Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Spotlight Stocks: Gap, Lehman, Toyota, Verizon


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


Stocks to watch for Friday, August 22, 2008:

  • Foot Locker (FL) reported 2Q profits of $18 million, or 11 cents a share, up from a year ago loss of $18 million, or 12 cents a share. Revenue rose 1.5 percent to $1.3 billion, up from $1.28 billion last year. Markdowns at the company were lower than expected, which allowed it to beat analyst expectations of 3 cents per share on revenue of $1.27 billion.

  • Gap (GPS) swung to a 2Q profit of $229 million, or 32 cents a share, up 51% from $152 million, or 19 cents per share, a ago and beating analyst expectations of 30 cents a share. Sales dropped 5% to $3.5 million. The company said cost cutting and higher profit margins helped turn out the gain.

  • Lehman Brothers (LEH) may be acquired by the state-run Korea Development Bank. KDB said it was open to mergers or acquisitions as its government looking to privatize the company by 2012. This news comes a day after KDB and China's CITIC Securities walked away from a proposal by Lehman to sell up to a 50% stake. The Asian companies said the asking price was too high.

  • Toyota (TM) is expected to cut its sales forecast for 2009 -- which is more than 10 million vehicles -- by 5%. Last month the company cut its 2008 global sales forecast by 3.7 percent to 9.5 million vehicles. Toyota should lower the number for 2009 to 9.8 million vehicles at its annual business briefing next Thursday.

  • Verizon (VZ) is close to striking a deal with Google (GOOG) as a way to expand and improve its mobile search business. Google would become Verizon's default search provider and would give a share of ad revenue. Today, users have to go to different places to look up services such as ringtones, restaurants and Web pages, reported The Wall Street Journal. This partnership is aimed at simplifying the process.

Market Recap

  • Asian trading closed with the Nikkei -0.68%, Sensex +1.11%, Taiwan -0.10% and Shanghai -1.09%.

  • A quick check across the pond finds the CAC +0.57%, DAX +0.61%, FTSE +1.02%, ATX +0.46%, Swiss Market +0.24% and Stockholm +0.95%.

  • In commodities, crude oil is trading lower -0.71 to 120.47 and gold is also down -4.3 to 828.7 this morning.
< Previous
  • 1
Next >
No positions in stocks mentioned.

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.

Featured Videos