Spotlight Stocks: KKR, Motorola, Sirius, Toyota
Monday's top stories and stocks with potential to move.
Stocks to watch for Monday, July 28, 2008:
- Kohlberg Kravis Roberts, a private equity firm, will become a publicly traded company on the NYSE by taking over its Amsterdam-listed investment fund KKR Private Equity Investors LP. According to the Associated Press, KKR principals will hold 79 percent of the combined company and KKR Private Equity shareholders will own 21 percent, though no cash is set to change hands. The transaction is expected to be completed in the fourth quarter.
- Motorola (MOT) is separating its home and networks mobility unit, the second largest of the company, into three different businesses. This is seen as a move to make it easier to sell some of its parts down the road. The unit had revenues of $2.4 billion in the first quarter. When the company reports on Thursday, it is expected to announce a split of the company, making its cell phone business, which has struggled, a separate entity.
- Sirius Satellite Radio's (SIRI) purchase of XM Satellite Radio (XMSR) received FCC approval by a 3-2 vote on Friday. In order to sway Republican Commissioner Deborah Taylor Tate's vote, the companies voluntarily agreed to pay a combined $19.7 million in fines to settle several FCC rule violations, including locating towers in unapproved locations and selling radios that exceeded power limits, reported The Wall Street Journal.
- Toyota (TM) lowered guidance on its 2008 global sales target to 9.5 million vehicles from 9.85 million. The company cited slowing numbers in the North American market. The figure remains above total sales from 2007, which was 9.37 million vehicles. In the US alone, the new sales estimate is down to 2.44 million from 2.64 million. Strong sales in China, the Middle East and other markets helped maintain global growth estimates.
- Asian trading closed with the Hang Seng -0.24%, Nikkei +0.14%, Sensex +0.52%, Taiwan unchanged and Shanghai +1.32%.
- A quick check across the pond finds the CAC -1.24%, DAX -0.94%, FTSE -0.24%, ATX -0.19%, Swiss Market -0.25% and Stockholm -0.44%.
- In commodities, crude oil is trading up +1.71 to 124.94 and gold is also higher +3.8 to 930.6 this morning.
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.
Daily Recap Newsletter