Stocks in focus for Monday

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Last updated: 9/13/2008 12:01:00 AM
SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Monday's session are Pall Corp., Kroger Co. and American International Group Inc.

Pall Corp. (PLL) is expected to report fiscal fourth-quarter earnings of 61 cents a share, according to analysts surveyed by FactSet Research.

Kroger Co. (KR) is forecast to post earnings of 41 cents a share in the second quarter.

After Friday's closing bell, The Wall Street Journal reported that American International Group Inc. (AIG) is expected to hold an analysts' call on Monday to announce a series of measures including a possible asset sale, citing a source familiar to the matter. An AIG spokesman told MarketWatch he hadn't heard that a conference call was planned for Monday. Earlier Friday, Standard & Poor's said it may downgrade AIG because of significant declines in the insurer's share price and an increase in credit spreads on the company's debt. S&P has an AA-/A-1+ rating on AIG. See full story

Watch list

Continental Airlines Inc.'s (CAL) board named President Jeff Smisek as chief operating officer, the airline said in a disclosure to the Securities and Exchange Commission. Smisek will retain the title of president and in line with the appointment, Chairman and Chief Executive Officer Larry Kellner will assume oversight of marketing and technology.

JoS A Bank Clothiers Inc. (JOSB) said Robert Wildrick will retire as chief executive officer and assume the position of chairman of the board. President R. Neal Black will become chief executive officer and a director and Andrew Giordano will become chairman emeritus as part of the company's leadership succession plan. All appointments are effective Dec. 21.

General Motors Corp. (GM) will increase its support for Delphi Corp. (DPHIQ) to about $10.6 billion from $6 billion following a revised settlement and restructuring agreement, Delphi said. In addition, the parts maker's net hourly liability transfer to GM will rise to $3.4 billion from $1.5 billion previously.

Lehman Brothers Holding Inc.'s (LEH) review status was updated by Standard & Poor's to developing from negative on reports that the investment bank is negotiating a potential sale. A developing status means S&P can raise, affirm or downgrade Lehman's ratings. If Lehman is bought, S&P said it could raise its ratings, depending on its assessment of the credit quality of the combined company, the buyer's business strategy for Lehman, and the structure of the deal. See full story

Washington Mutual Inc. (WM) Chief Executive Alan Fishman has hired Frank Baier to assist him in guiding the bank through its current crisis, The Wall Street Journal reported, citing people familiar with the matter. Baier, formerly a close aid to Fishman when he worked at a small Brooklyn-based bank, last served as chief financial officer and chief administrative officer of the Securities Industry and Financial Markets Association in New York.
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اسهم راح تكون اكشن بحركة صعود مع الافتتاح بسبب نزول اخبار عليها بعد الاقفال

 

[canada]

الاخ الحبيب انا ارشح gm للمضاربه والاستشمار البعيد
gm حصلت على قرض مالي بقيمه 25 بلين في فوائد
ميسره وقليله
والمساله التانيه تم دراسه بعيده لهيكله الشركه
تراجع اسعار النفط
المؤشرات كلها جيده للدخول

GM chief to lobby Congress for $25bn in low-cost loans

By Bernard Simon in Toronto

Published: September 12 2008 03:00 | Last updated: September 12 2008 03:00

General Motors' chief executive Rick Wagoner will today join an intense lobbying drive by the embattled US motor industry to secure approval from Congress for at least $25bn in low-cost loans.

Mr Wagoner will be among witnesses at an all-day Senate energy committee hearing aimed at facilitating, in the words of its sponsors, "the development of comprehensive legislation to address America's many energy challenges".

The loans were included in an energy bill passed in December to finance the retooling of plants for more fuel-efficient vehicles, especially hybrid and electric cars. The bill also provided for a 40 per cent jump in fuel-economy requirements for cars and light trucks.

However, Congress has yet to appropriate funds to guarantee the loans, and the energy department must still draft detailed regulations.

Mr Wagoner is likely to make little direct reference to the aid package, but will instead focus on highlighting that huge investments in new technologies will be needed if the US is to gain control of its energy needs. Such investments would require a far-reaching alliance between the industry, government and other players, with the government in the vanguard.

But senators are likely to press Mr Wagoner on the issue of the loans. Critics have questioned whether the loans amount to no more than a bail-out for the struggling US carmakers.

The industry is urging members of Congress to appropriate the funds before they adjourn at the end of the month for the campaign leading up to the general election on November 4.

Neil De Koker, president of the Original Equipment Suppliers Association, which represents auto parts makers, said in an interview that "timing is very, very tight". Mr De Koker will add his voice to the lobbying effort with a visit to Capitol Hill next Friday, possibly accompanied by the chief executives of several parts suppliers.

One lobbyist said that industry was racheting up pressure on the politicians, with carmakers and suppliers peppering politicians with "phone calls, phone calls and more phone calls".

The loan scheme, known as the Advanced Technology Vehicles Manufacturing Incentive Programme, would be available to all vehicle manufacturers with operations in North America, as well as parts suppliers.

However, the three Detroit carmakers - GM, Ford Motor and Chrysler - and their suppliers would be by far the biggest beneficiaries. They see the loans as a way of bridging a cash crunch that is likely to continue for at least the next 18 months.

Recipients would pay interest at less than half prevailing market rates. With their credit ratings deep in junk territory, the carmakers currently borrow at rates well into double digits.

Mr De Koker estimated that the industry needs $100-150bn to modernise its plants. "We really need the loan guarantees to meet a national goal that the government has set," he said, adding that the request comes "at a time when the domestic industry is in a very difficult financial condition".

All three Detroit carmakers are struggling to cope with a steep downturn in US light-vehicle sales, as well as an unexpected stampede by buyers from highly profitable sport-utility vehicles and pick-up trucks to smaller, more fuel-efficient cars. GM posted a $15.5bn second-quarter loss, while Ford reported an $8.7bn deficit.

Himanshu Patel, analyst at JPMorgan, told clients yesterday that the loan programme could materially lessen the chances of any of the Detroit carmakers filing for bankruptcy protection.

Both presidential candidates, John McCain and Barack Obama, have thrown their support behind the loans. Michigan and Ohio, the two states most dependent on the auto industry, are key swing states in the