Stocks on the move [HOT-RTRS] Real-Time Equity news [E U]
U.S. stock market report [.N]
1256 ET 05Dec2008-GM down, Ford up on 2nd day of exec testimony
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Shares of General Motors GM.N fell on Friday while Ford Motor (F.N) rose
as the chief executives of Detroit's Big Three auto companies began a second
day of testimony on Capital Hill. [ID:nN05451338]
Ford shares gained 1.8 percent to $2.71 while shares of GM, a Dow
component, slid 3.4 percent to $3.98. Also on Friday, GM said it was cutting
shifts at three North American assembly plants in response to declining demand,
in a move that will lay off almost 2,000 union-represented factory workers.
[ID:nN05412605]
1249 ET 05Dec2008-Wall St sinks as job losses mount, Boeing
drags
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U.S. stocks fell on Friday as a loss of more than
half-a-million jobs last month heightened fears that the worst
financial crisis since the 1930s is becoming even more severe.
Investors, fearful that the job losses will cause consumers
to cut back spending and make the profit outlook more dire,
sold stocks more broadly, but the energy sector was the biggest
casualty.
Investors were also on edge about the fate of the U.S. auto
industry.
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Reuters Messaging
rm://ellis.mnyandu.reuters.com@reuters.net
1147 ET 05Dec2008-Albany Molecular falls after downgrade
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Jefferies & Co Friday downgraded Albany Molecular Research
Inc (AMRI.O) to underperform from hold, saying the company
would be hurt as smaller biotech company scale back on research
and development projects. [ID: nBNG405040]
Shares of Albany tumbled 13 percent to $8.96 on Friday.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1134 ET-05Dec2008 Traders grab Hartford calls betting on more
near-term gains
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Option traders scooped up bullish call options in Hartford
Financial Services Group Inc (HIG.N), reflecting optimism on
the insurance sector after the company raised its 2008 profit
forecast and said it had strong capital to withstand further
deterioration in the equity markets. Its shares surged 59.92
percent to $11.53 near midday. According to Trade Alert, about
48,000 calls and 12,000 puts traded in Hartford, three times
the normal combined volume. "The December calls dominate the
trade, as they should, given the shot on a pop next week, which
clearly falls within December expiry," said Optionmonster.com
founder Jon Najarian in comments on the Web site. The demand
for Hartford options sent its December volatility to 180
percent up from the implied median volatility of 125 percent as
investors brace for more share swings.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1127 ET 05Dec2008-Brown-Forman surges after Q2, higher outlook
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Shares of alcoholic beverage company Brown-Forman (BFb.N)
rallied on Friday after it reported second-quarter earnings
that beat expectations and raised its 2009 earnings outlook.
The company said its results were helped by higher sales of
Jack Daniel's. [ID:nN05442701] The issue's class B shares
gained 7 percent to $46.97. Among other drinks companies,
Boston Beer (SAM.N) was up 1.2 percent to $29.69 while Molson
Coors (TAP.N) fell 1.4 percent to $39.50.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1103 ET 05Dec2008-Berry Petroleum falls on downgrade
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Shares of Berry Petroleum (BRY.N) tumbled on Friday after
Morgan Keegan downgraded the stock to a market perform from an
outperform, citing lower-trending oil prices and high debt
levels that would likely discourage investors. The firm also
cut its ratings on Gasco Energy (GSX.A) to underperform and
Bill Barrett Corp (BBG.N) to a market perform.
Berry Petroleum shares fell 23 percent to $6.76. Gasco
Energy slid 7.3 percent to 38 cents while Bill Barrett shares
dropped 11.4 percent to $15.41.
Reuters
Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net))
1057 ET 05Dec2008-Obama: econ will get worse before it gets
better
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President-elect Barack Obama Friday said that the economic
crisis was likely to get worse before it gets better, as he
called for a stimulus plan designed to create jobs over the
next two years.
"There are no quick or easy fixes to this crisis, which has
been many years in the making," Obama said. [ID:nN05443876]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
