TradingMarkets 7 Stocks You Need to Know for Wednesday
Stocks started the second quarter with a strong rally, with financial stocks leading the advance despite massive subprime losses at UBS and Deutsche Bank.
The Dow rose+391.47, the Nasdaq Composite +83.65, and the S&P 500 +47.48.
UBS
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PowerRating) reported a loss of $11.9 billion, due to a $19 billion subprime write-down. Today’s announcement took UBS’ total write-down to almost $38 billion since Q3 2007.
Deutsche Bank
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PowerRating) announced a $4 billion write-down, also due to further subprime losses.
Lehman Brothers
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PowerRating) raised $4 billion in an effort to shore up its capital base through the sale of 4-million convertible preferred shares.
International Business Machines
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PowerRating) has been temporarily suspended from participating in new business with federal government agencies after an investigation by the Environmental Protection Agency found possible violations of the Office of Federal Procurement Policy Act.
After the market close, Immucor
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PowerRating) beat estimates by reporting earnings of $0.27, versus expectations of $0.22.
Before the market open on Wednesday, Monsanto
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PowerRating) is scheduled to report earnings of $1.72.
Best Buy
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PowerRating) is also expected to report before the open, with analysts looking for $1.65 per share.
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