Stock Market Wrapup Sept. 13th
Fit will weigh options regarding the sale of its credit card business. Management will also evaluate the pace of current and potential future share buybacks. Its credit card portfolio contributed $453 million in revenue for the most recently reported quarter. Shareholder activist Bill Ackman has recently been pressing senior management to sell some assets. Ackman's fund holds a 9.6% stake in the retailer. Subscribers can read our analysis of Target in today's issue.
Shares of General Motors (NYSE: GM - News) and Ford Motor (NYSE: F - News) rose on the session after prospects for concession from the United Auto Workers (UAW) were highlighted by Wall Street. UAW's President said that he was willing to agree in principle to a union-controlled health care trust fund. A deal would cut $95 billion in retire costs for the Big Three auto makers. GM shares rose by 10%, while Ford advanced 5.6%.
In earnings news, French telecom equipment giant Alcatel-Lucent (NYSE: ALU - News) saw its shares get hit after the company cut its financial targets yet again. The company expects to post a breakeven third quarter on an operating basis. It also trimmed its 2007 revenue growth forecast, as it expects revenues to be flat to up slightly at a constant Euro-Dollar exchange rate as wireless customers in North America slowed down purchases.
Drug concern Cephalon (Nasdaq: CEPH - News) dropped 5,2% after it warned doctors about deaths linked to its cancer pain drug Fentura, according to U.S. regulators. According to the FDA's website, three deaths occurred in patients treated with Fentura. Cephalon is one of several drug companies under investigation by Congress for allegedly promoting its drugs for uses not approved by the FDA.
By The BullMarket.com Staff
Shares of General Motors (NYSE: GM - News) and Ford Motor (NYSE: F - News) rose on the session after prospects for concession from the United Auto Workers (UAW) were highlighted by Wall Street. UAW's President said that he was willing to agree in principle to a union-controlled health care trust fund. A deal would cut $95 billion in retire costs for the Big Three auto makers. GM shares rose by 10%, while Ford advanced 5.6%.
In earnings news, French telecom equipment giant Alcatel-Lucent (NYSE: ALU - News) saw its shares get hit after the company cut its financial targets yet again. The company expects to post a breakeven third quarter on an operating basis. It also trimmed its 2007 revenue growth forecast, as it expects revenues to be flat to up slightly at a constant Euro-Dollar exchange rate as wireless customers in North America slowed down purchases.
Drug concern Cephalon (Nasdaq: CEPH - News) dropped 5,2% after it warned doctors about deaths linked to its cancer pain drug Fentura, according to U.S. regulators. According to the FDA's website, three deaths occurred in patients treated with Fentura. Cephalon is one of several drug companies under investigation by Congress for allegedly promoting its drugs for uses not approved by the FDA.
By The BullMarket.com Staff
posted by Stock Administrator @ 5:29 PM
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