Stocks in the news: Bank of America, Pfizer, U.S. Steel


The following post rounds up the companies making headlines today:

Bank of America (BAC) and CItigroup (C) have been told by regulators that "stress test" results show they may need to raise additional capital, The Wall Street Journal reported. While each have received $45 billion in government bailout funds already, the Fed stressed that a bank's need for more capital reserves to meet the requirements should not be considered a measure of the "current solvency or viability of the firm." That didn't seem to have boosted investors' confidence in any way as both BAC and C have plunged in pre-market trading, 8.6 and 6 percent respectively. Other banks declined as well.

Pfizer Inc. (PFE) reported financial results for first-quarter 2009. The big pharmaceutical company's adjusted net income declined 11 percent to $3.7 billion or 54 cents per share, beat estimates of 49 cents per share. Revenues declined 8 percent to $10.9 billion as foreign exchange unfavorably impacted revenues as well as generic competition. Top line was below estimates. The company also reaffirmed guidance. Shares were up 1.4 percent in pre-market trade.