Spotlight Stocks: Baidu, MBIA, Morgan Stanley, Yahoo
Thursday's top stories and stocks with potential to move.
Stocks to watch for Thursday, February 14, 2008:
- Baidu.com (BIDU) reported 4Q net income of 219.8 million yuan ($30.1 million), or 6.32 yuan a share (87 cents), up from from 181.7 million yuan, or 5.23 yuan a share a year ago. Revenue rose to 571.1 million yuan ($78.3 million) from 496.5 million yuan a year ago.
- MBIA (MBI) sold 94.6 million shares of its common stock at $12.15 a share, equaling about $1.1 billion in net proceeds. Warburg Pincus LLC picked up $300 million in stock. The company now reportedly has $17 billion in total claims-paying resources.
- Morgan Stanley (MS) says it will cut its operations in the U.S. residential mortgage market and close its U.K.-based residential mortgage lending business, Advantage Home Loan as it continues to struggle in the mortgage markets. The Wall Street Journal reports about 1,000 employees will be affected.
- Yahoo (YHOO) has entered into discussions with News Corp. (NWS) to work a deal that would trade the ownership of NWS' MySpace and other online properties for a 20% or more stake in YHOO, reported the Wall Street Journal. Yahoo continues to look for ways to avoid a Microsoft (MSFT) takeover.
- Comcast (CMCSA) reported 4Q net profit of $602 million, or 20 cents a share, a 54% rise from $390 million, or 13 cents a share a year ago. Revenue rose 14 percent to $8.01 billion. Hoping to boost its share price, Comcast will pay an annual dividend and set a 2009 target to complete a stock buyback program, reported Reuters.
- UBS (UBS) disclosed $26.6 billion in exposure to risky U.S. mortgages distinct from subprime loans. Shares traded down 6.51% on the news. Reuters reports the exposure was to so-called Alt-A mortgages, which are of higher quality than subprime loans but also considered risky.
- Asian trading closed with the Hang Seng +3.68%, Nikkei +4.27%, Sensex +4.82%, Taiwan +4.17% and Shanghai +1.37%.
- Glancing over at Europe, we find the CAC +0.97%, DAX +0.50%, FTSE +0.46%, ATX +1.10%, Swiss Mkt. +0.83% and Stockholm +1.15%.
- Crude oil is on the rise +0.57 to 93.84 while gold is trading lower -0.9 to 906.5 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