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: General Motors, Lehman, Staples, Toll Brothers


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


Stocks to watch for Tuesday, June 3, 2008:

  • General Motors (GM) is expected to reveal its plans to save money and cut production amid the skidding market for large vehicles. Chief Executive Rick Wagoner and Chief Operating Officer Fritz Henderson plan to make several announcements and take questions from reporters and analysts during its annual shareholders meeting, reported Reuters.
  • Lehman Brothers (LEH) will reportedly raise an estimated $3-4 billion in new capital in order to shore up its balance sheet. Currently, the company is expected to report its first quarterly loss since going public, reported The Wall Street Journal. In light of the amount of capital being looked into, it suggests the loss for LEH could be more than the expected $300 million.
  • Staples (SPLS) upped its offer for the Amsterdam based office supply company Corporate Express (CXP) to €9.15 ($14.22) a share, valuing the company at about €1.67 billion ($2.6 billion). Analyst Fernand de Boer of Petercam Bank said Corporate Express should accept the Staples offer because cash-in-hand is superior to the debatably better long-term potential of the Lyreco merger, which may face regulatory hurdles.
  • Toll Brothers (TOL) reported a 2Q loss of $93.7 million, or 59 cents a share, down from a year-ago profit of $36.7 million, or 22 cents per share. Write-downs for the quarter - on the value of land joint ventures - totaled $174.6 million. Revenue fell 30 percent to $818.8 million from $1.17 billion last year. Despite the loss, the company beat analyst expectations.
  • Wachovia (WB) CEO G. Kennedy Thompson was forced out of his position by the company's board after facing months of criticism and poor performance, said the WSJ. Shares of Wachovia have fallen more than 50% in the past year, in large part due to the deteriorating mortgage market.

That's the news - what does it mean and how are the pros trading it?
Find out with a FREE 2 week trial to our Buzz & Banter

Market Recap

  • Asian trading closed with the Hang Seng -1.83%, Nikkei -1.60%, Sensex -0.63%, Taiwan -1.66% and Shanghai -0.65%.
  • Glancing towards Europe, we see the CAC +0.03%, DAX -0.49%, FTSE -0.06%, ATX +0.37%, Swiss Mkt. +0.11% and Stockholm -0.87%.
  • Over in commodities, crude oil is lower -0.21 to 127.55 while gold is up +1.3 to 898.3 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