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.
- 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.
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