Stocks in the news: Lincoln Financial, Boeing, Cemex
Lincoln Financial Group (LNC) said on Monday that it would accept federal bailout money as part of a plan to raise $2 billion that also includes sales of stock and debt. Shares dropped nearly 6 percent ahead of the bell.
Boeing's (BA) commercial airplane chief executive Scott Carson said at the Paris Air Show he expects growth to return to the industry in the middle of next year. He doesn't see more production cuts ahead either. The scope of the recovery is still unknown yet though. Ryanair Holdings (RYAAY) is considering ordering 300 planes from Boeing and Airbus, according to The Guardian newspaper. BA shares declined over 1 percent ahead of the bell.
Cemex (CX) said it was selling its Australian unit to Holcim for A$2.02 billion ($1.6 billion). The Zurich cement producer Holcim on Monday announced it was looking to sell 2 billion francs ($1.9 billion) of shares to expand its presence in China and Australia. Holcim also got a 25 percent stake in Cement Australia. CX shares were 1.4 percent in pre-market trade.
Citigroup (C) and International Finance are launching a $1.25 billion partnership to cash in on opportunities arising from the scarcity of credit, the Financial Times reported.
United Technologies (UTX) at the Paris Air Show said in a meeting with investors on Monday that President and CEO Louis Chenevert and Senior Vice President and CFO Greg Hayes will affirm that in 2009, the company expects to earn between $4 to $4.50 a share on revenue of about $55 billion.
Amazon.com Inc. (AMZN) said it has reached a settlement with Toys R Us over a breach-of-contract lawsuit filed by the toy retailer in 2004.
- Yahoo! (YHOO) shares gained 1.5 percent in pre-market trade on an upgrade from Citigroup from Hold to Buy.
- Arcelor Mittal (MT) was also upgraded from Hold to Buy at Deutsche Securities. Shares still dropped 4.5 percent in pre-market trade.
- AstraZeneca (AZN) was yet another upgrade from Hold to Buy at Citigroup this morning.
Research in Motion (RIMM) and Apple (AAPL) shares dipped about a percent ahead of the bell. Palm (PALM) shares fell over 4.5 percent. RIM has been under pressure from rivals recently with the launch of the $99 iPhone and the Palm Pre, and could announce a strategy shift to answer these challenges.