Stocks to Watch: GlaxoSmithKline, Legg Mason, Macy's
Monday's top stories and stocks with potential to move...
Stocks to watch for Monday, December 31, 2007:
- Delta Petroleum (DPTR) is seeing Kirk Kerkorian's Tracinda Corp. take a 35% stake in the company, or $684 mln, purchasing shares at a 23% premium to Friday's closing price, reported the Wall Street Journal. 36 mln shares will be bought at $19 a share.
- GlaxoSmithKline (GSK) and AstraZeneca (AZN) are being probed by the United Kingdom's Serious Fraud Office in relation to charges of bribes paid to Saddam Hussein. The company's may have been involved in breaches of the UN's oil-for-food program which was designed to help Iraq pay for humanitarian needs.
- Legg Mason (LM) cut its exposure to structured investment vehicles to 3.2% of its total liquidity assets. The company will reduce holdings of securities issued by certain asset-backed commercial paper issuers held by two of its non-U.S. liquidity funds, reported MarketWatch.
- Macy's (M), within the next few weeks, plans to close nine of its stores due to underperformance. This includes three stores in Ohio, two in Texas, and one in Louisiana, Oklahoma and Utah.
- Mariner Energy (ME) has purchased the assets of Spraberry and StatoilHydro ASA for $365.5 mln in a cash deal. The focus of the deal was StatoilHydro's Gulf of Mexico assets.
- Asian trading closed with the Hang Seng +1.62%, Sensex +0.40% and Taiwan +1.30%.
- A quick check towards Europe finds the CAC -0.39% and the FTSE -0.68%.
- Crude oil is trading higher +0.08 to 96.08 while gold is lower -4.4 to 838.3 this morning.
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