Movers: Boeing, GM, Target, US Steel, Choice Hotels

Stocks in the news Tuesday

From Standard & Poor's Equity Research

Boeing (BA) says it and the International Association of Machinists and Aerospace Workers reached tentative agreement on new 4-year contract covering 27,000 employees in Washington, Oregon and Kansas. Union leadership is recommending that employees vote to ratifiscal year the contract. If approved, agreement would end strike by these employees. Separately, BA says Edward M. Liddy, who last month was named chairman and CEO of American International Group (AIG), resigned from the BA board.

General Motors (GM) - WSJ reports that the Bush administration is working to release to GM a portion of the loans Congress approved for the auto industry, according to a person familiar with the matter, a move that could help ease the way for GM's discussed merger with Chrysler LLC. The government loan, which may total around $5 billion, would come from the $25 billion in low-interest loans approved by Congress and being administered by the Energy Department.

Target (TGT) shares rose after Pershing Square Capital Management, L.P. announced today that it will host a public presentation on Wednesday where it will detail a potential transaction that Pershing Square believes will build long-term value for Target and all of its stakeholders.

Buffalo Wild Wings (BWLD) shares fall after the company posts lower-than-expected $0.25, vs. $0.24, third quarter EPS on 6.8% higher same-stores sales at company-owned restaurants and 2.1% higher comps at franchised restaurants. Total revenue rose 29%. Street was looking for $0.31 EPS. Sees 15% unit growth, 25%+ revenue growth, 20%-25% net earnings growth. Morgan Keegan cuts estimates, maintains market perform.

United States Steel (X) posts $7.79, vs. $2.27 a year ago, third quarter EPS on 68% sales rise. Expects a decline in fourth quarter results due to softening demand, prices for flat-rolled products in North America, Europe, and continues to operate at reduced production levels, corresponding with customer order rates. For flat-rolled, fourth quarter results are expected to decrease from third quarter due to lower shipments, lower average realized prices, offset by lower raw material costs. Says, based on very weak conditions, expects results to decline substantially for US Steel Europe in fourth quarter, results for Tubular are expected to be comparable to third quarter.

Valero Energy (VLO) posts $1.86, vs. $1.34, third quarter EPS from continuing operations on 52% higher operating revenue. Current quarter excludes pre-tax gain of $305 million on sale of its Krotz Springs, Louisiana refinery. Says given uncertain economic environment, significantly reduces its capital spending; expects capex for 2008 will be about $3 billion, down $1.5 billion from original estimate.

BP P.L.C. (BP) posts $3.21, vs. $1.28, third quarter EPADS on 45% revenue rise.

Discover Financial Services (DFS) says it has reached an agreement with Visa (V) and MasterCard (MA) in the settlement of a lawsuit seeking damages for practices that suppressed third-party issuing on the Discover Network and the acceptance of its cards.