Spotlight Stocks: AIG, Dell, eBay, Take-Two
Friday's top stories and stocks with potential to move.
Stocks to watch for Friday, February 29, 2008:
- American International Group (AIG) reported a quarterly loss of $5.29 billion, including a pretax charge of $11.2 billion related to its CDS portfolio. The company's adjusted fourth-quarter loss, excluding capital gains, losses and hedging activity, was $3.2 billion, or $1.25 a share. The loss was the widest in company history.
- Dell (DELL) reported a fiscal 4Q earnings of $679 million, or 31 cents a share, down from $726 million, or 32 cents a share a year ago. Revenue was up to $16 billion from $14.47 billion. According to MarketWatch, the company had $83 million in expenses related to the acquisition of two companies, EqualLogic and Everdream, and $54 million of expenses that were tied to severance costs.
- eBay (EBAY) agreed to settle by purchasing the three patents involved in its lawsuit with MercExchange, along with additional related technology and inventions and a license to another search-related patent portfolio that was not asserted in the lawsuit, reported the Wall Street Journal. The lawsuit was originally filed in 2001 over eBay's online auction and ecommerce operations.
- Microsoft (MSFT) is encouraging people to upgrade to the Windows Vista operating system by lowering prices at retail outlets. Currently, only 10% of Microsoft customers use Vista. In the US, Vista Ultimate will be cut to $319 from $399 and an "upgrade" version to $219 from $259.
- Take-Two (TTWO), after it received an offer to be bought by Electronic Arts (ERTS) for $2 billion, or $26 a share, said it has been approached by other potential buyers. The company said the offers were informal and it isn't negotiating any of the offers.
- Viacom (VIA) reported 4Q net income rose 16% to $559.5 million, or 86 cents a share, from $480.8 million, or 69 cents. The company said revenue was helped by strong sales of its "Rock Band" video game as well as DVD sales of "Transformers" and "Shrek the Third".
- Asian trading closed with the Hang Seng -1.06%, Nikkei -2.32%, Sensex -1.38%, Taiwan -0.58% and Shanghai +1.14%.
- Glancing across the pond we find the CAC -1.24%, DAX -1.43%, FTSE -0.84%, ATX -0.56%, Swiss Mkt. -1.39% and Stockholm -0.89%.
- Crude oil is trading lower -0.64 to 102.00 while gold is lifting +2.7 to 970.2 this morning.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter