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Stocks to Watch: Chesapeake Energy, Ford Motor, State Street

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

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Stocks to watch for Thursday, January 3, 2008:

  • Chesapeake Energy (CHK) sold rights of natural gas production worth $1.1 bln to UBS (OBS) and Deutsche Bank's (DB) DB Energy Trading. Over the next 15 years the companies will receive natural gas from 4,000 wells in Appalachia that will continue to be run by CHK.
  • Ford Motor (F) is favoring a bid from Tata Motors (TTM) for its Jaguar and Land Rover units. The dealings now appear to be entering the final stages.
  • FMC Technologies (FTI) has been given $980 mln to supply deepwater subsea processing and production systems to Total Exploration & Production for use offshore Angola, reported MarketWatch.
  • New Century Financial (NEW), according to the Wall Street Journal, has agreed with the committee of its unsecured creditors on the structure of a Chapter 11 plan to pay its debts. However, needing more time, the company requested and extension until January 28 as a deadline to file the plan.
  • Overstock.com (OSTK) President and Chief Executive Jason Lindsay has resigned from his positions as of December 31. Lindsay will be with the company part-time to oversee certain projects.
  • State Street (STT) reported it will take a charge of $279 mln for the 4Q related to subprime mortgages and other debt. The company has also hired a new investment management chief, James Phalen after the former, William Hunt, resigned. Reuters reported the 71-cent-per-share charge addresses legal and other costs related to exposure to and illiquidity in subprime mortgages, State Street said.


Market Recap

  • Asian trading closed with the Hang Seng -2.44%, Sensex -0.59%, Taiwan -1.67% and Shanghai +0.89%.
  • A quick look towards Europe finds the CAC -0.26%, DAX -0.96%, FTSE +0.15%, ATX -1.21%, Swiss Mkt. -1.94% and Stockholm -1.18%.
  • Crude oil is trading up +0.8 to 99.70 and gold is moving higher +9.5 to 869.5 this morning.
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