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Spotlight Stocks: AIG, Cisco, Goldman, Yahoo


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


Stocks to watch for Wednesday, September 24, 2008:

  • American International Group (AIG) said it has reached a definitive agreement with the Federal Reserve worth up to $85 billion. Overall, the Fed will gain a 79.9% stake in the company, reported Reuters. AIG will have to pay back the loan from mainly asset sales and new debt or share issues.

  • Cisco (CSCO) is expected to announce a new line of products which will connect people in businesses more effectively. For example, Cisco WebEx Connect will integrate tools such as instant messenger and video conferencing into conventional software, reported The Wall Street Journal. Cisco believes the market for this product to be worth about $34 billion.

  • Goldman Sachs (GS) saw billionaire Warren Buffett take a $5 billion stake via his company Berkshire Hathaway (BRK-A). This seems to be a bet that the $700 billion bailout of the financial system will be effective. According to The Wall Street Journal, "The deal is structured in two parts, giving Berkshire a stream of cash and potential ownership of roughly 10% of Goldman. Berkshire will spend $5 billion on "perpetual" preferred shares of Goldman."

  • Yahoo's (YHOO) board approved discussions to be held regarding Time Warner's (TWX) AOL unit. The company's new directors met for the first time since Carl Icahn was given clearance to the boardroom, reported the Financial Times.

Market Recap

  • Asian trading closed with the Hang Seng +0.47%, Nikkei +0.20%, Sensex +1.17%, Taiwan -0.80% and Shanghai +0.70%.

  • A quick check across the pond finds the CAC -0.31%, DAX -0.09%, FTSE -0.43%, ATX -0.39%, Swiss Market +0.54% and Stockholm -0.35%.

  • Commodities are up with crude oil +2.54 to 109.15 and gold +3.5 to 889.4 this morning.
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No positions in stocks mentioned.

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