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Stocks to Watch: Citigroup, CME Group, Microsoft, Nokia, UBS


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


Stocks to watch for Monday, October 1, 2007:

  • Citigroup (C) said it expects to report a decline of about 60% in 3Q net income. CEO Charles Prince said in a statement the decline had been driven "by weak performance in fixed-income credit market activities, write-downs in leveraged loan commitments, and increases in consumer credit costs."
  • CME Group (CME) said it expects second-half operating expenses of $460 million to $470 million, or $425 million to $430 million excluding merger-related costs for restructuring and integration. The CME forecast capital expenditures in the range of $95 million to $105 million.
  • Johnson & Johnson (JNJ) and Novartis AG (NVS) could feel the effects of possible FDA enforcement actions against marketing unapproved prescription drugs containing pain killer hydrocodone.
  • Microsoft (MSFT) is moving to a more Web-based strategy as it is introducing a free service allowing Office software users to create and share documents over the Internet.
  • NetBank (NTBK) has been closed by the Office of Thrift Supervision because of high levels of mortgage-related losses. The FDIC was named receiver of the company's $2.5 billion in assets. ING Bank, part of ING Groep (ING) , will assume $1.5 billion of the insured deposits.
  • Nokia (NOK) is exploring a possible purchase of Navteq (NVT), which has a $7.61 bln market capitalization. Navteq is a leader in electronic mapping, which enables in-vehicle navigation devices and a new generation of mobile-phone applications used for shopping, emergency services and advertising.
  • Teva Pharmaceutical Industries (TEVA) said a federal appeals court denied Novartis AG's emergency motion for an injunction against Teva related to the companies' litigation over patent rights of Novartis' Famivir antiviral drug. As a result of the ruling, Teva can resume sales of famciclovir tablets, a generic version of Famivir.
  • UBS AG (UBS) reported a $3.4 bln loss in its fixed income portfolio, resulting in its first quarterly loss in nine years.. The company said it would cut 1,500 jobs in its investment bank.
  • UPS (UPS) and the Teamsters union have reportedly reached a tentative five-year agreement on raised parcel workers' wages and an increase into company provided pension and benefit contributions.

Market Update

  • Asian trading closed with the Nikkei +0.36%, Sensex +0.22% and Taiwan +0.13%. Hong Kong and China's markets were closed.
  • A quick check across the pond has the CAC -0.27%, DAX +0.01%, FTSE -0.05%, ATX +0.31%, Swiss Mkt. -0.20% and Stockholm -0.14%.
  • Crude oil is trading lower -0.21 to 81.45 while gold is higher +1.8 to 751.8 this morning.
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No positions in stocks mentioned.

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