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Spotlight Stocks: GE, IBM, WaMu, AMD, Schlumberger


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


Stocks to watch for Friday, January 18, 2008:

  • General Electric (GE) reported 4Q net income of $6.7 bln, or 66 cents a share; up from $6.44 bln, or 62 cents a share a year earlier. According to the Wall Street Journal, revenue grew 18% to $48.59 billion, with more than half coming from outside the U.S. Additionally, the company slashed $165 mln off of previously reported net income from 2002-2006 as part of its review of revenue-recognition policies.
  • International Business Machines (IBM) reported 4Q earnings from continuing operations of $3.95 bln, or $2.80 a share, up from $3.46 bln, or $2.26 a share a year ago. Revenue at the company was $28.9 billion compared to $26.26 billion the year earlier.
  • Advanced Micro Devices (AMD) reported a 4Q net loss of $1.772 bln, or $3.06 a share, compared with a loss of $576 mln, or $1.08 a share a year ago. Revenue came in at $1.77 bln, compared with the year ago number of $1.773 bln. Much of the loss was attributed to $1.68 bln in charges from its purchase of ATI Technologies in 2006.
  • Washington Mutual (WM) reported a 4Q net loss of $1.87 bln, or $2.19 a share. According to the Wall Street Journal, the loss was triggered by a sharp increase in the reserve for loan-related losses. The company took a $1.6 billion charge to write down the value of its home-loan business and set aside more provisions to cover the cost of housing-market weakness.
  • Schlumberger (SLB) reported 4Q net income of $1.38 bln, or $1.12 a share, a 22$ rise from a year ago when it reported $1.13 bln, or 92 cents a share. Revenue at the company climbed 17% to $6.25 billion. While revenue fell 7% and earnings dropped 23% in North America, the international market rose, namely a 30% increase in revenue in the Middle East and Africa.
  • Lehman Brothers (LEH) said that it will decrease its residential-mortgage lending "substantially", resulting in the loss of 1,300 jobs at its Lehman's Aurora Loan Services business. The company will take an approximately $40 mln related charge.

Market Recap

  • Asian trading closed with the Hang Seng +0.35%, Nikkei +0.56%, Sensex -3.49%, Taiwan +1.02% and Shanghai +0.56%.
  • Glancing towards Europe, we find the CAC +0.51%, DAX +0.03%, FTSE +1.39%, ATX -0.04%, Swiss Mkt. +0.72% and Stockholm +0.57%.
  • Over in commodities, crude oil is trading higher +0.31 to 90.45 while gold is lower -6.5 to 874.1 this morning.


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No positions in stocks mentioned.

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