CORRECTED - STOCKS NEWS US-Edward Whitacre to become chair of new GM

(In first item, corrects spelling of name of new chairman)

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1104 ET 09June2009-Edward Whitacre to become chair of new GM
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General Motors GMGMQ.PK on Tuesday named Edward Whitacre,
Jr. to become the chairman of new GM. Whitacre was previously
the chairman and chief executive officer of AT&T Inc (T.N).

Kent Kresa, the current interim chairman of the bankrupt
automaker, will continue to serve in his position until the
launch of new GM.

For details, see [ID:nWNAB8028]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1047 ET 09June2009-Pep Boys jumps after earnings
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Pep Boys-Manny, Moe and Jack (PBY.N) shares jumped on
Tuesday after reporting first-quarter results that were well
above Wall Street estimates. [ID:nBNG390713]

The auto parts and service chain reported profit of 21
cents per share, aided by promotion-driven store traffic and
cost reductions, topping the 7 cents a share estimate of
analysts surveyed by Thomson Reuters.

Shares climbed 8.7 percent to $9.15. Fellow auto parts
retailers AutoZone Inc (AZO.N) added 1.4 percent to $160.59;
while Advance Auto Parts Inc (AAP.N) gained 1.1 percent to
$44.45.

Reuters
Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net
1039 ET 09June2009-Source names banks to repay TARP, including
JPM
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A source familiar with the matter on Tuesday named the ten
banks that were approved to repay the federal bailout money
they received under the TARP program.

According to the source, the banks are: Dow component
JPMorgan Chase (JPM.N), Northern Trust Corp (NTRS.O), BB&T Corp
(BBT.N), Morgan Stanley (MS.N), State Street Corp (STT.N), US
Bancorp(USB.N), American Express Co (AXP.N), Capital One
Financial Corp (COF.N), Goldman Sachs Group Inc (GS.N) and Bank
of New York Mellon Corp (BK.N).

The source spoke on condition of anonymity because the
Treasury Department did not disclose the list of names.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1026 ET 09June2009-Dow, S&P turn negative on TARP concerns
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The Dow and S&P 500 turned negative on Tuesday, erasing
earlier gains on concerns that banks' repayment of government
bailout money may hurt the economic recovery.

For details, see [ID:nN09371143]

The Dow Jones industrial average .DJI fell 0.2 percent to
8,748.62 while the S&P 500 .SPX lost 0.1 percent to 938.94
and the Nasdaq .IXIC rose 0.4 percent to 1,849.99.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1013 ET 09June2009-Wholesale inventories fall for 8th straight
month
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U.S. wholesale inventories shrank for the eighth month in a
row in April, dropping to $405.4 billion, their lowest since
September 2007, government data showed on Tuesday.

The 1.4 percent drop in inventories was greater than the
1.1 percent decline analysts polled by Reuters had expected.
The Commerce Department also said that March's fall was revised
to 1.8 percent from the 1.6 percent drop reported last month.

For details, see [ID:nN09323340]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1004 ET 09June2009-10 banks approved to repay bailout funds
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U.S. officials on Tuesday gave 10 of the nation's biggest
banks approval to pay back a combined $68 billion of taxpayer
money pumped into them to combat the credit crisis.

The Treasury Department didn't name the banks, but many of
them are likely to announce they are making repayments and
their names eventually will be published in routine Treasury
reports.

For details, see [ID:nTRU000386]

The KBW Banks index .BKX slid 0.3 percent to 37.49 on
Tuesday.

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