Stocks in the news: AIG, HSBC, Apple, ING
HSBC Holdings (HBC) tumbled more than 6% ahead of the bell as investors try to figure out its exposure to Dubai's debt, since it is one of the top two lenders in the United Arab Emirates. HSBC has about $15.9 billion in loans to the UAE. Goldman Sachs has estimated in a worst-case scenario HSBC could face a write-down on its commercial and mortgage loans to Dubai of $611 million.
Apple Inc.'s (AAPL) iPhone is to arrive in South Korea on Saturday. Korea is a market dominated by domestic manufacturers such as Samsung and LG, making some of the most sophisticated phones in the world. The arrival is generating considerable buzz among consumers and industry watchers amid expectations it will shake up the market. The pre-orders have so far impressed analysts. AAPL shares fell 2% in pre-market trading along with the market.
ING (ING) shares skidded over 17% ahead of the bell after it priced a rights issue intended to raise 7.5 billion euros ($11.2 billion) at a steep discount, hoping to reduce its dependence on state aid by tapping shareholders. The timing, as the Dubai's debt crisis unfolded, was to its detriment.
Sanofi-Aventis (SNY) said Friday that it has signed a memorandum of understanding with one of Russia's state corporations subsidiaries, Prominvest. Using its insulin factory in Russia, Sanofi intends to participate in the "Pharmpolis Project" aimed to localize drug manufacturers in Russia.
Sony Corp. (SNE) expects new 3-D compatible televisions will account for up to half the TVs it sells in roughly three years, as it outlined details of its effort to prop up its slumping electronics business, reports the Wall Street Journal.
General Electric (GE) co-Chief Executive Jeffrey Immelt was in Paris Wednesday, working to accelerate talks to acquire Vivendi's minority stake in NBC Universal, The Wall Street Journal reported on Thursday, citing people familiar with the situation.
Some retailers trying to sell online to watch for today are: Target Corp. (TGT), J.C. Penney (JCP), Best Buy (BBY), which announced major promotions online. Amazon.com Inc. (AMZN) also joined the fray with a "Black Friday Deals Week." Inc. (JCG) also boasted, "No crowds. No lines. No hassles."
Retailers that opened on Thanksgiving included: Old Navy Stores (GPS), Wal-Mart (WMT), Toys "R" Us, RadioShack (RSH) and Walgreen's (WAG).