journal. Among hard economic conditions, the company likely doesn't expect to fully recover from losses in its value. The company said it will take a second-quarter impairment charge of between $2.5 billion and $3 billion before taxes, nullifying the quarterly profits. Other newspaper companies, including New York Times (NYT), McClatchey (MNI) and Lee Enterprises (LEE) have taken similar charges.
- Hewlett-Packard (HPQ) has released a new less expensive touchscreen PC called the TouchSmart All-in-One. The computer, priced at $1,299 will launch in Berlin today, reported Reuters. Users will be able to work with photos, music, video, the Internet and television by tapping or swiping the screen.
- Texas Instruments (TXN) narrowed its 2Q outlook for revenue and earnings while still remaining within Street expectations. The company now expects earnings in a range of 43 cents to 47 cents per share for the period from previously stated 42 cents to 48 cents per share. Also, the chipmaker forecasts $3.33 billion and $3.46 billion in revenue, compared with an earlier estimate for $3.24 billion to $3.50 billion.
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- Asian trading closed with the Hang Seng -4.21%, Nikkei -1.13%, Sensex -1.17%, Taiwan -2.54% and Shanghai -7.73%.
- A quick update of Europe shows us the CAC -0.73%, DAX -0.78%, FTSE -0.53%, ATX -0.78%, Swiss Mkt. -1.07% and Stockholm -0.88%.
- In commodities, crude oil is edging higher +0.20 to 134.55 while gold is falling -9.7 to 885.0 this morning.
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