Stocks to Watch: ArcelorMittal, Freddie Mac, Wal-Mart
Friday's top stories and stocks with potential to move.
Stocks to watch for Friday November 23, 2007:
- ArcelorMittal (MT), the world's top steel maker, increased its stake in China Oriental Group from 28% to 73%. This makes MT the first foreign firm to take control of a Chinese steelmaker.
- Boeing (BA) received an order from Royal Dutch Airlines, a unit of Air France-KLM Group, for an additional three next generation 737-700 jets and two 777-300 extended range aircrafts and took options on one more 737 and two more 777s. The total cost is priced at $716 mln.
- Ford Motor's (F) bid to buy India's Tata Motors (TTM) was backed by labor representatives at the company's Jaguar and Land Rover units. The bid was approved by about 60 senior members who represent workers at the units.
- Freddie Mac (FRE) shareholders filed a lawsuit against the company for a lack of risk-control measures taken between August 2006 and November 2007.. It also alleges the company's procedures led to inflated appraisals and increased risk of defaults.
- Siemans (SI) won an order to supply wind and steam turbines for a renewable energy project in Spain, totaling 170 mln euro. The companies leading the project are Spanish energy company Iberdrola and Solel Solar Systems of Israel.
- United Rentals (URI) requested a judgment from a New York State Supreme Court against Cerberus for failing to meet the requirements of its agreed upon acquisition of the company. Cerberus had agreed to pay $34.50 a share, or $7 billion, for United Rentals. and said on Wednesday that its agreement with URI includes a liability cap of $100 million if the deal did not go through.
- Wal-Mart (WMT) was rejected in its attempt to block public access to court documents in its tax dispute with North Carolina authorities. The state attorney general said there was a public interest in maintaining access.
- Asian trading closed with the Hang Seng +2.06%, Nikkei +0.34%, Sensex +1.76%, Taiwan -1.85% and Shanghai +0.96%.
- A quick look across the pond finds the CAC +0.59%, DAX +0.30%, FTSE +1.02%, ATX +0.88%, Swiss Mkt. +1.57% and Stockholm +0.75%.
- Crude oil is trading lower -0.85 while gold is shooting higher +11.1 to 809.7 this morning.
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