U.S. stock futures were mixed on Tuesday. Following Monday's broad sell-off and volatile session, which was also marked by low volume, today might not be different -- volatile and low volume. Several reports are in focus today, specifically some housing data that could shine more light on the sector, and consumer confidence, which could also move stocks. Meantime, oil prices declined and the dollar strengthened against major currencies.Rio Tinto (NYSE: RTP) shares are down over 3% in premarket trading after the mining giant reported fiscal first-half profit more than doubled. RTP's acquisition of Alcan and soaring commodity prices helped Rio achieve the results. RTP shares have been declining due to worldwide slower growth.
Meanwhile, Anadarko Petroleum (NYSE: APC) shares were 2.4% higher in after-hours after it announced a plan to buy back up to $5 billion of stock.
Staying with share buybacks, Coach (NYSE: COH) are also 1.7% higher in premarket trading after announcing a buyback program of up to $1 billion, which follows the completion of a similar repurchase.
And of course, Lehman Brothers (NYSE: LEH). Shares of the embattled banker are rising this morning following speculation that Kohlberg Kravis Roberts may be interested in buying Neuberger Berman, according to CNBC, while Blackstone Group backed away.
Moving to autos, General Motors Corp (NYSE: GM) has apparently received interest from two separate investors from the Gulf Arab region to buy its Hummer brand, according to the company's Middle East chief, reports Reuters. GM shares are 1% higher this morning.
And from autos to airlines, Delta Air Lines (NYSE: DAL) borrowed the $1 billion available on a revolving-credit facility, "which it says will give it flexibility as it closes its Northwest (NYSE: NWA) merger." Shares of NWA are pushing 2.7% higher in premarket.
To rumor land we go: The blogosphere is circulating a rumor that Apple Inc. (NASDAQ: AAPL) is planning an Apple Event for new iPod nanos, a less expensive iPod touch, and iTunes 8 on September 9.
Analyst calls:
- Salesforce.com (NYSE: CRM) was upgraded by Citigroup from Hold to Buy and set its target price on the stock to $70.
- Broadcom (NASDAQ: BRCM) was downgraded by Oppenheimer from Outperform to Perform.
- Marvell (NASDAQ: MRVL) was downgraded by Jefferies & Co from Buy to Hold and lowered the target price from $22 to $15.
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Reader Comments (Page 1 of 1)
9-15-2008 @ 12:24PM
maggs said...
come on now...............ceo's tighten your belts and stop taking millions for end of the year bonus, give back to the company, during these difficult times so you can stay afloat. the first place to cut costs is you. greed will distroy most businesses.