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Spotlight Stocks: Dell, Lehman, Microsoft, Thornburg

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

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Stocks to watch for Tuesday, April 1, 2008:

  • Dell (DELL) will reportedly close its Austin, Texas desktop manufacturing facility in fiscal 2009. The company will shift its focus to the global consumer, enterprise, notebooks, small and medium enterprise and emerging countries areas. Meanwhile, Dell hopes to save about $3 billion over the next three years.
  • Legg Mason (LM) will reportedly take a fiscal 4Q noncash charge of $195 million, or $1.38 a share, from capital support agreements it entered to back a money market fund managed by a subsidiary. The company said it took an estimated noncash charge of about $ 279 million, or $1.96 a share, on its money market support. LM said it would make capital contributions to the money market fund, worth up to $400 million, if it undergoes a loss on certain sales related to asset-backed commercial paper securities in its portfolio.
  • Lehman Brothers (LEH) plans to offer 3 million convertible preferred shares "in response to investor interest," to increase capital and financial flexibility, reported Dow Jones. The company expects to grant the offering's underwriter an option to purchase up to 450,000 additional preferred shares.
  • Microsoft (MSFT) says it has no intentions of raising its $44.6 billion bid for Yahoo (YHOO). People familiar with the situation say that this announcement is not Microsoft posturing for negotiation, and said the company is biding its time.
  • Thornburg Mortgage (TMA) said it has raised capital in order to successfully stave off bankruptcy. According to the Wall Street Journal, the company said it raised $1.35 billion through selling bonds, warrants to purchase its common shares and interests in certain mortgage assets.
  • Wal-Mart (WMT) is planning to enter into the coffee business when it rolls out six coffees under the Sam's Choice brand. The line includes Sam's Choice Fair Trade certified coffee, Sam's Choice Rainforest Alliance certified coffee, and Sam's Choice USDA organic decaffeinated coffee, as consumers grow increasingly concerned with environmental and standards issues.

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Market Recap

  • Asian trading closed with the Hang Seng +1.26%, Nikkei +1.04%, Sensex -0.11%, Taiwan -1.78% and Shanghai -4.13%.
  • A quick look across the pond finds the CAC +1.32%, DAX +1.51%, FTSE +0.76%, ATX +0.80%, Swiss Mkt. +1.87% and Stockholm +1.02%.
  • Commodities are hit hard this morning with crude oil down -0.64 to 100.94 and gold plunging -25.2 to 891.0.
No positions in stocks mentioned.

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