Stocks in the news: Suncor, Tiffany, Citigroup
Tiffany $ Co. (TIF) reported Monday that its profit tumbled more than 75 percent in the fourth quarter following a steep drop in sales over the key holiday season.Still, its adjusted results of earnings of 85 cents per share beat analysts' forecasts of 80 cents according to Thomson Reuters, but its 2009 guidance was below expectations. Same-store sales dropped 23 percent during the period, excluding the impact of foreign currency exchange, with a 33 percent drop in the Americas alone. TIF shares are up over 5 percent in pre-market trade.
Citigroup (C) shares rose over 21 percent, while Bank of America (BAC) gained over 16 percent, JPMorgan Chase (JPM) added nearly 8 percent and Wells Fargo (WFC) advanced over 10 percent in pre-market trade, as financials rallied ahead of the Obama's administration plan to buy up to $1 trillion in toxic assets.
Walgreen (WAG) reported its lower second-quarter profit, but its sales grew by 7 percent and its same-store sales by 1.3 percent. Shares rose over 5.5 percent in pre-market trade.
General Motors' (GM) bondholders on Sunday raised concerns about the automaker's survival due to the stalled debt restructuring in a letter to the White House task force overseeing GM's turnaround effort. They warned a debt restructuring proposal they have suggested - or one like it - should be accepted. GM shares gained about 2.8 percent in pre-market trade.
Molson Coors Brewing (TAP) was mentioned favorable in Barron's which found its shares a compelling bet, after the CEO said that progress on different fronts has been made, strengthening the balance sheet. Interestingly enough, Barron's said the brewer is expanding market share. TAP shares gained about 2.8 percent in pre-market trade.
Daimler AG (DAI) said it would sell nearly euro2 billion ($2.72 billion) in shares to Abu Dhabi's Aabar Investments PJSC, making the country the biggest shareholder in Daimler.
General Growth Properties (GGP) continued its talks with its bondholders, as it tries to persuade them to accept reduced terms, according to the Wall Street Journal. reported. GGP shares surged 36 percent in premarket trade after the agreement was finally announced not moments ago.