Spotlight Stocks: Clear Channel, Goldman Sachs, JP Morgan, Take-Two
Wednesday's top stories and stocks with potential to move.
Stocks to watch for Wednesday, March 26, 2008:
- Clear Channel (CCU) may end up in court in an effort to force lenders to complete its $19.5 billion leveraged buyout by private equity firms Thomas H. Lee Partners and Bain Capital Partners LLC. The New York Times reports that the apprehensive banks include Citigroup (C), Deutsche Bank (DB), Morgan Stanley (MS), Credit Suisse (CS), Royal Bank of Scotland (RBS) and Wachovia (WB).
- Goldman Sachs (GS) proposed a deal that will raise $350 million for its first 'blank check' IPO, a first such offering by the broker. The company will be called Liberty Lane Acquisition Corp. The goal of these types of companies is to raise enough money to acquire an operating business. According to the Wall Street Journal, Goldman's offering is different from other blank check IPOs in that management will be required to put in a much smaller stake, and receive a much smaller share of the company.
- Jabil Circuit (JBL) reported a 2Q loss of $24 million, or 12 cents a share, compared to a profit of $13.9 million, or 7 cents a share, a year ago, citing restructuring charges, which it said rose to almost $42 million. Revenue rose 4% to $3.1 billion from last year's $2.9 billion. Excluding one-time items, Jabil said its core earnings were $42 million, or 20 cents a share.
- JP Morgan (JPM) said it will integrate Bear Stearn's prime brokerage and global trade processing businesses, according to the Wall Street Journal. The two units employ about 800 of the company's 14,000 employees.
- Take-Two (TTWO) shareholders have been urged by the company to reject the takeover offer of $26 a share by rival Electronic Arts (ERTS). According to Reuters, the company said it would explore strategic alternatives, including a combination with third parties or with EA, or remaining independent.
- Asian trading closed with the Hang Seng +0.68%, Nikkei -0.30%, Sensex -0.81%, Taiwan -0.31% and Shanghai -0.63%.
- Looking towards Europe, we find the CAC -0.08%, DAX -0.14%, FTSE -0.44%, ATX +0.55%, Swiss Mkt. -0.43% and Stockholm -0.09%.
- Commodities are in the green with crude oil up +1.36 to 102.60 and gold is also higher +11.1 to 946.1 this morning.
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.
Daily Recap Newsletter