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Stocks to Watch: Berkshire Hathaway, Citigroup, Ford, PetroChina, Yahoo


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


Stocks to watch for Monday, November 5, 2007:

  • Berkshire Hathaway (BRK-A) reported a 64% jump in 3Q net income coming in at $4.55 bln, helped by the sale its stake in PetroChina (PTR). A year ago, the company reported a 373% surge in earnings to $2.77 billion. Decreases in revenue from Berkshire's housing-relating businesses were offset by gains in other business areas such as metals, energy and aviation.
  • Citigroup's (C) announced it will write down another $11 bln of risky securities than previously estimated. The write-downs have led to the resignation of CEO and chairman Chuck Prince. The company's new chairman will be former Treasury Secretary Robert Rubin, with Win Bischoff stepping in as interim chief executive.
  • Ford (F) reached a tentative contract agreement with the UAW over the weekend regarding wages to new workers and retirement obligations. The new contract has to be approved by the the 54,000 UAW represented employees at Ford.
  • Kraft (KFT) is expected to soon agree to sell its Post cereal unit to store brand food maker Ralcorp Holdings (RAH) for about $2.8 bln.
  • PetroChina (PTR), after raising $9 bln in its huge IPO, saw its shares more than double. The China oil producer became the world's biggest listed company by market value at around $1 trillion, which is more than double rival Exxon Mobil (XOM) which is the next largest at $488 bln.
  • Oppenheimer (OPY) will pay a minimum of $50 mln to acquire certain assets in the US and abroad from Canadian Imperial Bank of Commerce. OPY also agreed to make additional payments to CIBC if the business meets certain targets.
  • UnitedHealth (UNH) reported it would acquire Fiserv's health related businesses for $775 mln. The deal includes Fiserv Health Plan Administration, which provides administrative services for two million individuals, and prescription-benefits administrator Innoviant.
  • Yahoo (YHOO) is introducing a social network, called Kickstart, which will help college students get help and advice pertaining to their careers. Students can get help finding internships.

Market Update

  • Asian trading closed with the Hang Seng -5.01%, Nikkei -1.50%, Sensex -1.93%, Shanghai -2.48% and Taiwan +0.38%.
  • A glance towards Europe finds the CAC -0.79%, DAX -0.58%, FTSE -1.27%, ATX -1.34%, Swiss Mkt. -0.40% and Stockholm -0.29%.
  • Crude oil is trading lower -1.38 to 94.56 and gold is also down -2.7 to 805.8 this morning.
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No positions in stocks mentioned.

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