Stocks in the news: GM, Citigroup, Toyota
General Motors (GM) and Ford Motor (F) will report February car and truck sales today. Edmunds.com projects an adjusted sales decline of 46.2 percent and 47.5 respectively from February of 2008.From January 2009, sales at the Detroit car makers are expected to increase 8.4 percent and 5.5 percent respectively. GM also plans to buy back the steering business of Delphi to help the partsmaker restructure. GM shares opened about 3% higher, Ford only half a percent higher.
Citigroup (C) announced it will lower mortgage payments for unemployed homeowners to an average of $500 a month for three months as part of a new program. Citi shares traded about 7% higher in the first few minutes of trade.
Toyota (TM) announced Tuesday its financing unit is in talks with a Japanese government-backed bank on possible lending of perhaps 200 billion yen ($2 billion). Toyota U.S. sales in February are expected to show an adjusted decline of 36.3 percent from February 2008, and a 5 percent decrease from January 2009. TM shares traded about 1% higher in the first few minutes of trade.
General Electric (GE)'s CEO Immelt wrote in a letter to shareholders top executives never expected the financial system's failure and the economic fallout that followed. Management is "running GE to `weather the cycle,'" he wrote.
JPMorgan Chase & Co. (JPM) actually managed to generate $5 billion in profit during the worst year in Wall Street history by trading over-the-counter fixed-income derivatives, according to Bloomberg sources. JPM shares were 1.8% higher in the first few minutes of trade.
TiVo (TIVO) posted a narrower fourth-quarter loss of $3.6 million, or 4 cents a share, beating analyst estimates of a quarterly loss of 9 cents a share, but missing on the top line. TIVO shares soared nearly 8% in the first few minutes of trade.
Pfizer (PFE) said Tuesday that it has expanded its portfolio of generic medicines in the U.S. and Europe through a licensing agreement with India's Aurobindo Pharma (AUBPF).
Trina Solar (TSL) is forecast to post earnings of 16 cents a share in the fourth quarter when it reports earnings after the close today.
Apple (AAPL) is the world's most admired company, perhaps also because it has $28 billion in cash with which it could accomplish much.
American International Group (AIG)'s former CEO Greenberg is suing the company for securities fraud. He "accused AIG of overstating its financial health and masking losses on credit default swaps that hedged default risk for at least $527 billion of debt." AIG shares shot up over 12% some ten minutes after the open.