Spotlight Stocks: Best Buy, Costco, News Corp, Toyota
Thursday's top stories and stocks with potential to move.
Stocks to watch for Thursday, May 8, 2008:
- Best Buy (BBY) plans to invest £1.1 billion ($2.15 billion) in Carphone Warehouse, which is the top cellphone retailer in Europe. The joint venture will include Carphone Warehouse's 2,400 retail stores and the plan is to roll out the first joint stores in the UK in 2009 before further expansion, reported The Wall Street Journal. BBY already owns 3% of the company and the two collaborate on cell phone sales and Geek Squad service.
- Costco's (COST) April same-store sales increased 8%, beating analyst expectations of 6.1%. Excluding gas price inflation, same-store sales would have climbed 5 percent, the company said. Total sales for the period ended May 4 grew 12 percent to $5.54 billion from $4.94 billion.
- Microsoft (MSFT), according to Chief Research and Strategy Officer Craig Mundie, has no intentions of making another bid for Yahoo (YHOO) after its proposed $47.5 billion deal unraveled. Mundie said, "We know what we thought it's economic limits were and that didn't come together, so we've moved on and we will go back and implement plan B that we've been on in any case."
- News Corp. (NWS) reported quarterly earnings of $2.96 billion citing a one-time gain from a stock exchange with Liberty Media Corp. Additionally, the company is expected to be nearing a deal to buy Long Island newspaper Newsday for $580 million, despite a higher bid from Cablevision (CVC) of $650 million and a matching bid by New York Daily News owner Mortimer Zuckerman.
- Toyota (TM) reported fiscal 4Q profit of 316.8 billion yen ($3.05 billion), down 28% from 440.1 billion yen a year ago. The company cited a strong yen and low sales in North America for the decline. The company guided sales lower for this year through March 2009 and also expects net profit to fall 27%.
- Asian trading closed with the Hang Seng -0.63%, Nikkei -1.13%, Sensex -1.49%, Taiwan -0.67% and Shanghai +2.17%.
- Looking at Europe, we spy the CAC -0.41%, DAX -0.26%, FTSE -0.04%, ATX -1.42%, Swiss Mkt. -0.57% and Stockholm -0.61%.
- In commodities crude oil is up +0.04 to 123.57 and gold is also higher +0.9 to 872.1 this morning.
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