Spotlight Stocks: AT&T, Costco, Washington Mutual, Yahoo
Wednesday's top stories and stocks with potential to move.
Stocks to watch for Wednesday, March 5, 2008:
- AT&T (T) will invest $1 billion in order to expand its international network, according to the Wall Street Journal. AT&T's plan includes new subsea fiber-optic cable capacity to Japan and Asia, extension of networks and services currently available in current markets and network growth into new markets such as India, Eastern Europe and South America.
- Costco (COST) reported fiscal 2Q net income of $327.9 million, or 74 cents a share, up 31% from $249.5 million, or 54 cents a share a year ago. Revenue increased 12% to $17 billion as same-store sales rose 7%.
- General Electric (GE) invested $4 million in Norwegian electric car manufacturer Think, which is unveiling a new plug-in electric car at Geneva's International Motor Show, reported Reuters. The company has also invested $20 million in A123 Systems, a technology company that is developing high-capacity, lithium-ion batteries for electric and hybrid cars.
- Washington Mutual's (WM) board protected the cash bonus compensation for some of its top executives from costs tied to mortgage losses and foreclosures. The bank recently reported a 4Q $1.87 billion loss fueled by a sharp increase in its reserve for loan-related losses.
- Yahoo (YHOO), in its attempt to stave off Microsoft's (MSFT) advances, has been in talks with Time Warner (TWX). The companies are discussing a transfer of ownership of TWX's AOL Internet unit.
- Asian trading closed with the Hang Seng -0.02%, Nikkei -0.16%, Sensex +1.24%, Taiwan +0.16% and Shanghai -0.99%.
- A quick check of Europe finds the CAC +1.34%, DAX +1.37%, FTSE +0.72%, ATX +1.00%, Swiss Mkt. +1.42% and Stockholm +1.99%.
- Crude oil is trading higher +0.80 to 100.32 while gold is lower -1.3 to 964.9 this morning.
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