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Stocks to Watch: AMR Corp., General Motors, Harman International, Microsoft, Wal-Mart


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


Stocks to watch for Monday, September 24, 2007:

  • AMR Corp. (AMR) said it expects passenger unit revenue at its main American Airlines carrier to rise between 4% and 5% in the third quarter from a year ago, while revenue per available seat mile across its entire system rises 3.7% to 4.7%. Fuel prices are likely to average $2.21 a gallon, lower than the $2.24 forecast in July, said AMR in a regulatory filing.
  • Fidelity National Information Services (FIS) completed the sale of its Property Insight unit to title insurance company Fidelity National Financial (FNF). FNI expects the deal to lower its third-quarter earnings by about 1 cent a share, and fourth-quarter earnings by about 2 cents a share, exclusive of a gain on the sale.
  • Gap Inc. (GPS) named Todd Oldham design creative director of Old Navy, effective Oct. 1. Oldham will also launch a merchandise line under the Todd Oldham name, to be sold exclusively at the Old Navy stores.
  • General Motors (GM) and the United Auto Workers returned to the bargaining table Friday, focusing discussions on wages after failing to gain ground on the topic of worker-managed health care.
  • GlaxoSmithKline PLC (GSK) received an approvable letter from the Food and Drug Administration for Lamictal XR Extended Release Tablets, a once-daily epilepsy treatment. The FDA's decision doesn't affect the current formulation of Lamictal, which is a twice-daily immediate-release drug.
  • Harman International (HAR) said that KKR and Goldman's GS Capital Partners VI Fund LP don't intend to complete an $8 billion leveraged buyout of the stereo and audio equipment maker. The companies said there was a believed "material adverse change" in Harman's business, and that Harman breached the merger agreement. Harman said it disagrees. KKR and Goldman are required to pay a $225 million termination fee for calling the deal off.
  • Microsoft (MSFT) is working with a public relations firm to campaign against Google's (GOOG) planned $3.1 bln acquisition of advertising firm DoubleClick. The goal is to convince other Internet companies that the deal will violate "fair and free competition" in Internet-search and privacy rights of consumers.
  • Saks (SKS) said its board accused certain of its current and former officers and employees for legal fees and expenses during an audit committee investigation in 2005 or a related government investigation, as well as a derivative litigation dismissed earlier this year. The board found that the conduct of the individuals was in good faith, and that each believed his or her conduct was in the retailer's best interest.
  • TJX Cos. (TJX) has agreed to settle customer class-action lawsuits in the U.S. and Canada related to claims arising from the criminal intrusions into TJX's computer system.
  • Wal-Mart Stores (WMT) says it will start asking suppliers to measure the amount of energy used to make some of the products it sells. Reasons for the request are not confirmed. This is the latest attempt in a push by Wal-Mart that the company says should both help the environment and cut costs. Wal-Mart has said it wants to cut packaging waste at its stores by 25% within three years, double the fuel efficiency of its truck fleet within 10 years and eventually operate entirely on renewable energy
  • Xerox (XRX) is expected to introduce an office printer which uses solid-ink technology, which should be able to print color as cheaply as black ink. These will be priced comparable to similar speed printers from Hewlett-Packard (HPQ).

Market Update

  • Asian trading closed with the Hang Seng +2.52%, Sensex +1.70%, Taiwan +1.36% and Shanghai +0.56%.
  • Glancing across the pond towards Europe, we spy the CAC +0.03%, DAX -0.15%, FTSE +0.43%, ATX +0.41%, Swiss Mkt. +0.24% and Stockholm -0.32%.
  • Crude oil is trading lower -0.66 to 80.96 and gold is trading higher +4.3 to 743.2 this morning.
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No positions in stocks mentioned.

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