Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Spotlight Stocks: Ambac, IBM, Schering-Plough, Yahoo

By

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

PrintPRINT

Stocks to watch for Wednesday, April 23, 2008:

  • Ambac Financial (ABK) posted a 1Q loss of $1.66 billion, or $11.69 a share, down sharply from a net income of $213.3 million, or $2.02 a share a year ago. Ambac says its charges related to losses on credit derivatives and other items totaled $3.06 billion.
  • GlaxoSmithKline (GSK) announced it will purchase Sitris Pharmaceuticals for $720 million. Sitris is known to be researching a chemical found in red wine, resveratrol, which could be used to fight diabetes and also may increase lifespan. Sitris will remain an autonomous company.
  • International Business Machines (IBM) plans to announce a new computer, dubbed the iDataPlex, designed for large data centers operated by so-called Web 2.0 companies, such as Internet-search and email providers, reported The Wall Street Journal. The new line is meant for companies that buy vertical racks containing dozens of servers based on Intel (INTC) microprocessors.
  • Schering-Plough (SGP) reported 1Q net income of $291 million, or 15 cents a share, down 48% from $565 million, or 36 cents a share a year ago. The company cited increased spending on research, higher overhead and costs related to a huge acquisition in the prior quarter as reasons for the loss. Revenues totaled $4.66 billion, up from $2.98 billion a year earlier.
  • WellPoint (WLP) posted 1Q net income of $588.1 million, or $1.07 a share, down 25% from $783.1 million, or $1.26 a share a year ago. The company cited high medical costs, including in its Medicare plans for the elderly for the loss. It also cut its 2008 forecast. Total revenue climbed 3.1% to $15.55 billion.
  • Yahoo (YHOO) reported 1Q earnings of $542.2 million, or 37 cents a share, more than three times higher than a year ago when the company reported $142.4 million, or 10 cents a share. Revenue climbed 9 percent to $1.82 billion. Despite the strong performance, Microsoft (MSFT) said it will not change its bid for the company which is now worth about $43 billion, or $29.88 per share.


Market Recap

  • Asian trading closed with the Hang Seng +1.40%, Nikkei +0.23%, Sensex -0.51%, Taiwan -0.32% and Shanghai +4.15%.
  • A quick check of Europe finds the CAC -0.03%, DAX -0.88%, FTSE -0.15%, ATX +0.80%, Swiss Mkt. -1.03% and Stockholm +0.11%.
  • Over in commodities, crude oil is lower -0.38 to 117.69 and gold is also down -0.8 to 921.5 this morning.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE