Tuesday, May 25, 2010
Toyota suspends sales of Lexus sedans...
Toyota Motor Corp. (TM). The automaker said it had temporarily suspended sales of certain Lexus LS sedans following a steering-related recall. The decision announced on Monday marks the third time in recent months that Toyota has told dealers to stop selling vehicles in the wake of a recall.
From our Market Strategist....
As noted many times, the major difference between today and fall 2008/winter 2009 is the recovering American economy. According to a survey by the National Association for Business Economics, the American economy is expected to expand by 3.2% this year and next. In February this same group projected a 3.1% growth rate.
If the economy does grow at this pace, this would be the strongest consecutive periods of expansion since 2003 and 2004. Wow!
Yesterday stocks were again volatile. In my view the economic data was largely dismissed and all focused upon the happenings in Europe. What will happen today? There is more housing data, a regional manufacturing index, inflation and confidence surveys released. All can influence trading.
Last night the foreign markets were down. London was down 2.66%, Paris down 3.47% and Frankfurt down 2.76%. Japan was down 3.06% and Hang Sang down 3.47%.
The Dow should open sharply lower on mounting concern that Europe debt crisis will endanger the global recovery. The Korean situation is also increasing nervousness. There are reports that North Korea ordered its troops last week to prepare for combat. The 10-year is up 21/32 to yield 3.12%.
Kent Engelke
Chief Economic Strategist/Managing Director
Capitol Securities Management
If the economy does grow at this pace, this would be the strongest consecutive periods of expansion since 2003 and 2004. Wow!
Yesterday stocks were again volatile. In my view the economic data was largely dismissed and all focused upon the happenings in Europe. What will happen today? There is more housing data, a regional manufacturing index, inflation and confidence surveys released. All can influence trading.
Last night the foreign markets were down. London was down 2.66%, Paris down 3.47% and Frankfurt down 2.76%. Japan was down 3.06% and Hang Sang down 3.47%.
The Dow should open sharply lower on mounting concern that Europe debt crisis will endanger the global recovery. The Korean situation is also increasing nervousness. There are reports that North Korea ordered its troops last week to prepare for combat. The 10-year is up 21/32 to yield 3.12%.
Kent Engelke
Chief Economic Strategist/Managing Director
Capitol Securities Management
On the positive side....
The delinquency rate for auto loan payments dropped markedly in Q1, falling to 0.66% from 0.83% Y/Y. Similar improvements in credit card and mortgage delinquency rates suggest consumers are finally starting to climb out from under their debt loads.
PVH beats but guides lower....
Phillips-Van Heusen Corp (PVH). The company beat Wall Street estimates in its first quarter, but a second quarter profit forecast lighter than some analysts anticipated. The company's adjusted earnings was 83 cents per share -- above the 79 cents per share expected, on average, by analysts, according to Thomson Reuters.
DSW Beats Expectations...
DSW Inc. (DSW). The shoe retailer on Tuesday posted first-quarter profit that beat market expectations, boosted by strong merchandise margins, and the shoe retailer backed its 2010 earnings view. The company reported net income of 67 cents a share up from 16 cents a share, a year earlier.
Dell unveils its version of the "IPad"
Dell (DELL) unveils the Streak this morning, an Android-based tablet with a 5-inch screen. The Streak goes on sale in the U.K. in June, and in the U.S. later this summer, as Dell makes its assault on the tablet market with its 'mini-iPad.'
AutoZone Beats....
AutoZone Inc. said Tuesday its net income rose 17 percent in its fiscal third quarter on strong sales of automotive replacement parts and several new store openings.
The results breezed past analyst projections.
The company said its net income rose to $202.7 million, or $4.12 per share, in the three months ended May 8 from $173.7 million, or $3.13 per share, a year ago.
Revenue rose 10 percent to $1.82 billion from $1.66 billion a year ago.
Analysts surveyed by Thomson Reuters expected earnings of $3.59 per share on $1.71 billion in sales, on average.
Shares of AutoZone closed Monday at $184.25, up 17 percent for the year.
The results breezed past analyst projections.
The company said its net income rose to $202.7 million, or $4.12 per share, in the three months ended May 8 from $173.7 million, or $3.13 per share, a year ago.
Revenue rose 10 percent to $1.82 billion from $1.66 billion a year ago.
Analysts surveyed by Thomson Reuters expected earnings of $3.59 per share on $1.71 billion in sales, on average.
Shares of AutoZone closed Monday at $184.25, up 17 percent for the year.
Futures look ugly....
Ahead of the opening bell, Dow futures are down 221, or 2.2 percent, to 9,822. Standard & Poor's 500 index futures are down 27.90, or 2.6 percent, to 1,043.10, while Nasdaq 100 index futures are down 42.00, or 2.3 percent, to 1,770.50.
Tuesday's expected sell-off follows a sharp, late-session drop Monday. The Dow lost 80 points in the last 15 minutes of trading Monday to close down nearly 127 points. The index is now trading at its lowest levels since February.
Tuesday's expected sell-off follows a sharp, late-session drop Monday. The Dow lost 80 points in the last 15 minutes of trading Monday to close down nearly 127 points. The index is now trading at its lowest levels since February.
More on Medtronic....
NEW YORK (AP) -- Medtronic Inc., the world's largest medical-device company, says its fourth-quarter profit surged from results a year ago that had been depressed by a large license payment.
Medtronic says its revenue rose 10 percent, helped by higher sales of implantable heart devices as rival Boston Scientific suspended its U.S. sales of such devices for a month. Boston Scientific made changes to some of its devices without telling regulators.
Medtronic, which is based in Minneapolis, says it earned $954 million, or 86 cents per share, in the quarter ended April 30. That's up from $103 million, or 9 cents per share.
Medtronic says its earnings per share was 89 cents per share excluding one-time costs. That is a penny a share higher than analysts expected.
Its revenue rose to $4.2 billion. Analysts expected $4.19 billion in revenue.
Medtronic says its revenue rose 10 percent, helped by higher sales of implantable heart devices as rival Boston Scientific suspended its U.S. sales of such devices for a month. Boston Scientific made changes to some of its devices without telling regulators.
Medtronic, which is based in Minneapolis, says it earned $954 million, or 86 cents per share, in the quarter ended April 30. That's up from $103 million, or 9 cents per share.
Medtronic says its earnings per share was 89 cents per share excluding one-time costs. That is a penny a share higher than analysts expected.
Its revenue rose to $4.2 billion. Analysts expected $4.19 billion in revenue.
Earnings Before the Market....
Monday, May 24, 2010
Mad Money Recap...
Here's what Jim Cramer had to say about some of the stocks that callers offered up during the "Mad Money Lightning Round" Monday evening.
Macy's (M): "Everyone knows I like Macy's, but not at the exclusion of TJX Companies (TJX). I'm going to say buy TJ Maxx and don't buy Macy's."
World Wrestling Entertainment (WWE): "If you look at the combination of the dividend and the stock, you've got a winner."
Caterpillar (CAT): "I feel that this is still not at the yield I want. I like it at 3.5% yield. Let's wait a couple more points."
MGM Mirage (MGM): "I think that Vegas is having another downturn. Macau is on fire, though. I'm a seller on MGM and a buyer of Wynn Resorts (WYNN)."
Vodafone Group (VOD): "I don't have a catalyst there. I like Verizon (VZ)."
Hitachi (HIT): "I think Japan is a no-growth environment and I'm not a buyer."
Macy's (M): "Everyone knows I like Macy's, but not at the exclusion of TJX Companies (TJX). I'm going to say buy TJ Maxx and don't buy Macy's."
World Wrestling Entertainment (WWE): "If you look at the combination of the dividend and the stock, you've got a winner."
Caterpillar (CAT): "I feel that this is still not at the yield I want. I like it at 3.5% yield. Let's wait a couple more points."
MGM Mirage (MGM): "I think that Vegas is having another downturn. Macau is on fire, though. I'm a seller on MGM and a buyer of Wynn Resorts (WYNN)."
Vodafone Group (VOD): "I don't have a catalyst there. I like Verizon (VZ)."
Hitachi (HIT): "I think Japan is a no-growth environment and I'm not a buyer."
WalMart to cut I-Phone Prices in Half...
Wal-Mart says it's cutting the price of the most up-to-date iPhone in half. That's another sign Apple is getting ready to unveil a new model.
Wal-Mart says that starting Tuesday the iPhone 3GS with 16 gigabytes of storage space will cost $97 with a two-year contract with AT&T. It currently costs $197.
Leaked prototypes for an updated iPhone surfaced on blogs recently. The price cut could signal retailers are clearing the shelves to make room for a new Apple smart phone.
Apple declined to comment on whether it's planning to release a new iPhone soon, or whether it will also sell the iPhone 3GS for less.
The company's annual developer conference kicks off June 7. Apple unveiled the iPhone 3GS at the same event last year.
Wal-Mart says that starting Tuesday the iPhone 3GS with 16 gigabytes of storage space will cost $97 with a two-year contract with AT&T. It currently costs $197.
Leaked prototypes for an updated iPhone surfaced on blogs recently. The price cut could signal retailers are clearing the shelves to make room for a new Apple smart phone.
Apple declined to comment on whether it's planning to release a new iPhone soon, or whether it will also sell the iPhone 3GS for less.
The company's annual developer conference kicks off June 7. Apple unveiled the iPhone 3GS at the same event last year.
Medtronic to Report Tuesday before the open...
Medtronic (MDT) is expected to report Q4 earnings on Tuesday, May 25 before the market open with a conference call scheduled for 8 am ET.
Guidance:
Analysts are looking for EPS of 88c on revenue of $4.19B. The consensus range is 86c-91c for EPS, and $4.11B-$4.27B for revenue. The company raised the lower end of its FY10 EPS guidance to $3.20-$3.22 in late February.
Positive catalysts for Medtronic this quarter include the product recalls that its competitor Boston Scientific (BSX) is currently experiencing, expanding global sales in the ICD market, domestic and international demand for the Endeavor stent, and sales of its new heart valve products. Negative catalysts for the quarter may be seen coming from a maturing domestic ICD market with slowing sales growth.
Guidance:
Analysts are looking for EPS of 88c on revenue of $4.19B. The consensus range is 86c-91c for EPS, and $4.11B-$4.27B for revenue. The company raised the lower end of its FY10 EPS guidance to $3.20-$3.22 in late February.
Positive catalysts for Medtronic this quarter include the product recalls that its competitor Boston Scientific (BSX) is currently experiencing, expanding global sales in the ICD market, domestic and international demand for the Endeavor stent, and sales of its new heart valve products. Negative catalysts for the quarter may be seen coming from a maturing domestic ICD market with slowing sales growth.
Market Recap....
Market recap: Stocks plummeted in the final half-hour of trading, knocked down by concerns about Europe's Banks and Washington's Lawmaking.
NYSE decliners outnumbered advancers two to one.
At the close:
Dow -1.27% to 10064.
S&P -1.31% to 1073.
Nasdaq -0.69% to 2214.
Treasurys: 30-year -0.33%. 10-yr -0.09%. 5-yr -0.08%.
Commodities: Crude +0.03% to $70.06. Gold +1.44% to $1193.00.
Currencies: Euro -1.51% vs. dollar. Yen -0.67%. Pound -0.17
NYSE decliners outnumbered advancers two to one.
At the close:
Dow -1.27% to 10064.
S&P -1.31% to 1073.
Nasdaq -0.69% to 2214.
Treasurys: 30-year -0.33%. 10-yr -0.09%. 5-yr -0.08%.
Commodities: Crude +0.03% to $70.06. Gold +1.44% to $1193.00.
Currencies: Euro -1.51% vs. dollar. Yen -0.67%. Pound -0.17
Will Amazon buy out Netflix???
For what it's worth, a recent poll by TheStreet.com suggests that Netflix will not be bought by
Amazon.
http://www.thestreet.com/_yahoo/story/10764150/1/netflix-wontbe-
bought-by-amazon-poll-says.html
Amazon.
http://www.thestreet.com/_yahoo/story/10764150/1/netflix-wontbe-
bought-by-amazon-poll-says.html
Disney's Toy Story 3...Coming June 18
Toy Story 3 will be the first film to use Dolby Surround 7.1 for sound effects, an
improvement over the current 5.1 setup.
The film will debut on June 18th.
improvement over the current 5.1 setup.
The film will debut on June 18th.
IBD Top 100 Deletions...
J Crew (JCG)
Tractor Supply (TSCO)
Fossil Inc. (FOSL)
Whirlpool (WHR)
Phillips Van Heusen (PVH)
TRW Automotive (TRW)
Tractor Supply (TSCO)
Fossil Inc. (FOSL)
Whirlpool (WHR)
Phillips Van Heusen (PVH)
TRW Automotive (TRW)
Limewire in Trouble...
LimeWire creator Mark Groton is profiled in the NYT, he is facing up to $450M in damages for copyright infringement.
http://www.nytimes.com/2010/05/24/business/media/24limewire.html?ref=media
http://www.nytimes.com/2010/05/24/business/media/24limewire.html?ref=media
IBD Top 100 Additions....
New to the Top 100:
Dollar Tree (DLTR)
Aeropostale (ARO)
Polaris Industries (PII)
O'Reilly Automotive (ORLY)
Family Dollar (FDO)
Life-time Fitness (LTM)
DSW Shoe Warehouse (DSW)
Ann Taylor (ANN)
Ross Stores (ROST)
IMAX Theatres (IMAX)
Cheesecake Factory (CAKE)
Bed, Bath and Beyond (BBBY)
Dollar Tree (DLTR)
Aeropostale (ARO)
Polaris Industries (PII)
O'Reilly Automotive (ORLY)
Family Dollar (FDO)
Life-time Fitness (LTM)
DSW Shoe Warehouse (DSW)
Ann Taylor (ANN)
Ross Stores (ROST)
IMAX Theatres (IMAX)
Cheesecake Factory (CAKE)
Bed, Bath and Beyond (BBBY)
Stocks to Watch This Morning
• American International Group Inc. (AIG). U.S. Treasury is re-looking at plans to float the Asian unit of AIG in case a bid by Prudential (PUK) to buy the AIA fails, two British newspapers reported on Sunday. Separately, the company welcomed the Justice Department decision, not specifically identified, in which published reports indicate that federal prosecutors will not charge company executives over credit default swaps.
• BHP Billiton Ltd/Plc (BHP). The global miner wants to take advantage of the current market weakness and is looking worldwide for acquisition opportunities to grow its business, a senior company official said on Monday. The company also said that the recent giant oil spill in the Gulf of Mexico has brought some delays to its projects and could hit its production growth forecast of 10 percent for the year ending June 10, and estimates of 8-10 percent next year. Separately, the company set out its case for changes to Australia's proposed new mining tax in talks with government officials on Friday, saying any tax should be based on the value of commodities produced. Meanwhile, BHP said it still sees returns on its petroleum operations in Western Australia and the Gulf of Mexico as competitive, amid tax and regulatory debates affecting the two regions.
• British Petroleum (BP). The British oil major sharply reduced its estimate on Monday of how much oil it is siphoning off each day from a ruptured well in the Gulf of Mexico that has been spewing oil for a month and threatening ecological disaster. Separately, BP will press ahead with a series of short-term options, including one this week, to try to plug its gushing Gulf of Mexico oil well, and these will be attempted before it completes an expected relief well in August, BP Managing Director Bob Dudley said on Sunday.
• Burger King Holdings (BKC). The hamburger chain’s franchisees have won the right to argue in court that the company acted in bad faith when it added its double cheeseburger to its $1 Value Menu.
• Campbell Soup Co. (CPB). The largest soup maker on Monday posted higher sales in its key U.S. soup market, helped by increased promotional spending. The company's third-quarter earnings were 54 cents a share, before items.
• EMC Corp. (EMC). The company's shares, which have already jumped 50 percent in the past year, could climb even more fueled by a recovering economy and strong demand for storage capacity from its corporate customers, according to a story in Barron's.
• Equity One Inc. (EQY). The shopping center owner said on Sunday it would buy Capital Shopping Centres Group Plc's U.S. unit in a $258.3 million deal, helping the company expand into California. The transaction will give British company 4.1 million shares of Equity One common stock and 10.9 million joint venture units.
• First Solar (FSLR). The producer of solar modules, which plans to build the world's largest solar power plant in Inner Mongolia, could hear from China in coming months the amount of subsidy it will get, the company's president said.
• Fluor Corp. (FLR). The company on Monday said it won a series of contracts from Ma`aden and Alcoa (AA) joint venture to provide program management consultancy, engineering, procurement and construction management services for projects related to the development of the integrated Ras Az`Zawr aluminum complex. The company said it expects to book about $3 billion covering four separate scopes of work.
• Marriott International Inc. (MAR). The largest U.S. hotel chain aims to double the number of Marriott brand hotels in China within five years and intends to introduce a lower-priced hotel brand in the near future. Marriott, which currently manages 46 hotels in China, expects to have 60 hotels by the end of the year and 90 in five years, making China its second-largest market by number of hotels, Arne Sorenson, Marriott's president, said in Shanghai on Monday.
• Morgan Stanley (MS). China's securities regulator has started to review the company’s application to sell its roughly $1 billion stake in Chinese investment bank China International Capital Corp, state media reported on Monday. If the application process goes smoothly, Morgan Stanley could obtain regulatory approval to sell its 34.3 percent stake in CICC within around three months, the official Shanghai Securities News said, citing unnamed sources.
• News Corp. (NWSA). An Italian court on Monday rejected an appeal against the sale of satellite TV soccer rights to News Corp unit Sky Italia, averting possible financial problems for Italian clubs. The appeal was filed by Conto TV, a small satellite operator. Conto claimed the way Serie A rights for the next two seasons were sold to Sky Italia was unfair.
• Rio Tinto (RTP). The global miner described Australia as its top sovereign risk on Monday and said it was reviewing all investments there as its raised pressure on Canberra to overhaul its planned new mining tax.
• Royal Dutch Shell (RDSa). The oil major has started commissioning the first phase of its multi-billion dollar Pearl gas-to-liquids project in Qatar, an executive of the plant said on Monday. The GTL plant, which Shell describes as the world's largest energy project, has a price tag of up to $19 billion.
• Sherwin-Williams Co. (SHW). The largest U.S. paint maker on Monday said it will buy wood coatings maker Becker Acroma Industrial Wood Coatings for an undisclosed sum, in a bid to expand its global footprint. The deal, subject to regulatory approvals, is slated to close in the third aquarter
• Sony Corp. (SNE). The company’s CEO is set to meet rival Samsung Electronics, for possible alliances, as the Japanese consumer electronics maker aims to turn its TV business profitable with aggressive sales targets.
• Sprint Nextel (S). Shares of the carrier could rise to about $6 a share, helped by the introduction of a mobile phone that works on it's new high-speed network, according to business weekly Barron's. The newspaper said in its May 24 edition that Sprint's total subscriber base could grow as it takes the lead with a phone that runs on its "4G" network, which it promises will deliver speeds up to 10 times faster than existing networks.
• UAL Corp. (UAUA). A U.S. Senate subcommittee is set to examine the proposed airline deal between the company’s United Airlines and Continental Airlines (CAL) on Thursday that will study the implications for airline consumers.
• Verizon Communications Inc. (VZ). The company won final U.S. regulatory approval on Friday to sell 4.8 million rural phone lines to Frontier Communications Corp (FTR) for about $5.25 billion in stock.
• Walt Disney Co. (DIS). Billionaire Ron Burkle and Hollywood producer Harvey Weinstein on Friday said they were continuing efforts to buy the company's Miramax Films, playing down media reports that the long-gestating deal had fallen through.
• Whirlpool Corp. (WHR). The Indian unit of global appliances maker plans to hike product prices by 2-3 percent in the next 2 months, a top official said. The firm has also revised its investment in India to 4 billion rupees over 3 years, starting this fiscal. The firm also plans to launch a new range of higher end washing machines by September this year and boost distribution.
• BHP Billiton Ltd/Plc (BHP). The global miner wants to take advantage of the current market weakness and is looking worldwide for acquisition opportunities to grow its business, a senior company official said on Monday. The company also said that the recent giant oil spill in the Gulf of Mexico has brought some delays to its projects and could hit its production growth forecast of 10 percent for the year ending June 10, and estimates of 8-10 percent next year. Separately, the company set out its case for changes to Australia's proposed new mining tax in talks with government officials on Friday, saying any tax should be based on the value of commodities produced. Meanwhile, BHP said it still sees returns on its petroleum operations in Western Australia and the Gulf of Mexico as competitive, amid tax and regulatory debates affecting the two regions.
• British Petroleum (BP). The British oil major sharply reduced its estimate on Monday of how much oil it is siphoning off each day from a ruptured well in the Gulf of Mexico that has been spewing oil for a month and threatening ecological disaster. Separately, BP will press ahead with a series of short-term options, including one this week, to try to plug its gushing Gulf of Mexico oil well, and these will be attempted before it completes an expected relief well in August, BP Managing Director Bob Dudley said on Sunday.
• Burger King Holdings (BKC). The hamburger chain’s franchisees have won the right to argue in court that the company acted in bad faith when it added its double cheeseburger to its $1 Value Menu.
• Campbell Soup Co. (CPB). The largest soup maker on Monday posted higher sales in its key U.S. soup market, helped by increased promotional spending. The company's third-quarter earnings were 54 cents a share, before items.
• EMC Corp. (EMC). The company's shares, which have already jumped 50 percent in the past year, could climb even more fueled by a recovering economy and strong demand for storage capacity from its corporate customers, according to a story in Barron's.
• Equity One Inc. (EQY). The shopping center owner said on Sunday it would buy Capital Shopping Centres Group Plc's U.S. unit in a $258.3 million deal, helping the company expand into California. The transaction will give British company 4.1 million shares of Equity One common stock and 10.9 million joint venture units.
• First Solar (FSLR). The producer of solar modules, which plans to build the world's largest solar power plant in Inner Mongolia, could hear from China in coming months the amount of subsidy it will get, the company's president said.
• Fluor Corp. (FLR). The company on Monday said it won a series of contracts from Ma`aden and Alcoa (AA) joint venture to provide program management consultancy, engineering, procurement and construction management services for projects related to the development of the integrated Ras Az`Zawr aluminum complex. The company said it expects to book about $3 billion covering four separate scopes of work.
• Marriott International Inc. (MAR). The largest U.S. hotel chain aims to double the number of Marriott brand hotels in China within five years and intends to introduce a lower-priced hotel brand in the near future. Marriott, which currently manages 46 hotels in China, expects to have 60 hotels by the end of the year and 90 in five years, making China its second-largest market by number of hotels, Arne Sorenson, Marriott's president, said in Shanghai on Monday.
• Morgan Stanley (MS). China's securities regulator has started to review the company’s application to sell its roughly $1 billion stake in Chinese investment bank China International Capital Corp, state media reported on Monday. If the application process goes smoothly, Morgan Stanley could obtain regulatory approval to sell its 34.3 percent stake in CICC within around three months, the official Shanghai Securities News said, citing unnamed sources.
• News Corp. (NWSA). An Italian court on Monday rejected an appeal against the sale of satellite TV soccer rights to News Corp unit Sky Italia, averting possible financial problems for Italian clubs. The appeal was filed by Conto TV, a small satellite operator. Conto claimed the way Serie A rights for the next two seasons were sold to Sky Italia was unfair.
• Rio Tinto (RTP). The global miner described Australia as its top sovereign risk on Monday and said it was reviewing all investments there as its raised pressure on Canberra to overhaul its planned new mining tax.
• Royal Dutch Shell (RDSa). The oil major has started commissioning the first phase of its multi-billion dollar Pearl gas-to-liquids project in Qatar, an executive of the plant said on Monday. The GTL plant, which Shell describes as the world's largest energy project, has a price tag of up to $19 billion.
• Sherwin-Williams Co. (SHW). The largest U.S. paint maker on Monday said it will buy wood coatings maker Becker Acroma Industrial Wood Coatings for an undisclosed sum, in a bid to expand its global footprint. The deal, subject to regulatory approvals, is slated to close in the third aquarter
• Sony Corp. (SNE). The company’s CEO is set to meet rival Samsung Electronics, for possible alliances, as the Japanese consumer electronics maker aims to turn its TV business profitable with aggressive sales targets.
• Sprint Nextel (S). Shares of the carrier could rise to about $6 a share, helped by the introduction of a mobile phone that works on it's new high-speed network, according to business weekly Barron's. The newspaper said in its May 24 edition that Sprint's total subscriber base could grow as it takes the lead with a phone that runs on its "4G" network, which it promises will deliver speeds up to 10 times faster than existing networks.
• UAL Corp. (UAUA). A U.S. Senate subcommittee is set to examine the proposed airline deal between the company’s United Airlines and Continental Airlines (CAL) on Thursday that will study the implications for airline consumers.
• Verizon Communications Inc. (VZ). The company won final U.S. regulatory approval on Friday to sell 4.8 million rural phone lines to Frontier Communications Corp (FTR) for about $5.25 billion in stock.
• Walt Disney Co. (DIS). Billionaire Ron Burkle and Hollywood producer Harvey Weinstein on Friday said they were continuing efforts to buy the company's Miramax Films, playing down media reports that the long-gestating deal had fallen through.
• Whirlpool Corp. (WHR). The Indian unit of global appliances maker plans to hike product prices by 2-3 percent in the next 2 months, a top official said. The firm has also revised its investment in India to 4 billion rupees over 3 years, starting this fiscal. The firm also plans to launch a new range of higher end washing machines by September this year and boost distribution.
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