STOCKS NEWS US-Hartford shares fall after Citi downgrade

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1119 ET 09June2009-Hartford shares fall after Citi downgrade
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Shares of Hartford Financial (HIG.N) fell on Tuesday, after Citi downgraded
the stock to hold from buy, citing a lack of catalysts and the upcoming
retirement of Ramani Ayer, Hartford's chief executive officer.

"He will be the fifth and most significant member of top management to
leave the company in two years," the firm wrote. "While the board begins an
external search for new top management, we believe that a meaningful management
vacuum has been created where future strategic decision making could be
stifled."

Citi also cut its price target on the company, dropping it to $19 from
$21.

Shares of Hartford fell 4.1 percent to $14.18.

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