Spotlight Stocks: Ford, Gap, Halliburton, Yahoo
Friday's top stories and stocks with potential to move.
Stocks to watch for Friday, May 23, 2008:
- Ford (F) said it does not expect to return to profitability by 2009, as was previously expected. The company also will cut production as the US auto market continues to struggle. Shares traded down 8% on the news. A weak U.S. economy, spiking prices for oil and other commodities and an accelerating consumer shift from larger trucks and sport utility vehicles have hurt the company, reported Reuters..
- Gap (GPS) reported fiscal 1Q profit of $249 million, or 34 cents a share, up 40% from $178 million, or 22 cents a share a year ago. The company cited managing inventory and cutting costs for the gain. Revenue for the period fell 5 percent to $3.38 billion.
- Halliburton (HAL) has offered British oil field services company Expro International a takeover bid worth about 1.7 billion pounds ($3.4 billion). Previously, Expro had agreed to a bid of 1.61 billion pounds worth 1,435 pence per share from funds managed by private equity firm Candover and Goldman Sachs (GS).
- Yahoo (YHOO) nominated nine of its 10 existing board members for reelection. Additionally postponed its annual meeting from July 3 until later the same month and disclosed two independent investor proposals challenging its executive pay and human rights record. Reuters also reported several shareholders other than billionaire investor Carl Icahn plan to nominate candidates to its board.
- Asian trading closed with the Hang Seng -1.31%, Nikkei +0.24%, Sensex -1.52%, Taiwan -1.92% and Shanghai -0.36%.
- A quick look towards Europe finds the CAC -0.97%, DAX -0.47%, FTSE -0.57%, ATX -0.01%, Swiss Mkt. -0.50% and Stockholm -1.02%.
- In commodities, crude oil is trading higher +1.28 to 132.02 and gold is also up +2.7 to 921.0 this morning.
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