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Spotlight Stocks: Best Buy, BP, Chesapeake, Starbucks


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


Stocks to watch for Friday, February 22 2008:

  • Best Buy (BBY) is looking to increase its expansion efforts in China, amid weakening sales in the US. The company plans to expand by opening a significant amount of stores, including 20 to 25 Five Star stores and five to eight self-branded stores, and also by introducing an online service within the next 2 years.
  • BP plc (BP) said it expects to get at least 2 billion more barrels of crude from Alaska's Prudhoe Bay oilfield. The company has already yielded over 11 billion barrels from that field, well above original expectations, reported Reuters.
  • Chesapeake Energy (CHK) reported 4Q net income of $303 million, down from $71 million a year ago. Per share earnings, after paying preferred stock dividends and including losses on the conversion of preferred stock, fell to 33 cents a share from 96 cents a share, according to Dow Jones. Revenue rose 12% to $2.09 billion.
  • Intuit Inc. (INTU) reported 2Q profit of $115.2 million, or 34 cents a share, down from $145.4 million, or 40 cents a share a year ago. Total net revenue rose to $834.9 million from $750.6 million, the company said.
  • J.C. Penney (JCP) reported 4Q net income of $430 million, or $1.93 a share, down 9.9% from $477 million, or $2.09 a share a year ago. Revenue for the quarter fell 4.1% to $6.39 billion. Same-store sales fell 2.3%.
  • Starbucks (SBUX) said it is cutting 600 jobs. 200 of these jobs were lost as part of restructuring and the remaining 380 are posts that won't be filled, reported the Wall Street Journal. The cuts won't affect people at Starbucks retail outlets, but rather at offices that support the cafes.

Market Recap

  • Asian trading closed with the Hang Seng -1.35%, Nikkei -1.37%, Sensex -2.17%, Taiwan +0.28% and Shanghai -3.47%.
  • Checking the European bourses, we find the CAC -0.42%, DAX -1.30%, FTSE -0.11%, ATX -0.26%, Swiss Mkt. +0.65% and Stockholm -0.42%.
  • Commodities are in the green with crude oil +0.62 to 98.83 and gold trading up +1.9 to 948.0 this morning.
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