(Updates to afternoon trading, adds PMI, Whole Foods, Invesco,
ARCA Biopharma, SunTrust, Caraustar, Celldex and CB Richard)
NEW YORK, June 1 (Reuters) - Some U.S. stocks on the move
on Monday:
GENERAL MOTORS CORP GM.N
The automaker filed for bankruptcy on Monday, forcing the
iconic company into an era of government ownership.
[ID:nN01398575]
Shares of the Dow component rose 12 percent to 84 cents.
CISCO SYSTEMS INC (CSCO.O)
TRAVELERS CO (TRV.N)
Shares of the companies rose after they were added to the
Dow Jones industrial average, replacing General Motors and
Citigroup Inc (C.N). The changes are effective at the opening
of trading on June 8. [ID:nN01457519]
Cisco gained 5.9 percent to $19.58 while Travelers was up
3.5 percent to $42.09. Citigroup slid 0.5 percent to $3.70.
PRUDENTIAL FINANCIAL INC (PRU.N)
The company said it would offer $1.25 billion of its common
stock, after turning down aid from the U.S. Treasury's Capital
Purchase Plan. It intends to use the net proceeds from the
offering for general corporate purposes. [ID:nBNG444955]
Shares fell 2.3 percent to $38.98.
CARAUSTAR INDUSTRIES INC CSAR.O
The packaging products company filed for Chapter 11
bankruptcy and said it had entered into a restructuring
agreement with certain noteholders that would reduce its debt
obligations by about $135 million. [ID:nBNG429236]
Shares sank 53 percent to 9 cents.
SUNTRUST BANKS INC (STI.N)
The regional bank plans to raise $2.2 billion of equity
capital to plug a hole identified by federal regulators by
selling $1.4 billion of common stock, raising $300 million of
common equity from selling securities, and by raising $250
million of common equity from buying back up to $1 billion of
preferred and hybrid securities for cash. [ID:nN01449572]
Shares fell 0.6 percent to $13.09.
PMI GROUP INC (PMI.N)
Shares of the mortgage insurer soared 47 percent to $2.56
after it said it had satisfied all conditions necessary for an
amended and restated credit agreement to become effective.
[ID:nBNG452754]
ARCA BIOPHARMA INC (ABIO.O)
Shares sank 45 percent to $5.15 after the FDA denied
approval for the company's experimental drug to treat chronic
heart failure in the present form and asked the company to
conduct additional clinical studies. [ID:nBNG447944]
ELAN CORP (ELN.N)
BRISTOL-MYERS SQUIBB CO (BMY.N)
Shares of Elan rose 12 percent to $7.79 after it said it
was in advanced talks to sell a minority stake to
Bristol-Myers. A source said an agreement on the sale could
come as early as this week. [ID:nL1422876]
Bristol shares rose 0.2 percent to $19.96.
MERCK & CO (MRK.N)
ASTRAZENECA (AZN.N) (AZN.L)
The companies will test two early-stage cancer drugs
together after preclinical evidence suggested that combining
the two targeted therapies could make them more effective.
[ID:nL1397283]
Shares of Merck, a Dow component, slipped 0.7 percent to
$27.40 while AstraZeneca ADRs rose 1.7 percent to $42.41.
CELLDEX THERAPEUTICS INC (CLDX.O)
Shares of the company advanced 32 percent to $11.92 after
it released data from two tiny studies of its experimental
cancer vaccine that demonstrated potential to help patients
with brain cancer live longer. [ID:nN01468750]
CB RICHARD ELLIS GROUP INC (CBG.N)
Goldman Sachs upgraded the company to "neutral" from
"sell," citing valuation. [ID:nBNG445886]
Shares rose 11 percent to $8.14.
GOLDMAN SACHS GROUP (GS.N)
The company on Monday was selling as much as $1.9 billion
worth of shares in Industrial and Commercial Bank of China at a
discount of 4 percent to 6 percent below its Monday closing
price, according to a term sheet. [ID:nHKG187228]
Shares rose 1.6 percent to $146.93.
WHOLE FOODS INC (WFMI.O)
Shares of the natural foods store rose 8.7 percent to
$20.52 after RBC Capital Markets upgraded it to "outperform,"
saying the company's business model was starting to inflect
positively even without the benefit of a recovery in consumer
spending. [ID:nBNG351144]
YAHOO INC (YHOO.O)
Barclays upgraded the Internet company to "overweight" from
"equal weight," saying it was well positioned to benefit from a
rebound in branded advertising spending. [ID:nBNG442130]
Shares were up 4.8 percent to $16.60.
INVESCO LTD (IVZ.N)
JPMorgan added the company to its analyst focus list,
saying the U.S. money manager's weak results and a recent
capital raise have offered investors an unusual opportunity to
buy the shares inexpensively. [ID:nBNG429014]
Shares rose 6.7 percent to $16.70.
