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Stocks to Watch: HSBC, Chevron, GM

NEW YORK -- HSBC (HBC) put aside about $2 billion for the mis-selling of payment protection insurance to British customers and to cover "certain law enforcement and regulatory matters" in the U.S. related to money-laundering controls.

The bank, Europe's biggest, reported Monday that underlying profit for the first six months of 2012 fell 3% to $10.6 billion.

Chevron (CVX - Get Report) said it plans to invest $2 billion to develop its Lianzi oilfield, which is located between the Republic of Congo and Angola.

The oilfield has proven reserves of 70 million barrels of oil.

"Production from the Lianzi field will begin in 2015 and investments will cost $2 billion," a Chevron spokeswoman told Reuters.

General Motors (GM - Get Report) said Sunday its global chief marketing officer, Joel Ewanick, had resigned. His resignation is effective immediately.

The Wall Street Journal reported earlier Sunday that Ewanick was on his way out. Citing anonymous sources, the newspaper said he and GM were expected to decide whether he would resign or be removed from the company.

News of Ewanick's departure follows GM's announcement Wednesday that it was restructuring its executive ranks to eliminate redundancy and complexity.

Although GM CEO Dan Akerson last month voiced support for Ewanick, the marketing chief has come under criticism for his decision to stop paid advertising on Facebook (FB), the Journal noted.

GM's Marketing Chief Resigns

Federal regulators are looking into engine problems on a Boeing (BA - Get Report) 787 Dreamliner that caused the Charleston International Airport to temporarily close on Saturday.

Boeing said the 787 had an "engine issue" while it was undergoing preflight runway testing. Boeing also confirmed the National Transportation Safety Board was investigating the incident.

Boeing 787 Has Engine Incident

Anadarko Petroleum (APC - Get Report) is expected by analysts Monday to post second-quarter earnings of 77 cents a share on revenue of $3.45 billion.

Diebold (DBD) is expected to report Monday earnings of 58 cents a share on revenue of $729.8 million for its second quarter.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

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HBC $0.00 0.00%
APC $46.09 -2.00%
BA $132.09 0.92%
CVX $101.42 0.83%
GM $30.53 -0.20%


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