Stocks to Watch: Amazon.com, Morgan Stanley and More

Stocks to Watch: Amazon.com, Morgan Stanley and More

  • Posted Monday, November 28, 2011 -
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By Corrie Driebusch and Ian Thomson

Stocks to watch this morning include Amazon.com, Morgan Stanley and more.

Amazon.com shares were up 3.9% at $189.50 in recent premarket trading as CyberMonday kicked off, and after the online retailing giant said it sold four timesas many Kindle devices on Black Friday as it did last year, and its Kindle Firetablet was the best selling tablet on its website as well as at Target Corp.stores.

Financial stocks rallied in early trading after news reports over the weekendsuggested euro-zone leaders were planning a new stability pact to contain thesovereign debt crisis. A new agreement, which includes measures to curbexcessive debt by making budget discipline legally binding, could persuade theEuropean Central Bank to take more action to halt the selloff in debt markets.Among the biggest premarket gainers were Morgan Stanley, up 5% at $13.92, Bankof America Corp., up 4.5% at $5.40, and Citigroup, up 4.7% at $24.74.

Dow Chemical said Monday that it has officially formed its joint ventureSadara Chemical Co., with state-giant Saudi Arabian Oil Co., or Saudi Aramco, tobuild one of the world's largest chemicals plants in the oil-rich kingdom'sEastern Province on the Persian Gulf coast. Shares of Dow Chemical added 3.7% to$25.37 premarket.

Bank Of Ireland PLC on Monday said it has made good progress towardmeeting its commitments to deleverage its huge balance sheet by selling anominal EUR590 million worth of North American and European loans to SumitomoMitsui Banking Corp. The Bank of Ireland's American depositary shares climbed13% to $4.50 premarket.

Citi upgraded its stock-investment rating on Google Inc. (GOOG) to buy in thewake of the Internet search giant's 9% stock selloff the past week and a half,putting the company "below market multiples." Citi grew tepid on the stock backin April-downgrading it then on factors including "very aggressive" operatingspending and "the rising influence of Facebook." Since then, Google has shownrobust revenue growth and signs of margin stabilization while seeing itsvaluation become "more attractive." And, Citi admits the Facebook risk might notbe that daunting, at least for now. Google Class A shares are up 2.5% premarketto $577.

Energy Conversion Devices Inc. has named a pair of executives to leadthe struggling solar products company's operations and restructuring efforts.The company, which makes and installs thin-film solar products for commercialand residential rooftop projects, has been working to streamline its business inthe face of weak demand and plunging prices for solar products that haschallenged companies across the solar industry. Shares jumped 6.5% to 33 centsin light premarket trading.

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