Stocks in the news: Wells Fargo, Marvell Technology, Coca-Cola

Wells Fargo (WFC) announced Friday what's long been expected, that it is cutting its dividend 85 percent from 34 cents per share to 5 cents a share. This would save the fourth-largest U.S. bank $5 billion a year. WFC plans additional cost cuts in 2009, totaling $2 billion. In so doing, WFC has joined other such recent moves from JPMorgan Chase & Co (JPM), PNC Financial Services Group Inc (PNC) and US Bancorp (USB). Approving the move, investors are pushing the shares up over 8.5% in pre-market trade.

Marvell Technology (MRVL) soared over 9% in pre-market trade after the company posted better-than-expected fourth-quarter results. The chipmaker also outlined plans to cut 15 percent of its workforce, or 850 jobs. Several analysts have raised their target price on MRVL.

H&R Block (HRB) shares are also soaring this morning over 9% after it reported it returned to profit in the last reporting period, beating analyst estimates.

Ann Taylor Stores (ANN) shares, on the other hand, are plunging over 14% in pre-market trade after it posted a big loss and more store closures.

Coca-Cola (KO) said it will invest an additional $2 billion in China over the next three years. Coke already bid $2.4 billion for a Chinese juice maker -- now under review by the Chinese government -- as it attempts to win more of the nation's 1.3 billion consumers.

Mattel (MAT) is opening a flagship Barbie store in Shanghai, China. The world's biggest toy maker is betting the "everything girls" store, complete with spa, cafe, design studio, fashion stage and any Barbie-branded item imaginable, will be a hit with Shanghai ladies.

Citigroup (C), which only Thursday visited penny stock territory, plans to sell its 26 percent stake in Japanese online broker Monex Group as part of its global efforts to raise cash, according to the Yomiuri newspaper. Regardless, Citi will likely continue to be in focus today following Thursday's slump under $1.

General Motors Corp. (GM) decreased 5.9% in pre-market trading after saying costs to cut its Swedish Saab Automobile unit loose may exceed $1 billion. The Wall Street Journal also reported that the company's executives may be more open minded toward the idea of a planned bankruptcy.

AIG (AIG) may be selling its Polish banking arm to Santander for up to $270 million, according to a Polish daily. AIG shares are up 8.5% in pre-market trade.

Bank of America's (BAC) now owned Merrill Lynch & Co. said it uncovered an "irregularity" during a review of its trading operations. Meanwhile, Merrill also "has sued Deutsche Bank (DB) over the hiring of Merrill treasurer Eric Heaton and 11 bankers, in what it called a "raid.""

Eastman Kodak (EK) -- Standard&Poor's Rating Services on Thursday lowered its ratings on EK into junk territory, noting the high rate at which the company is burning through cash.

Taser (TASR) shares are soaring over 10% in early trading after Merriman Curhan Ford upgraded it from Neutral to Buy.

Genzyme (GENZ) shares fell 1.9% in early trading after Goldman Sachs downgraded it to Sell from Buy on "uncertainties" in manufacturing approval and a stronger dollar.

Macy's (M) shares surged 8% in early trading after Goldman Sachs upgraded it to Buy from Neutral and added it to its "conviction buy" list on reduced concern about its balance sheet.
Read Full Story
  • DJI25886.01306.611.20%
  • NIKKEI 22520563.16144.350.71%
    Hang Seng26291.84557.622.17%
  • USD (PER EUR)1.110.00120.11%
    USD (PER CHF)1.02-0.0024-0.24%
    JPY (PER USD)106.560.20000.19%
    GBP (PER USD)1.21-0.0025-0.21%