KoreaEconomicDaily posts
FeedPosted Mar 16th 2007 9:34AM by Eric Buscemi (RSS feed)
Filed under: Wal-Mart (WMT), General Motors (GM), Newmont Mining (NEM), Dow Chemical (DOW)
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MAJOR PAPERS:
- General Motors Corporation (NYSE: GM) is reportedly attempting to tighten its financial reporting procedures, the Wall Street Journal (subscription required) reported. The auto maker is under investigation by the SEC and a federal grand jury for its accounting of transactions as far back as 2000.
- The Financial Times (subscription required) reported that Dow Chemical Company (NYSE: DOW) is in talks with India's Reliance Industries for a joint venture that would enable Dow to reduce its exposure to commodity products and gain access to cheaper raw materials. Indian newspapers report that a deal could lead to a full takeover by Reliance.
OTHER PAPERS:
- According to the Korea Economic Daily, citing an unnamed Posco ADS (NYSE: PKX) executive, a senior Arcelor Mittal Steel Company (NYSE: MT) executive expressed interest in Posco's merger plans. Posco denied the report, saying "There was no discussion on issues related to M&A when the Mittal executive met Posco CEO last month," according to the Economic Times.
- The Independent reported that Imperial Tobacco Group plc (NYSE: ITY) has made a GBP7.6B bid for the Franco-Spanish tobacco company Altadis. The private equity firm Kohlberg Kravis Roberts is also reported to have interest in acquiring Altadis. An Imperial-Altadis merger could derail a hostile bid by Kohlberg Kravis Roberts.
- BusinessWeek's "Inside Wall Street" section mentioned Newmont Mining Corp (NYSE: NEM), CB Richard Ellis Group Inc (NYSE: CBG) and Superior Energy Services Inc (NYSE: SPN) positively.
- Which gold producer will shine brightest? Newmont Mining "is the one," says Vincent Carrino, Chief of Brookhaven Capital Management, which has loaded up on its stock.
- Douglas Roberts at Channel Capital Research Institute doesn't see the Fed cutting rates soon, and hence he likes CB Richard Ellis Group.
- Superior Energy Services aims to be everything to oil-and-gas explorers in the Gulf of Mexico, and in most cases it is. "Superior can't keep up with the tremendous demand for its repair and recovery services, which will provide strong growth through the end of the decade," says Martin Sass, CEO of MDSass, which owns a 1.2% stake.
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Wal-Mart grows profit and cash flow in Q3, but comps still ailing
Chasing Value: Ten stocks for 2010 -- Part 2
