Stocks on the move [HOT-RTRS] Real-time Equity news [U E] [RESF/US]
U.S. stock market report [.N]
0749 ET 14Jan2009-Futures down on Q4 results, bank stocks
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U.S. index futures fell on Wednesday, as investors bet that the
fourth-quarter earnings season would show many companies hit hard by the
financial crisis. Weighing on the market will be banking stocks, after
Citigroup (C.N) said it would sell its Smith Barney division to Morgan Stanley
(MS.N), and after analyst Dick Bove slashed his earning estimates on Bank of
America (BAC.N).
Dow Jones industrial average futures DJc1 fell 62 points while S&P 500
futures SPc1 slid 7.8 points and Nasdaq 100 futures NDc1 were down 8.25
points. [.N]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0743 ET 14Jan2009-Dick Bove slashes estimates on BofA, shares down
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Ladenburg Thalmann analyst Dick Bove on Wednesday lowered his estimates on
the bank, expecting fourth-quarter net charge-offs to be $6.5 billion, up 50
percent from the third quarter on the impact of higher unemployment. He also
forecast an increase of 25 percent in loan reserves and a 50 percent increase
in trading losses on recent market conditions.
Thalmann sees earnings of 68 cents a share for the company in 2008 and
$1.78 a share for it in 2009. It previously saw earnings of $1.14 a share for
2008 and $2.13 a share for 2009.
Shares of the Dow component slid 1.1 percent to $10.53 in premarket trade.
[ID:nBNG404024]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0727 ET 14Jan2009-Merrill gets voting stake in German auto supplier
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Merrill Lynch, a unit of Bank of America (BAC.N), has taken a voting stake
in Continental AG (CONG.DE), a German automotive supplier. The stake was taken
with German bank B. Metzler seel and Sohn & Co Holding AG. The total combined
stake is 35.75 percent of Continental, while Merrill's stake is 16.25 percent.
[ID:nLE323489]
Shares of Bank of America, a Dow component, slid 1.6 percent to $10.50 in
premarket trade.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0714 ET 14Jan2009-AIG regulator: CEO's efforts are paying off
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Eric Dinallo, the New York insurance regulator in charge of overseeing
asset sales by American International Group (AIG.N), said efforts made by
Edward Liddy, AIG's CEO, were beginning to pay off. Dinallo said Liddy was
engaged in transactions that would help the insurance company pay down taxpayer
debt after it received a large loan from the government. [ID:nN13430632]
Shares of AIG closed Tuesday at $1.58.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0712 ET 14Jan2009-Citi to sell Smith Barney to Morgan Stanley
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Troubled bank Citigroup (C.N) agreed to merge its Smith Barney brokerage
with Morgan Stanley's (MS.N) wealth management fund. It is also expected to
make further asset sales to raise capital and isolate toxic assets from the
rest of the bank.
Citigroup is expected to post a quarterly loss on Jan. 22. [ID:nN13422148]
Shares of Citigroup, a Dow component, slid 1.2 percent to $5.83 in
premarket trade while Morgan Stanley shares closed at $18.86.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0707 ET 14Jan2009-Economic indicators for Jan. 14
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Economic indicators on tap for Wednesday include U.S. export and import
prices, December retail sales data and U.S. business inventories for November.
For details, see [ECI/US]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0655 ET 14Jan2009-Earnings diary for Jan. 14
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Companies scheduled to report quarterly results on Wednesday include:
Clarcor Inc (CLC.N), Courier Corp (CRRC.O), LeCroy Corp (LCRY.O), Mercantile
Bank Corp (MBWM.O), Volt Information Sciences (VOL.N) and Xilinx Inc (XLNX.O).
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
