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Stocks to Watch: General Motors, Google, Time Warner


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


Stocks to watch for Wednesday, November 7, 2007:

  • Delta Airlines (DAL) is expected to announce a 10-year contract worth about $1 bln with major jet engine parts supplier Chromalloy Gas Turbine. The deal will expand the ability of Delta's in-house maintenance unit to service two major engine types.
  • Freddie Mac's (FRE) former CEO Leland Brendsel agreed to settle with the company's regulator on charges of earnings mismanagement to the tune of $16.4 mln. The payments include giving $2.5 million to the U.S. government, return $10.5 million in salary and bonuses to Freddie Mac and waive claims against Freddie Mac for compensation worth more than $3.4 million.
  • General Motors (GM) reported a net loss of $39 bln for the 3Q, or $68.85 per share, reflecting a charge of that amount related to unclaimed tax credits and a loss at GMAC, its former finance subsidiery. A year ago, the company reported a $147 mln loss or 26 cents a share. Total revenue fell to $43.8 billion from $48.9 billion a year earlier. Excluding one-time items, GM reported a net loss of $1.6 billion, or $2.80 per share.
  • Google's (GOOG) tentative merger with Internet ad company Doubleclick is under public inquiry as called for by a group of Republicans in the House of Representatives. The hearing is needed to examine the "enormous privacy implications" of the merger, the group said.
  • News Corp (NWS) has plans to nominate Natalie Bancroft to its board. Bancroft, a member of the family selling Dow Jones (DJ) for $5.6 bln, is 27 years old and has spent most of her life in Europe.
  • Time Warner (TWX), which is currently undergoing management shifts, reported 3Q net income dropped 53% to $1.09 billion, or 29 cents a share, compared with $2.32 billion, or 57 cents a share, a year earlier. Revenue rose 8.6% to $11.68 billion on double-digit increases in the cable, movie and publishing units.
  • Time Warner Cable (TWC) reported 3Q net profit fell to $248 mln, or 25 cents a share from the year ago period numbers of $1.2 bln, or $1.20 a share. Revenue rose 25 percent to $4 billion from $3.2 billion, primarily because of the company's acquisitions.
  • Toyota (TM) reported a 2.7% rise in 3Q profits, attributed to a weaker yen, stronger sales and cost cuts. The company upped its global sales forecast by 40,000 cars to 8.93 million vehicles and its operating profit forecast by 2 percent to 2.3 trillion yen for the year to March.

Market Recap

  • Asian trading closed with the Hang Seng +0.92%, Nikkei -0.94%, Sensex -0.93%, Taiwan +0.08% and Shanghai +1.18%.
  • A quick check of Europe finds the CAC -0.66%, DAX -0.59%, FTSE -1.12%, ATX -1.10%, Swiss Mkt. -0.51% and Stockholm -1.35%.
  • Crude oil is higher +1.12 to 97.83 and gold is surging +18.0 to 841.0 this morning.
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