Schaeffer's Trading Floor Blog

Buzz Stocks: HSBC, General Motors, Avon, and Apple

Today's stocks to watch include L, HSBC, GM, AVP, AAPL

by 7/30/2012 9:11 AM
Stocks quoted in this article:

Even while European indexes are higher in midday, U.S. stocks are poised to open lower as investors prepare for a big week that includes a Fed meeting, a jobs report, more earnings numbers, and a European Central Bank (ECB) meeting. Here are some company-specific stories to watch today:

  • Earnings news: Loews Corporation (NYSE:L) reported second-quarter net income of 14 cents per share, from 61 cents last year. Total revenue was off 4%. The company attributed much of this slowdown to lower earnings at Diamond Offshore Drilling, Inc. (NYSE:DO), of which Loews owns 50% (Reuters); HSBC Holdings plc (ADR) (NYSE:HBC) said profit recoiled roughly 9% during the first half of the year. The bank also said it earmarked $700 million to cover potential legal expenses related to money laundering charges and set aside $1.3 billion toward a regulatory settlement. (The New York Times).

  • General Motors Company (NYSE:GM) and its head marketing executive, Joel Ewanick, have parted ways, effective immediately. Ewanick came to GM two years ago from Hyundai, and several of his decisions have been questioned, including pulling ads off of Facebook and out of the Super Bowl. (Los Angeles Times)

  • Jury selection begins today in the patent dispute between Apple Inc. (NASDAQ:AAPL) and Samsung. The former claims its South Korean rival reproduced design features unique to the iPhone and iPad when designing its Galaxy Tab and other devices. AAPL is seeking $2.5 billion in damages and a ban on domestic sales of Samsung's tablet and smartphones. (The Washington Post)

  • In today's merger news, Chicago Bridge & Iron Company N.V. (NYSE:CBI) is shelling out $3.04 billion in cash and stock to buy The Shaw Group Inc. (NYSE:SHAW). SHAW holders will receive $46 per share, a whopping 72% premium over Friday's close. (NASDAQ)

  • Former Avon Products, Inc. (NYSE:AVP) CEO (and current chairman) Andrea Jung has been tapped for questioning by federal prosecutors, likely relating to the cosmetics company's potential bribery of foreign officials. The Securities Exchange Commission and Department of Justice have been questioning Avon officials for more than a year, but no charges have been officially filed. (The Wall Street Journal)

  • Delta Air Lines, Inc. (NYSE:DAL) is shutting down regional carrier Comair, eliminating more than 1,000 jobs in the process. In the past several years, Delta has slowly been sending grim signals to its subsidiary, reducing flights, issuing layoffs, and cutting the fleet. (Cincinnati.com)

  • This week's mishap at the Charleston, South Carolina airport -- which involved a grass fire -- is being investigated by U.S. officials along with The Boeing Company (NYSE:BA) and General Electric Company (NYSE:GE). A GE engine with a 787 Dreamliner was the source of metal debris that sparked the fire that caused minor airport delays. (BusinessWeek)


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