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Spotlight Stocks: Credit Suisse, General Motors, Microsoft, Schering Plough


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


Stocks to watch for Tuesday, February 12, 2008:

  • Credit Suisse (CS), the Swiss bank, cut its full-year subprime writedowns to $1.82 bln. Though the company still reported a 49% drop in 4Q profit and saw its stock fall as it still has exposure to the credit crisis, reported Reuters.
  • General Motors (GM) reported a net loss of $722 mln, or $1.28 a share, down from $950 mln, or $1.68 a share a year ago. The loss was attributed to slowing sales in North America as well as losses at its former finance subsidiary GMAC. The company is additionally looking to offer buyouts to 74,000 of its union affiliated workers to hire lower cost replacements.
  • Microsoft (MSFT) said that its $31 a share offer for Yahoo (YHOO), which was formally rejected, would give shareholders superior value and is "in the best interests of all parties." The company said a merger would create a more effective company and plans to do its best to convince YHOO shareholders of the value.
  • Schering Plough (SGP) reported a 4Q loss of $3.4 bln, or $2.08 a share, compared to a profit of $182 mln, or 12 cents a share a year ago. The company attributed the loss to special charges related to its 2007 acquisition of Organon Biosciences.
  • Morgan Stanley (MS) has named Owen Thomas as its new Asia chief executive. Thomas has served with the company as head of its global asset management division. "Owen has demonstrated the strategic vision and leadership skills necessary to manage and grow complex, multi-regional businesses," CEO John Mack said.
  • Vertex Pharmaceuticals (VRTX) reported a 4Q loss of $85.8 mln, or 66 cents a share, down further from a loss of $27.3 mln, or 22 cents a share a year ago. Revenue fell to $51 million from $94.3 million a year ago, due to reduced revenue from research-based collaborations.

Market Recap

  • Asian trading closed with the Hang Seng +1.35%, Nikkei +0.04%, Sensex -0.14%, Taiwan -1.57% and Shanghai -1.55%.
  • A quick look towards Europe finds the CAC +1.48% DAX +1.62%, FTSE +1.24%, ATX +0.22%, Swiss Mkt. +0.41% and Stockholm +0.73%.
  • Crude oil is trading lower -0.41 to 93.18 and gold is also lower -2.3 to 920.6 this morning.
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