American International Group Inc. (NYSE: AIG) announced late Tuesday it has closed its $40 billion stock placement with the U.S. Treasury under the government's Troubled Assets Relief Program. The Treasury bought shares of AIG equaling 2% of the company on the date of the investment. AIG shares were up 0.5% by 11 am.
Deere & Co. (NYSE: DE) reported that fiscal fourth-quarter net income fell 18% to $345 million, or 81 cents a share, as sales rose 21% to $7.4 billion. Analysts expected earnings of 99 cents a share on sales of $5.2 billion according to FactSet Research. The guidance for fourth quarter was below estimates. DE shares were 6.3% lower in premarket trading (8:03 am). DE shares were down 9.6% by 11 am.
Tiffany & Co. (NYSE: TIF) reported that its third quarter earnings declined to $44 million, or 35 cents a share on lower sales of $618 million. This was above analyst estimates of 26 cents EPS and sales of $697 million, according to FactSet Research. Tiffany said it plans to reduce staff. TIF shares were 8.6% lower in premarket trading (8:03 am). TIF shares were down 4.1% by 11 am.
Citigroup Inc. (NYSE: C) -- after seeing its shares plummet, being saved by the U.S. government and then seeing its shares soar, CNBC also reveals that according to its sources, Inbursa, the investment firm controlled by Mexican billionaire Carlos Slim, started buying Citigroup shares last week. Inbursa has bought roughly 26 million shares of Citi in what would seem to be an endorsement of the company and a good buy at these levels. C shares were 1% lower in premarket trading (8:07 am). C shares were 12.7% higher by 11 am.
Alcatel-Lucent SA (NYSE: ALU) said Wednesday said its chief financial officer is leaving the struggling company, not long after the CEO was replaced in what seems to be a senior-management overhaul under the new CEO. Mr. Pesquidoux is the second CFO to leave Alcatel-Lucent in about a year. ALU shares were 4% lower in premarket trading (8:07 am). ALU shares were 4.1% lower by 11 am.
Rio Tinto (NYSE: RTP) shares could continue to decline Wednesday after losing over a quarter of their value Tuesday following news that BHP Billiton (NYSE: BHP) had withdrawn its $66 billion hostile bid. RTP shares were 16% lower in premarket trading (8:07 am). BHP shares also declined in premarket trading -- 2.9% at 8:07 am -- after gaining over 14% Tuesday. RTP shares were down nearly 9% by 11 am, BHP's up 0.8%.
Limited Brands (NYSE: LTD) and Liz Claiborne (NYSE: LIZ) -- Moody's Investors Service lowered the debt ratings of the two apparel companies to junk status. LTD shares were 7% lower by 11 am, LIZ's 5.5% higher.
Companies that reported and could be on the move today:
- Borders Group Inc. (NYSE: BGP) reported a wider quarterly loss. BGP shares lost half of their value in premarket trading (8:01 am). BGP shares were down nearly 40% around 11 am.
- TiVo Inc. (NASDAQ: TIVO) reported it swung to a net income in its latest quarter. TIvO shares declined 5.9% in premarket trading (8:08 am). TIVO shares were up nearly 3% around 11 am.
- J. Crew Group Inc. (NYSE: JCG) reported its earnings declined in the last quarter. JCG shares were 14% lower in premarket trading (8:01 am). JCG shares were down nearly 10% around 11 am.
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Reader Comments (Page 1 of 1)
11-26-2008 @ 9:05AM
Beltway Greg said...
Carlos Slim bought Comp USA and we all know how that turned out. Good luck Senor Slim.