Stocks to Watch: Citigroup, Lennar, Motorola...
Monday's top stories and stocks with potential to move...
Stocks to watch for Monday, December 3, 2007:
- Citigroup (C) on Friday said it reduced the assets of structured investment vehicles it sponsors. SIV assets at C have fallen to $66 bln from $83 bln at the end of September.
- First Solar (FSLR) has acquired Turner Renewable Energy in a deal valued at about $34.3 mln in stock and cash. The company will now operate under the name First Solar Electric.
- Dell (DELL) has chosen WPP Group to head up its global advertising and marketing initiatives, which will involve $1.5 bln in annual billings spread across hundreds of ad companies.
- Lennar (LEN) has sold 11,000 home sites for $525 mln to a venture mostly owned by Morgan Stanley's (MS) real estate unit. As of September 30, the home sites were valued at $1.3 bln. LEN will maintain a 20% ownership in the venture and will have the option to buy back certain home sites.
- Motorola's (MOT) replacement of Ed Zander as chief executive does "not even begin to address the major problems at Motorola," said investor Carl Icahn. He also commented that he believes the company should split into four different companies; a mobile devices company, an enterprise mobility company, a connected home company and a company focused on mobile networks infrastructure.
- Tribune's (TRB) transfer of its broadcasting licenses to Sam Zell has been approved by the FCC. Also, the FCC approved an extension of cross-ownership waivers relating to markets where TRB owns both a television station and newspaper.
- Asian trading closed with the Hang Seng +0.05%, Nikkei -0.33%, Sensex +1.24%, Taiwan -0.03% and Shanghai -0.07%.
- A quick check towards Europe finds the CAC -0.11%, DAX +0.06%, FTSE -0.39%, ATX +0.63%, Swiss Mkt. -0.43% and Stockholm +0.42%.
- Crude oil is trading lower -0.82 to 87.87 and gold is also down -3.5 to 785.6 this morning.
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