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Stocks to Watch: Chevron, Delta Airlines, D.R. Horton, Genentech, Google


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


Stocks to watch for Tuesday, October 16, 2007:

  • Chevron (CVX) is leading a group that is investing $6 bln to double production in the Tengiz oil field in Kazakhstan. The company has been in conflict with the Russian government over a pipeline running from the oild field accross Russia to the Black Sea.
  • Delta Airlines (DAL) reported a rise in net profit to $220 mln or 56 cents a share, compared to $52 mln in the year ago period. The company attributed the revenue growth to international flights. Shares of DAL have fallen 8% since emerging from bankruptcy in May.
  • D.R. Horton (DHI), the largest home builder in the US, reported a 39% drop in fiscal 4Q net orders as cancellation rates continue to rise. For the quarter ended Sept. 30, the company had orders for 6,374 homes worth $1.31 billion, compared with 10,430 orders worth $2.53 billion a year earlier. The cancellation rate was 48%, up from 38% in the fiscal third quarter. For fiscal 2007, orders slumped 35% to 33,687, worth fell 41% to $8.23 billion, reported the WSJ.
  • Genentech's (DNA) third-quarter net income rose 21%, boosted by growth of cancer drug Avastin, which grew 37% to $597 mln. Yet the company warned of slow growth in 2008 as overall product-sales growth was the lowest since 2003. The company said revenue rose 22% to $2.91 billion, while product sales were up 18%.
  • General Motors (GM), while making no bottom line forecasts, outlined billions of dollars in savings from its new labor agreement with the UAW. GM also outlined plans to produce specific vehicles in its U.S. plants as far out as 2013, potentially preserving thousands of UAW jobs beyond the four-year term of the contract.
  • Google (GOOG) is introducing new ways to combat video piracy on its YouTube website. The service is called "YouTube Video Identification" and will assist companies in managing the way their content is delivered and made available.
  • Microsoft (MSFT) said it has requested a court appeal it filed is withdrwn regarding an anti-trust ruling by South Korea's Fair Trade Commission, dating back to 2006 when it ruled that Microsoft had abused its dominant market position in Korea to tie certain software to its Windows operating system. The ruling resulted in a $35.4 million fine.
  • United Parcel Service (UPS) announced its chairman and chief financial officer D. Scott Davis will become CEO at the end of this year, following the retirement of current CEO Michael Eskew. While Eskew led a charge in the international shipping industry, Davis will be charged with bolstering the company's core US business.

Market Update

  • Asian trading closed with the Hang Seng -1.98%, Nikkei -1.27%, Sensex -0.04%, Taiwan +0.78% and Shanghai +1.03%.
  • A quick glance towards Europe finds the CAC -0.86%, DAX -0.37%, FTSE -0.41%, ATX -0.01%, Swiss Mkt., -1.26% and Stockholm -3.81%.
  • Crude oil is trading higher +1.40 to 87.53 and gold is also up +3.3 to 765.50.
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