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Spotlight Stocks: Genentech, General Electric, Lehman, Yahoo


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


Stocks to watch for Friday, April 11, 2008:

  • Genentech (DNA) reported net income for the quarter of $790 million, or 74 cents a share, up from $706 million, or 66 cents a share a year ago. Excluding stock options and other items, earnings per share would have been 84 cents. Operating revenue increased to $3.06 billion.
  • General Electric (GE) reported reported quarterly profit of $4.3 billion, or 43 cents a share, down from $4.5 billion, or 44 cents a share a year ago. The company cited a slowing economy in the US and the credit crunch as factors in the decline at its financial, industrial and healthcare units.
  • Lehman Brothers (LEH) repackaged unsold debt and utilized the Fed's new borrowing facility to convert loans that investors mostly rejected into cash to finance its business, the Wall Street Journal said. The company moved $2.8 billion in loans into a new investment vehicle called 'Freedom', which in turn issued debt securities backed by the loans.
  • Mizuho Financial Group (MFG) of Japan cut a third of its earnings estimate for the year, as it took $5.5 billion in subprime losses. Investors saw this as a possible sign that the worst was over and took shares up 4.4 percent on the news, reported Reuters.
  • Yahoo (YHOO) directors will meet today to discuss alternatives to a buyout by Microsoft (MSFT), reported the Wall Street Journal. The most likely outcome will be to accept MSFT's offer, without the participation of News Corp. (NWS). For more, see Kevin Wassong's article, handicapping the favorites and dark horses in the race for Yahoo.

Market Recap

  • Asian trading closed in the green with the Hang Seng +1.99%, Nikkei +2.92%, Sensex +0.72%, Taiwan +0.91% and Shanghai +0.61%.
  • European bourses are leaning red with the CAC -0.10%, DAX -0.97%, FTSE -0.38%, ATX +0.22%, Swiss Mkt. -0.19% and Stockholm -0.91%.
  • Over in commodities, gold is trading lower -3.0 to 925.3 while crude oil is up +0.41 to 110.52 this morning.
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No positions in stocks mentioned.

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