Stocks in the news: Citigroup, Rio Tinto, Wal-Mart, Apple
Citigroup (C) -- The Federal Deposit Insurance Corp. wants to overhaul management at Citigroup, which could put the future of CEO Vikram Pandit at risk, according to sources of the Wall Street Journal. Today is also the stock's last day on the Dow.
Rio Tinto (RTP) scrapped a $19.5 billion merger deal with Chinalco. Rio said it would form a joint venture with BHP Billiton (BHP) instead and sell over $15 billion worth of shares. RTP shares climbed 8.8 percent ahead of the bell, BHP's 7 percent.Wal-Mart Stores (WMT) is to hold its annual shareholder meeting on Friday. Investors will want to hear the world's biggest retailer is a stock to own in good times as well as bad.
Apple Inc. (AAPL) CEO Steve Jobs may be returning from his medical leave of absence, the Wall Street Journal reported. Jobs may return by the end, ahead of Apple's Worldwide Developer Conference in San Francisco on Monday. Many speculate, however, he may make an appearance there and showcase a new iPhone.
JPMorgan Chase (JPM) and American Express (AXP) executives raised strong objections, but those were dismissed by U.S. regulators, who insisted the banks raise equity this week before repaying bail-out funds, the Financial Times reported.
Bank of America Corp. (BAC) CEO Lewis has been asked to testify before a congressional committee over when the bank knew about deteriorating conditions late last year at Merrill Lynch & Co, which prompted a federal bailout. Also, according to the New York Times, BAC is balking at paying a "substantial" sum to the government to exit an agreement covering losses on troubled assets, and believes it should pay nothing. Shares were up about 3 percent in pre-market action.
Qwest Communications International Inc. (Q) received early bids for its long-distance phone business below what the company expected. Shares gained 2.8 percent ahead of the bell.