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Spotlight Stocks: Bank of America, Deutsche Telekom, UAL Corp, Yahoo


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


Stocks to watch for Monday, May 5, 2008:

  • Bank of America (BAC) could renegotiate its purchase of Countrywide Financial (CFC) down to between $0 and $2 a share, or completely walk away, reported Reuters citing Friedman, Billings, Ramsey. CFC's loan portfolio has lost so much value that the company now has negative equity.
  • Berkshire Hathaway (BRK-A) on Friday reported 1Q net income of $940 million, or $607 a class A share, down 64% from $2.6 billion, or $1,682 a class A share, a year earlier. Warren Buffett's company cited an unrealized $1.6 billion pretax loss on its derivative contracts and lower profits for its loss.
  • Deutsche Telekom (DT) is considering making a bid to acquire Sprint Nextel (S). Such an acquisition, reported The Wall Street Journal, would make DT's T-Mobile unit the top wireless carrier in the US. Sprint Nextel has a stock-market capitalization of $22 billion and is the No. 3 player in the U.S. wireless market.
  • UAL Corp. (UAUA) is stepping up its merger discussions with US Airways (LCC) after being rejected by Continental (CAL) last month, reported The Wall Street Journal. The companies have identified more than $1.5 billion in potential cost savings and revenue enhancements from joining forces, people familiar with the matter say. There will however be issues relating to labor groups and regulatory uncertainties.
  • Yahoo (YHOO), in the wake of the failed $47.5 billion takeover bid by Microsoft (MSFT), could face impending lawsuits from shareholders. Even after Microsoft had sweetened the deal to $33 a share, Yahoo was holding out for $37 despite falling stock prices.

Market Recap

  • Asian trading closed with the Hang Seng -0.22%, Sensex -0.62%, Taiwan -1.41% and Shanghai +1.84%.
  • A quick look towards Europe finds the CAC -0.23%, DAX -0.02%, ATX -0.42%, Swiss Mkt. -0.09% and Stockholm -0.65%.
  • Commodities are in the green as crude oil trades +0.40 to 116.72 and gold is higher +8.1 to 866.1 this morning.
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No positions in stocks mentioned.

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