Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stocks to Watch: Costco, Merrill Lynch, Toyota


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


Stocks to watch for Wednesday, December 26, 2007:

  • Costco (COST) reported "pretty good" holiday sales according to Chief Financial Officer Richard Galanti. The retailer also noted it will continue to avoid markdowns by keeping inventory under control. Among the better selling items this season were health and beauty gift packs, chocolate and nut gift packs and DVDs.
  • Goodyear Tire & Rubber (GT) has sold its minority stake in T&WA Inc. as EnovaPremier looks to buy up all of T&WA's assets. Due to the sale, GT expects a 4Q loss of $30-35 mln.
  • Harrah's Entertainment (HET) reported the proposed buyout by Apollo Management and Texas Pacific Group was approved by the National Indian Gaming Commission, which was the last approval necessary for the acquisition. The Wall Street Journal reports a year ago, Harrah's agreed to be bought by TPG and Apollo for $90 a share in cash, or $17.1 billion, along with the assumption of about $10.7 billion in debt.
  • Merrill Lynch (MER) sold $6.2 bln worth of stock at a 12% discount to last week's price to Temasek Holdings of Singapore and U.S. mutual fund company Davis Selected Advisors. According to the Wall Street Journal, Merrill gave the Singapore fund unusual price protection, agreeing to reduce its purchase price if Merrill sells its stock at a lower price during the next year.
  • Toyota Motor (TM) raised its global sales target for 2008 by 5.2% to 9.85 mln vehicles, up from the expected 2007 sales number of 9.36 mln. If TM meets the target, it will break General Motors' 30-year record of 9.55 mln vehicles.
  • Wyeth (WYE) is trying to protect its patents for its Protonix heartburn drug by filing a patent-infringement claim against Teva Pharmaceutical (TEVA). WYE's patent does not expire until July 2010.

Market Recap

  • Asian trading closed with the Nikkei +0.65%, Sensex +1.70%, Taiwan -0.13% and Shanghai +0.62%.
  • Crude oil is trading higher +0.49 to 94.62 and gold is also rising +1.2 to 812.8 this morning.
< Previous
  • 1
Next >

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.

Featured Videos