Spotlight Stocks: Blockbuster, Citigroup, Visa, Wal-Mart
Tuesday's top stories and stocks with potential to move.
Stocks to watch for Tuesday, April 29, 2008:
- Blockbuster (BBI) is in discussions over taking a stake in a premium TV channel being launched by Viacom (VIA) with Lions Gate Entertainment (LGF). Reuters reports as part of an agreement being discussed, Blockbuster will get digital rights to the channel's programming in return for an investment in the partnership
- Citigroup (C), after losing 75% or more in value of a pair of hedge funds launched last year, is offering to cover some of those losses. According to The Wall Street Journal, an investor who put $500,000 into one of the hedge funds filed a federal lawsuit against Citigroup earlier this month.
- General Motors (GM) will slash production of larger vehicles by up to 138,000 at four plants in North America in the second half of this year, including 88,000 pickup trucks and 50,000 sport-utility vehicles. Consumers have shifted their interest to more fuel-efficient vehicles, reported WSJ.
- Honeywell International (HON) agreed to purchase Metrologic Instruments for $720 million. Metrlogic makes laser and imaging bar code scanners, area imagers and rugged mobile computers. The company's revenue was about $246 million in 2007.
- Visa (V) reported fiscal 2Q profit of $314 million, or 39 cents a share, up 28% from $246 million a year ago. Globally, consumers were charging more to their credit cards. Investors were still skeptical of how the company will hold up in the struggling US economy as they took shares down 6% in after hours.
- Wal-Mart (WMT) said that it will allow US tax rebate checks to be cashed for free at its stores with no purchase required. The company has cut prices on key consumable items to coincide with the rebates, reported Reuters.
- Asian trading closed with the Hang Seng +0.97%, Sensex +2.13%, Taiwan -2.07% and Shanghai +1.40%.
- A quick check of Europe finds the CAC -0.37%, DAX -0.72%, FTSE +0.30%, ATX -0.22%, Swiss Mkt. -0.39% and Stockholm -1.42%.
- Commodities are dipping as crude oil trades down -0.88 to 117.87 and gold is lower -7.2 to 888.3 this morning.
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