Stocks in the news: BAC, WYNN, FSLR, DWA, HRL, JNY, ACAS, SKS, GM ...
Bank of America's (BAC) recently acquired Merrill Lynch said late Tuesday that it lost $15.8 billion in the fourth quarter -- about $500 million more than B. of A. previously estimated. Former Merrill Lynch CEO John Thain testified Tuesday about bonuses paid to Merrill employees before the company was sold to Bank of America Corp. BAC shares gained 2.3% in pre-market trade despite Merrill's loss. BAC shares are slumping over 7% an hour into the open.
Ford Motor Co.'s (F) CEO Alan Mulally and Executive Chairman Bill Ford agreed to a 30% salary reduction this year and the next. Also, all 42,000 U.S. hourly workers at Ford will get yet another round of buyout and early retirement offers as part of its agreement with the UAW. Can this help the automaker during the worst auto sales slump in 26 years? F shares gained 6% in pre-market trade. F shares are gaining over 3% an hour into the open.
General Motors (GM) partner in China Shanghai Automotive Industrial Corp. will lead plans by China to build up a "Big 10" group of globally competitive automakers. The government's plan calls for nurturing several automakers capable of making more than 2 million cars a year. GM shares are gaining over 6% an hour into the open.
Hormel Foods Corp. (HRL) and Ventas Inc. (VTR) will replace, respectively, American Capital Ltd. (ACAS) and Jones Apparel Group Inc. (JNY) in the S&P 500 effective March 3 after market close. HRL shares gained 3.3% in pre-market trade, VTR 5.7%. HRL shares are up over 3% but VTR shares flattish about an hour after the open. JNY shares are tanking over 20%, ACAS over 16%.
Nordstrom (JWN) ratings were placed on review by Moody's for possible downgrade.
United States Steel (X) revised down its fourth-quarter and 2008 net income due to updates after reporting results last month. X shares are slumping over 4% about an hour into the open.
- Ambac (ABK) (Before bell) -- shares down nearly 4% in pre-market trade as the bond insurer reported large losses. Shares are down even more an hour into the open.
- Dollar Tree (DLTR) (Before bell) -- beats estimates. Shares are up over 2% an hour after the open.
- Saks (SKS) (Before bell) -- missed estimates. Shares are soaring over 10% an hour after the open.
- Limited Brands (LTD) (After bell)
- Liberty Media (LINTA) (Noon) shares drop over 4% as revenue drops.
First Solar Inc. (FSLR) said 2009 sales will of $1.9 billion at most, missing the average $1.99 billion analyst estimate. Shares slumped about 14% in pre-market trade. FSLR shares are losing nearly 20% of their value an hour into the open.