Stocks: A Chilly Start to December

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Metlife (MET) says it expects earnings of $1.40 to $1.45 in the fourth quarter, compared to $1.36 a year ago. In 2008, it expects earnings of $5.90 to $6.20.

International Business Machines (IBM) announced a $1 billion stock buyback plan.

Tribune Co. (TRB) announced it has won key approvals needed by the firm to own TV stations and newspapers in the same market. The company is going private, a deal expected to close by the end of the year.

Shares of E*Trade Financial (ETFC) fell Monday after Banc of America reportedly downgraded its rating on the shares to sell from neutral.

Research in Motion (RIMM) shares fell after Morgan Keegan downgraded its opinion on the shares to market perform from market outperform.

VeriFone (PAY) shares lost nearly half their value Monday after the company said its unaudited interim consolidated financial statements for the three months ended January 31, 2007, the three and six months ended April 30, 2007, and the three and nine months ended July 31, 2007, should no longer be relied upon, principally due to errors in accounting related to the valuation of in-transit inventory and allocation of manufacturing and distribution overhead to inventory.

European stocks ended modestly lower on Monday. In London, the FTSE 100 index was off 0.71% to 6,386.60. In Paris, the CAC 40 index fell 0.72% to 5,629.46. Germany's DAX index declined 0.42% to 7,837.26.

Major Asian markets finished mixed Monday. Japan's Nikkei 225 index lost 0.33% to 15,628.97. In Hong Kong, the Hang Seng index edged up 0.05% to 28,658.42. The Shanghai composite index was off 0.07% to 4,868.61.

Treasury market

Treasury prices posted gains Monday. The 10-year note was higher at 103-5/32 for a yield of 3.87%, while the 30-year bond was higher at 111-02/32 for a yield of 4.33%.