STOCKS NEWS US-U.S. dividend cuts hit those dependent on income

Stocks on the move [HOT-RTRS] Real-Time Equity news [U E]

U.S. stock market report [.N]
1110 ET 04March2009- U.S. dividend cuts hit those dependent on income
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The biggest U.S. companies have slashed dividends to cut costs as the
recession's grip tightens, but the savings are stripping cash-strapped
investors of billions of dollars in income.

Thirty-seven S&P 500 companies have cut their dividend since January,
amounting to a record $33 billion in payout reductions, said a Standard &
Poor's analyst on Tuesday.

For details, see [ID:nN03622479]

Reuters Messaging: deepa.seetharaman.reuters.com@reuters.net
1057 ET 04March2009-RehabCare results top estimates, lift rivals
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Shares of RehabCare Group Inc (RHB.N) rose on Wednesday after the company
reported fourth-quarter earnings of 32 cents a share on revenue of $194.2
million, topping analysts' estimates of 26 cents a share and $187.7 million in
revenue.

The healthcare and rehab facility operator also forecast 2009 revenue of
$140 to $150 million for its hospital division.

Shares jumped nearly 20 percent to $14.92. Rivals HealthSouth Corp (HLS.N)
gained 5 percent to $7.14 and Kindred Healthcare (KND.N) added 1.1 percent to
$13.78.
(Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net))
1045 ET 04March2009-Kaspar Villiger named new chairman of UBS
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UBS (UBS.N) (UBSN.VX) named Kaspar Villiger chairman, completing a
clear-out of top management that is designed to pull the Swiss bank out of a
deep crisis.

Villiger was formerly a finance minister for the Swiss government. He
succeeds Peter Kurer.

UBS has been under pressure by the global financial crisis, as well as a
U.S. tax probe, for which UBS has agreed to pay a $780 million fine and
disclose the identity of about 300 of its U.S. clients in order to avert
criminal charges. [ID:nL427555]

U.S.-listed shares of UBS rose 3.2 percent to $8.62 on Wednesday.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1038 ET 04March2009-Service sector contracts again in Feb: ISM
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The U.S. service sector shrank in February, according to the Institute for
Supply Management, though the contraction was less than analysts had expected.

The ISM said its non-manufacturing index came in at 41.6 in February,
compared with 42.9 in January. Any reading below 50 represents contraction.

Analysts were looking for a reading of 41. [ID:nWEN5463]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1032 ET 04March2009-Supreme Court rules against Wyeth
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The Supreme Court on Wednesday ruled against Wyeth WYE.N, holding that
pharmaceutical companies can be held liable for harm from medicines that carry
warnings approved by federal regulators. Wyeth had argued that labeling
approvals by the FDA preempts state law liability claims.

The case arose after a Vermont jury awarded $7 million in damages to a
woman who had to have part of her arm amputated after she was improperly
injected with an anti-nausea drug made by Wyeth. [ID:nN04541666]

Shares of Wyeth rose 0.7 percent to $40.55 on Wednesday.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1027 ET 04March2009-Markets pare gains as GE falls
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Major U.S. indexes pared their gains on Wednesday, falling from earlier
highs as General Electric (GE.N) slid to session lows. Weakness at GE offset
strength in energy and natural resource stocks, which came on a rise in the
price of crude oil and other commodities. [ID:nN04490675]

The Dow Jones industrial average .DJI rose 0.8 percent to 6,776.44 while
the S&P 500 .SPX gained 0.9 percent to 702.22 and the Nasdaq .IXIC was up
1.2 percent to 1,336.65.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1014 ET 04March2009-GE shares tumble, is top drag on the Dow
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Shares of General Electric (GE.N) fell on Wednesday, dropping to a session
low and topping the percentage decliners list for Dow components.

Earlier, Phoenix Partners Group released data saying that the cost of
protecting GE Capital Corp's (GECC) debt against default had eased.

Five-year credit default swaps on GE Capital traded around 15 percent
upfront, as well as 500 basis points annually, down from a record 20 percent
upfront plus 500 basis points a year earlier.

Part of the widening in GECC's credit default swaps could stem from hedging
by dealers in collateralized debt obligations, Credit Derivatives Research said
in a note on Monday. [ID:nN04535651]

The stock tumbled 16 percent to $5.92 on Wednesday.

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