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Stocks to Watch: ArcelorMittal, HSBC, Sirius Satellite Radio...


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


Stocks to watch for Wednesday, November 14, 2007:

  • Apple (AAPL) shares jumped yesterday on the news that the world's biggest mobile operator, China Mobile, is in talks to begin selling the iPhone. The iPhone's music-download and Web-surfing capabilities may help China Mobile lure higher-income users.
  • ArcelorMittal (MT) reported 3Q net income of $3 bln, or $2.10 a share compared to $2.2 bln or $1.58 a share a year ago. The numbers represent a 36% increase in profit. Rising demand for steel in China and India helped offset weakness in the US.
  • Citigroup (C), in its takeover of Japanese bank Nikko Cordial, will offer shareholders of the company $15.33 per share. The deal eliminates a provision that pegged the exchange ratio at $37 if Citigroup's shares fell below that level but remained above $26. Nikko Cordial will have the right to back out of the deal if C's shares fall below $22.
  • HSBC (HBC) said it would take 3Q charges of $3.4 bln, attributed to losses in HSBC Finance Corp., its American consumer-lending unit. Though, the company said revenue growth helped offset the charges and said that 3Q operating income was higher.
  • Google's (GOOG) tentative purchase of online advertising company DoubleClick will undergo an investigation by the European Commission. Though disappointed, CEO Eric Schmidt said, "We will continue to work with the Commission to demonstrate how our proposed acquisition will benefit publishers, advertisers and consumers."
  • Sirius Satellite Radio (SIRI) and XM Satellite Radio (XMSR) shareholders approved a merger of the two companies. As part of the deal Sirius will pay 4.6 shares for each XM share. The companies still seek regulatory approval.

Market Recap

  • Asian trading closed with the Hang Seng +4.90%, Nikkei +2.47%, Sensex +4.69%, Taiwan +2.47% and Shanghai +4.94%.
  • A quick look towards Europe finds the CAC +0.97%, DAX +0.47%, FTSE +0.41%, ATX +0.72%, Swiss Mkt. +1.02% and Stockholm -0.73%.
  • Crude oil is trading higher +1.04 to 92.18 and gold is also up +1.61 to 811.90 this morning.
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