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Spotlight Stocks: Bear Stearns, Bristol-Meyers, JP Morgan, Siemans

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

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Stocks to watch for Monday, March 17, 2008:

  • Bristol-Myers Squibb (BMY) is looking for potential buyers of its Mead Johnson baby formula business, valued between $7-9 billion. The company has reached out to companies such as PepsiCo (PEP), Kraft (KFT) and Heinz (HNZ).
  • Google (GOOG) said that it was concerned with the potential Microsoft (MSFT) and Yahoo (YHOO) merger as it would constrict the free flow of information on the Internet. MSFT has been criticized and charged in the past for abusing the near-monopoly power of its Windows operating system to damage competitors.
  • JP Morgan (JPM) agreed to buy Bear Stearns (BSC) for about $236 million, or $2 a share. According to Reuters, the Fed also made an emergency quarter-point cut in its discount rate and agreed to finance up to $30 billion of Bear's assets as U.S. Treasury Secretary Henry Paulson pledged the U.S. government is prepared to do "what it takes" to maintain the stability of the financial system.
  • Lehman Brothers (LEH) reassured that its liquidity position remains strong, amid fear and speculation over the status of major financials.
  • Siemans (SI) issued a profit warning on Monday after a review of major projects at three operations, including power generation, reported Reuters. The expected impact to earnings could be about $1.2 billion. The company recently reviewed its projects in its divisions for power generation, mobility, and IT Solutions and Services.


Market Recap

  • Asian trading closed with the Hang Seng -5.18%, Nikkei -3.71%, Sensex -6.03%, Taiwan -1.91% and Shanghai -3.60%.
  • A quick check of Europe finds the CAC -2.43%, DAX -3.37%, FTSE -2.53%, ATX -3.94%, Swiss Mkt. -3.44% and Stockholm -2.78%.
  • Commodities are in the green with crude oil up +0.25 to 110.46 and gold surging +23.9 to 1023.5 this morning.
No positions in stocks mentioned.

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