Stocks in the News: Research In Motion, Citigroup, Micron

Before you go, we thought you'd like these...
Before you go close icon
The following is a round-up of news likely to affect stock prices today:

Research In Motion Ltd. (RIMM) on Wednesday reported 37% higher earnings for its fiscal fourth quarter to $710 million, or $1.27 per share, basically inline with analyst expectations. But revenue, even though it jumped 18% to $4.08 billion, fell short of Wall Street expectations. Goldman Sachs cut RIM to sell from neutral, saying RIM's products will increasingly lose differentiation as the focus shifts from email, where RIM leads all competitors, to applications, where it lags both the iPhone from Apple (AAPL) and Android from Google (GOOG). RIMM shares sank 5.3% in premarket trading.

Citigroup (C) says the initial public stock offering of its Primerica life insurance business has raised $320.4 million. Citi sold about 21.4 million shares at $15 each, above its initial expectation of selling 18 million shares in a range of $12 to $14 each. Primerica (PRI) debuts on Thursday with Citi still holding 39% of the company. C shares rose 1% ahead of the bell.

Micron Technology Inc. (MU) reported a second-consecutive quarterly profit of $365 million, or 39 cents per share, as its revenue jumped 97% to $1.96 billion, rebounding after more than three years of losses. Shares jumped over 4% before the bell.

Sanofi-Aventis (SNY) has settled three patent infringement lawsuits in the U.S. with three generic drug makers, agreeing they will suspend generic versions of colon cancer treatment Eloxatin from June 30, 2010 to August 9, 2012. Last year Eloxatin sales fell 37% due to competition from generic versions.

General Growth Properties Inc. (GGP) "asked a bankruptcy court judge late Wednesday to approve a plan for its exit from Chapter 11 bankruptcy protection that gives the shopping mall giant until the end of the year to court buyout offers," which could now have a floor of $15 a share, the AP reported. Shares were higher before the bell.

Boeing (BA) has received an order from Virgin Blue for up to 105 new Boeing 737s, 50 of them on firm order with delivery scheduled from June next year through 2017.

General Electric (GE) is selling two thermoelectric plants to Venezuela for about $600 million to help the country cope with electricity shortages.

Lihir Gold (LIHR) rejected a 9.2 billion Australian dollar ($8.4 billion) cash-and-stock bid from Newcrest Mining. The takeover would have created a gold-mining giant. Shares soared over 28% in premarket trading.

American International Group Inc. (AIG) may be in focus after the Federal Reserve Bank of New York made public information on nearly all the holdings of Bear Stearns and AIG that were wrapped into three limited liability companies.

Borders Group Inc. (BGP) said its fourth-quarter profit just about doubled to $59.9 million, or 91 cents a share, even as revenue fell to $946.5 million. The book seller also said it paid back $42.5 million to Pershing Square Capital Management LP and obtained a new $700 million credit line. Shares rallied over 33% in premarket trading.

Mosaic Co. (MOS) said on Wednesday that its fiscal third-quarter profit more than tripled, but it missed estimates due in part to higher-than-expected taxes and currency losses.

Immucor Inc. (BLUD) reported its fiscal third-quarter profit and revenue rose, but were inline with forecasts.

Rambus Inc. (RMBS) renewed a patent licensing agreement with Advanced Micro Devices Inc. (AMD) through to the third quarter of 2015.

Fortress Investment Group (FIG) said Thursday it'll skip a dividend in the first quarter.
Read Full Story

Markets

S&P 500 2,259.53 13.34 0.59%
DJIA 19,756.85 142.04 0.72%
NASDAQ 5,444.50 27.14 0.50%
DAX 11,203.63 24.21 0.22%
HANG SENG 22,760.98 -100.86 -0.44%
NIKKEI 225 18,996.37 230.90 1.23%
USD (per EUR) 1.06 -0.01 -0.57%
USD (per CHF) 1.02 0.00 0.12%
JPY (per USD) 115.38 1.32 1.16%
GBP (per USD) 1.26 0.00 -0.05%

From Our Partners