Stocks in the news: Goldman Sachs, Barclays, Lions Gate
Goldman Sachs (GS) has raised more than $1.9 billion after selling 3.3 billion Hong Kong shares part of its stake in Industrial & Commercial Bank of China as the U.S. investment firm seeks to repay government bailout funds.
JPMorgan Chase & Co. (JPM) and American Express Co. (AXP), both of which were told by regulators last month they don't need fresh capital, will raise $5.5 billion after the Federal Reserve said any firm seeking to repay the U.S. rescue funds must first tap equity markets. JPM shares declined about 2 percent, AXP shares about 4 percent before the bell.
EMC Corp. (EMC) made a bid for Data Domain (DDUP), the backup and disaster recovery systems firm, at $30-a-share, or $1.8 billion. NetApp (NTAP) previously bid $25-a-share in stock and cash for Data Domain. Shares of EMC and NTAP declined over 2 percent in pre-market trade, DDUP shares soared over 17 percent.
Barclays (BCS) shares dropped over 13 percent ahead of the bell after Abu Dhabi's International Petroleum Investment Co. said it was selling 1.3 billion shares, amounting to $6.8 billion.
Morgan Stanley (MS) plans to raise $2.2 billion in common equity to bring it closer to repaying its TARP loans. Shares declined 5 percent ahead of the bell.
Citigroup Inc. (C) will sell its Italian private banking operations and headquarters as part of the troubled U.S. bank's restructuring. The bank also told about five former top executives that they will not be paid tens of millions of dollars in promised severance payouts, the Wall Street Journal reported. Shares declined nearly 2 percent in pre-market trade.
Walgreen Co. (WAG) said on Tuesday that same-store sales rose 1 percent, missing analysts expectations for a 2.2 percent rise. Weaker-than-expected sales at its pharmacy counters were the culprits.
Express Scripts Inc. (ESRX) will offer 22 million common shares to the public to raise about $1.4-1.6 billion to finance its acquisition of WellPoint Inc's (WLP) drug benefits unit. Shares declined about 3.8 percent ahead of the bell.
Lions Gate Entertainment Corp. (LGF) reported a wider than expected loss for fiscal 2009 and did not break out results for the fourth quarter. Shares declined 4.6 percent in pre-market trade.
Pepsi Bottling Group (PBG) raised its second-quarter earnings view by 5 cents, helped by a growing demand for soft drinks in the US and lower commodity prices.