Stocks in the news: Lowe's, State Street, AIG

The following post rounds up the companies making headlines today:

Lowe's Cos. (LOW), the nation's second biggest home improvement retailer, says its first-quarter profit fell 22 percent to $476 million, or 32 cents per share, due to the housing market downturn. But the results beat Wall Street's expectations for earnings of 25 cents a share as shoppers welcomed spring with smaller, outdoor purchases. Sales dipped 2 percent to $11.83 billion, also beating Wall Street's expectation of $11.63 billion. LOW shares soared over 9 percent before the bell.

State Street (STT) is the latest banking firm announcing its plans to raise funds through common stock and senior note offerings in an effort to repay its $2 billion government loan through TARP. It expects to raise $1.45 billion from the stock offer alone. STT shares were lower in pre-market trading.