Stocks to Watch: Alcoa, Bank of America, Google
Monday's top stories and stocks with potential to move...
Stocks to watch for Monday, December 24, 2007:
- Alcoa (AA) will sell its packaging and consumer business for $2.7 bln to Rank Group of New Zealand, and will include the sale of the Closure Systems International, Consumer Products, Flexible Packaging and Reynolds Food Packaging units.. The businesses generated about $3.2 billion in revenues and $95 million in after-tax operating income in 2006.
- Bank of America (BAC) on Friday announced its consortium, consisting of Citigroup (C) and JP Morgan (JPM), will not go ahead with the plan to create a master liquidity enhancement conduit, or M-LEC which would aide the liquidity shortage in the short-term.
- FedEx (FDX) submitted a filing to the SEC saying it had received a grand jury subpoena to reveal documents related to an ongoing criminal antitrust probe by the Department of Justice related to anti-competitive behavior in the international air freight forwarding industry. FedEx denies the validity of the charges.
- Google (GOOG), according to data released by ComScore, had a 58.6% share of the search market in November, up from October's number of 58.4%. Yahoo (YHOO) fell to 22.4% from 22.8% previously.
- News Corp. (NWS) sold eight TV stations to private equity firm Oak Hill Capital Partners for $1.1 bln. Oak Hill owns small broadcaster Local TV LLC, which has recently handed over administrative responsibilities to Tribune (TRB). According to the Wall Street Journal, the number of stations Tribune administers will rise to 40, which could give the company additional clout in negotiations with program suppliers. Tribune owns 23 stations directly.
- United Rentals' (URI) case against Cerberus Capital Management took a turn when a Delaware chancery court ruled that Cerberus acted within its rights in pulling out of a $4 billion buyout.
- Asian trading closed with the Hang Seng +1.82%, Sensex +3.61%, Taiwan +2.44% and Shanghai +2.60%.
- A quick check towards Europe finds the CAC +0.22% and the FTSE +0.72%.
- Crude oil is trading lower -0.15 to 93.16 and gold is also lower -1.8 to 809.8 this morning.
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