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Stocks to Watch: Exxon Mobil, General Electric, NYSE Euronext


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


Stocks to watch for Wednesday, December 12, 2007:

  • Citigroup's (C) unit, Citibank, lowered its base lending rate to 7.25% from 7.50% in response to yesterday's 25 basis point cut in the Fed funds rate to 4.25%.
  • Exxon Mobil (XOM) has plans to spend $1 bln for a natural-gas terminal which will float 20 miles off of New Jersey's coast. The terminal will handle liquefied natural gas (LNG), which cause less environmental concerns than crude oil, yet has prompted some safety concerns. It will offload LNG from tankers, store it at the five-acre terminal, reheat it and deliver about 1.2 billion cubic feet a day, enough for five million residential consumers.
  • General Electric (GE) Chairman Jeffrey Immelt forecast that strong global growth would help the company's profit rise 10% next year, or $2.42 a share, lower than analyst estimates amid a slowing US economy. Immelt said he expects GE to outperform other large companies.
  • H&R Block (HRB) yesterday reported a quarterly net loss of $502.3 mln, most of which resulted from discontinued operations. The widening loss was attributed to charges related to the closing of its Option One Mortgage unit as it exits the US housing market.
  • L-3 Communications' (LLL) board has approved a repurchase of $750 mln in company shares over the next two years. This is in addition to the current buyback of $500 mln started December 2006.
  • NYSE Euronext (NYX) has come to an accord with Atos Origin to acquire Atos' 50% stake in AtosEuronext Market Solutions. Through this purchase, NYX would regain control of the NSC cash trading and LIFFE Connect derivatives trading platform technology, all of the management and development services surrounding these platforms and AtosEuronext Market Solution's third-party exchange technology business.
  • Zimmer Holdings (ZMH) has been approved by the FDA to market its NexGen LPS-Flex Mobile Knee, a product allowing more movement than a traditional knee replacement, and is associated with a minimally invasive procedure.

Market Recap

  • Asian trading closed with the Hang Seng -2.41%, Nikkei -0.70%, Sensex +0.42%, Taiwan -1.71% and Shanghai -1.54%.
  • A quick check across the pond finds the CAC -1.11%, DAX -0.43%, FTSE -0.72%, ATX -0.87%, Swiss Mkt. -1.03% and Stockholm -1.18%.
  • Crude oil is trading higher +0.08 to 90.10 while gold is lower -4.8 to 812.30 this morning.
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