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Spotlight Stocks: Boeing, Hewlett-Packard, Huntsman, Shell


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


Stocks to watch for Thursday, June 19, 2008:

  • Boeing (BA) won a victory in its fight to reverse its defeat on a $40 billion tanker contract from the Air Force when a federal-government watchdog -- Government Accountability Office -- said the bidding was botched, reported The Wall Street Journal. Boeing will now have the chance to win back the contract it has held for so long, which allows it to supply planes that can refuel other planes in midair. In February, the contract was won by a trans-Atlantic partnership headed by Northrop Grumman Corp. (NOC).
  • Ford (F) saw investor Kirk Kerkorian's Tracinda Corp. once again increase his stake in the company, upping it from 5.5% to 6.49%. The company now owns 140.8 million shares in the automaker, according to a Securities and Exchange Commission filing.
  • Hewlett-Packard (HPQ) will reportedly reorganize its printer business, which has consistently been the company's majority profit maker, reported the WSJ. Five business units within the printer division will be reduced to three to make it more adaptable to the lessening demand for consumer and small business printing.
  • Huntsman (HUN) plans to counter an effort by Apollo Management to back out of its takeover bid from Apollo's Hexion Specialty Chemicals worth $6.5 billion, reported Reuters. Additionally, Hexion filed a lawsuit against U.S. chemical maker Huntsman that would seek to limit its liability if the deal falls apart. Hexion filed suit against Huntsman yesterday, seeking to lessen its liability if the merger falls through. Apollo said that due to HUN's weakened financials, the bank that was financing the deal was in jeopardy.
  • Royal Dutch Shell (RDS-A) shut down production at the offshore Bonga oil field in Nigeria after militants attacked an installation there more than 65 miles from land and captured one American worker. The field produces 200,000 barrels per day. The Bonga field accounts for about 10% of Nigeria's current daily output.

Market Recap

  • Asian trading closed with the Hang Seng -2.26%, Nikkei -2.23%, Sensex -2.17%, Taiwan -2.07% and Shanghai -6.54%.
  • A quick check of Europe finds the CAC -0.19%, DAX -0.06%, FTSE +0.06%, ATX -0.39%, Swiss Mkt. -0.60% and Stockholm -0.48%.
  • Over in commodities, crude oil is lower -0.48 to 136.20 while gold is edging higher +0.4 to 891.3 this morning.
No positions in stocks mentioned.

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