STOCKS NEWS US-Pending home sales up 6.3 pct in December

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U.S. stock market report [.N]
1021 ET 03Feb2009-Pending home sales up 6.3 pct in December
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Pending sales of existing homes surged in December, rising 6.3 percent for
the first gain since August, data showed on Tuesday.

The National Association of Retailors Pending Home Sales Index was 87.7 in
December. Analysts were expecting flat growth in the month. [ID:nN03281919]

After the release of the data, the Dow Jones U.S. Home Construction Index
.DJUSHB rose 4.5 percent to 200.70 while homebuilder D.R. Horton (DHI.N)
surged 17 percent to $7.16. The company reported a quarterly loss that was
narrower than expected earlier Tuesday. [ID:nN03499146]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0958 ET 03Feb2009-Bernstein lowers 2009 outlook on crude prices
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Sanford Bernstein on Tuesday cut its 2009 outlook on crude oil to $50 a
barrel from $70, seeing weaker demand and higher spare capacity expectations.
The firm also cut its target on ExxonMobil (XOM.N) to $82 from $85 as a result
of the lower crude expectation. In the near term, Bernstein recommended
gas-leveraged exploration and production companies to oil-leveraged ones,
expecting the gas market to rebound before the oil market. [ID:nBNG414599]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0950 ET 03Feb2009-Fiat hopes to close Chrysler deal by mid-Feb: WSJ
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Italian auto company Fiat SpA is looking to seal its alliance with Chrysler
LLC by mid-February, in order for the company to meet a Feb. 17 U.S. government
deadline, according to the Wall Street Journal.

According to the terms of the federal loans Chrysler has received, it must
present a plan to the government showing how it intends to be viable.

Even though Fiat is looking to close its deal by the deadline, it is still
analyzing the company's vehicle production operations, the report read.
[ID:nL3597402]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0941 ET 03Feb2009-Citigroup to auction Japanese brokerage: sources
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Citigroup (C.N) plans to start auctioning its Japanese brokerage as early
as this month, according to sources familiar with the matter. The country's top
three banks- Mitsubishi UFJ Financial, Mizuho Financial and Sumitomo Mitsui
Financial- are expected to bid in a deal that could be worth up to $3.4
billion. [ID:nT127749]

Shares of Citigroup rose 3 percent to $3.76 on Tuesday.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0935 ET 03Feb2009-Citi sees solid 2009 for insurance brokers
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Citi on Tuesday forecast a "solid, but tempered" 2009 for insurance
brokers, seeing better pricing on the horizon for the group.

For the fourth quarter, Citi said the group would "once again outperform
the regionals due to larger cost saves and geographic diversity."

"Despite economic headwinds," it added, "the group remains attractive among
financials as we project earnings growth in 2009 coupled with limited balance
sheet risk and capital issues."

The firm has buy ratings on Marsh & McLennan (MMC.N), Brown & Brown (BRO.N)
and Aon Corp (AOC.N), the latter of which it said was its top pick as
incremental expense saves would provide a margin cushion in 2009.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net