Spotlight Stocks: 3Com, Chesapeake, Google, Thornburg
Tuesday's top stories and stocks with potential to move.
Stocks to watch for Tuesday, March 25, 2008:
- 3Com (COMS) reported a net loss for its fiscal 3Q of $7.8 million, or two cents a share, widened from a loss of $4.8 million, or one cent a share a year ago. Revenue rose 4% to $336.4 million. Last week, 3Com's attempts to sell itself to Bain Capital Partners LLC and China's Huawei Technologies Co. unraveled as a revised deal that was up to regulator's standards was unable to be reached, reported the Wall Street Journal.
- Chesapeake Energy (CHK) is expanding its US drilling for natural gas and oil. The company announced a gas discovery near Shreveport, La., which could significantly ramp production. Additionally, CHK is developing four oil projects which are expected to increase production by 5% by the end of 2009.
- Google (GOOG), after losing a wireless-spectrum auction, sent a letter to the Federal Communications Commission pushing for the use of 'white space', or unlicensed and unused airwaves, for affordable widespread Internet access, reported the Wall Street Journal. The company said this initiative could offer a "once-in-a-lifetime opportunity to provide ubiquitous wireless broadband access to all Americans."
- Tata Motors (TTM), according to a television report from India's NDTV, has closed a deal to purchase Ford's (F) Jaguar and Land Rover units for a combined $2.65 billion. However, sources were unnamed in the report. and a Tata spokesman said talks were still ongoing. The report noted the deal will likely be signed tomorrow.
- Thornburg Mortgage (TMA), which is fighting to avoid bankruptcy by raising $1 billion, has amended its by-laws to allow a single investor to buy up to $300 million of stock, reported Reuters. The board approved the change so long as it would not jeopardize the company's tax-friendly real estate investment trust (REIT) status.
- Asian trading closed with the Hang Seng +6.43%, Nikkei +2.12%, Sensex +6.07%, Taiwan -0.79% and Shanghai +0.09%.
- A quick check of Europe finds the CAC +3.55%, DAX +3.11%, FTSE +3.43%, ATX +2.68%, Swiss Mkt. +3.11% and Stockholm +3.67%.
- Over in commodities, crude oil is lower -0.96 to 99.90 while gold is trading higher +12.0 to 930.7.
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