Stocks to Watch: Google, Ingersoll-Rand, Rio Tinto
Monday's top stories and stocks with potential to move...
Stocks to watch for Monday, December 17, 2007:
- Callaway Golf (ELY) has settled its patent license dispute with TaylorMade Golf. Both companies will get specific rights to make products under each other's patents, such as certain drivers, irons and golf balls.
- Google (GOOG) has launched a new service called 'knols' which will attempt to compete with online encyclopedia Wikipedia. Google said the term knol stands for a unit of knowledge, and that the service is currently being privately tested.
- IBM (IBM) is upping its employee base, primarily in India and China. By year end, the company's employee count in Brazil, Russia, India and China will near 100,000, compared to 85,000 at the end of 2006.
- Ingersoll-Rand (IR) agreed to purchase Trane (TT) for about $10.2 bln in stock and cash. This merger would form one of the largest global air conditioner and other climate control products manufacturers. The deal still needs to go through regulatory and shareholder approval.
- Nortel Networks (NT) is suing Vonage (VG) for allegedly violating nine patents related to its Internet phone services. This new suit is in oppositions to a claim filed by Vonage alleging that Nortel violated three of its patents.
- Rio Tinto (RTP) will invest $1.1 bln in expanding mines in Australia and the US. Specifically, the company is looking to put $793 mln as its 80-percent share of the cost to extend the Kestrel coal mine in Australia, according to Reuters. Also, Rio will put $300 mln into developing Eagle, a high-grade nickel and copper mine in Michigan, United States, projected to deliver 16,000 tons of nickel per year over seven years until 2016.
- United Rentals (URI), which is suing Cerberus Capital Management for bailing out on a $4 bln acquisition deal, will postpone the start of the trial by one day to pursue a settlement.
- Asian trading closed with the Hang Seng -3.51%, Nikkei -1.71%, Sensex -3.85%, Taiwan -3.54% and Shanghai -2.53%.
- A quick glance across the pond finds the CAC -1.62%, DAX -1.49%, FTSE -1.78%, ATX -1.63%, Swiss Mkt. -1.43% and Stockholm -2.37%.
- Crude oil is trading lower -0.64 to 90.91 while gold is off -3.5 to 794.50 this morning.
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