Spotlight Stocks: China Mobile, ConocoPhillips, Lehman Brothers, Mattel
Wednesday's top stories and stocks with potential to move.
Stocks to watch for Wednesday, August 27, 2008:
- China Mobile (CHL) reported 2Q profit of 30.7 billion yuan ($4.48 billion), a 51% increase from 20.34 billion yuan a year ago. On average, analysts had expected profits of 27.66 billion. The company cited strong subscriber growth for the gain. Reuters reports that as China's telecom industry grows in the cities, CHL will continue to seek new customers in rural areas.
- ConocoPhillips (COP) plans to sell its remaining 600 company-owned gas stations to PetroSun West for $800 million. The Wall Street Journal reports the purpose of the sale is to get out of the low-margin U.S. retail-gasoline market and focus on finding new supplies of crude oil. PetroSun plans to upgrade the stations, modeling after European companies who have shifted the focus from gas to other services like food and car wash.
- Lehman Brothers (LEH) has urged three private equity companies, Kohlberg Kravis Roberts, Hellman & Friedman and Bain Capital, to hold their bids for the company despite it not yet committing to be sold, reported the Financial Times. LEH is mulling its options to raise cash such as selling a stake in itself or selling all or part of its asset-management arm or its commercial real estate portfolio. The three firms contacted were the three highest bidders to this point.
- Mattel (MAT) was awarded $100 million in damages for copyright infringement relating to the Bratz dolls sold by MGA Entertainment, though U.S. District Judge Stephen Larson must also consider whether any of the damages are duplicative before setting a final amount to be paid to Mattel, reported the Associated Press. Mattel had originally sought $1,8 billion in the suit.
- Asian trading closed with the Hang Seng +1.94%, Nikkei -0.20%, Sensex -1.28%, Taiwan +1.67% and Shanghai -0.34%.
- Quickly glancing towards Europe, we see the CAC -1.17%, DAX -1.28%, FTSE -0.24%, ATX -0.73% and Stockholm -1.29%.
- Commodities are in the green with crude oil trading higher +1.45 to 117.72 and gold up +11.0 to 833.3 this morning.
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