Stocks in the news: AIG, HSBC, AmEx

American International Group (AIG) reported a $61.7 billion fourth-quarter loss. While the magnitude was largely expected, it doesn't make it any smaller. Meanwhile, the government announced it will extend AIG additional federal assistance of up to $30 billion. This is in addition to previous large bailouts. AIG shares are gaining over 19% in pre-market trade.

HSBC (HBC) said it would raise $17.7 billion in new capital by selling discounted stock to existing shareholders, rather than turn to the British government. This was announced as Europe's largest bank reported that 2008 net income dropped 70 percent. It also said it would cut its dividend and 6,100 jobs in the U.S. as it would scale back its consumer lending in its U.S.-based HSBC Finance arm, leaving only the selling of credit cards. HBC shares are declining over 19% in pre-market trade.