Spotlight Stocks: Boeing, Circuit City, Lehman, Yahoo
Thursday's top stories and stocks with potential to move.
Stocks to watch for Thursday, April 10, 2008:
- American Airlines (AMR) yesterday grounded 1,094 flights after discovering it needed to recheck the wiring in its MD-80 jets. More than 100,000 travelers were stranded yesterday, on top of those affected by Tuesday's 460 flight cancellations. 900 more flights are expected to be grounded today.
- Boeing (BA) has come up with a revised delivery schedule for its 787 Dreamliner jet, which is currently running 15 months behind schedule. According to the Wall Street Journal, the new schedule, which adds six months to the previous projections, includes an additional two months before turning on electrical power to the first airplane, four months before it is ready to fly and six months for the first delivery in the third quarter of 2009.
- Circuit City (CC) reported a 1Q profit of $4.85 million, or 3 cents a share, up from a loss of $4.25 million, or 3 cents a share a year ago. According to the Associated Press, the company said it achieved approximately $65 million in reduced costs and expenses in the quarter from ongoing changes in its structure. Revenue declined 8% from a year ago to $3.65 billion.
- Lehman Brothers (LEH) liquidated three of its funds that ended up taking $1 billion of assets on its balance sheet. According to Reuters, the bank blamed the liquidation on "market disruptions that occurred in the second half of the 2007 fiscal year and further deterioration in the 2008 quarter," according to the quarterly filing on Wednesday.
- Yahoo (YHOO) is near a deal with AOL which would merge the two companies' Internet operations. As a counter, Microsoft (MSFT) is in talks with News Corp. (NWS) about a potential joint bid for YHOO.
- Asian trading closed with the Hang Seng +0.84%, Nikkei -1.27%, Sensex -0.60%, Taiwan +1.86% and Shanghai +1.69%.
- Glancing towards Europe, we spot a lot of red with the CAC -1.44%, DAX -1.29%, FTSE -0.64%, ATX -1.69%, Swiss Mkt. -1.39% and Stockholm -2.15%.
- In commodities, crude oil is trading higher +0.97 to 111.84 and gold is also up +0.8 to 934.4 this morning.
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