Stocks on the move [HOT-RTRS] Real-time Equity news [U E] [RESF/US]
U.S. stock market report [.N]
1122 ET 20Jan2009-Crude turns positive as contract expiration nears
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February crude futures turned positive on Tuesday, erasing earlier losses
as the front-month February contract approached expiration.
Previously, the contract slid to a contract lifetime low amid concerns over
slumping demand and the resumption of natural gas flow to Europe from Russia.
[ID:nN20401244]
The contract rose 2.5 percent to $37.43 on Tuesday.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1113 ET 20 Jan2009-VSE Corp plunges after proposal rejection
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Shares of VSE Corp (VSEC.O) plunged over 40 percent to $26.85 on Tuesday
after the company said late Friday the U.S. Army had rejected its proposal for
a new contract under the Rapid Response program. [ID:nBNG413738]
The government contractor said it was informed by the Army that the bid was
"not in the competitive range" to obtain a fresh contract under the new
Rapid-Response Third Generation program.
(Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net)
1105 ET 20Jan2009-Bove slashes target on Citigroup by 57 pct
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Ladenburg Thalmann analyst Dick Bove on Tuesday slashed his price target on
Citigroup (C.N) by 57 percent, dropping it to $6 from $14 as he noted that
company's management has indicated it will attempt to sell what could amount to
40 percent to 45 percent of the company.
Bove affirmed his buy rating on the stock, based on the assumption that the
government will not let the company fail, and that given time, "it will
re-establish its businesses on the old Citicorp model which was a successful
entity," he said.
Despite that, "Citicorp has not returned as yet," Bove wrote, forecasting a
loss of $1.45 a share for the company in 2009 and a loss of 78 cents a share
for 2010. He previously saw a loss of 5 cents a share for 2008 and earnings of
$2 a share for 2010.
Shares of Citigroup, a Dow component, tumbled 10.3 percent to $3.14 on
Tuesday.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1057 ET 20Jan2009-Iris Intl climbs after earnings
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Shares of Iris International Inc (IRIS.O) jumped over 18 percent to $10.85
on Tuesday after the maker of urinalysis systems reported better-than-expected
results for the fourth quarter, boosted by strong product sales. [ID:
nBNG406420]
The company reported quarterly profit of 18 cents a share on revenue of
$26.7 million versus Wall Street estimates of 13 cents a share and $25.1
million in revenue.
Shares of Iris rose 18 percent to $10.83.
(Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net)
1044 ET 20Jan2009-Intl Game Tech shares down after buying assets
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Shares of slot machine maker International Game Technology (IGT.N) tumbled
on Tuesday after it bought some operating assets of Progressive Gaming
International PGIC.O. International Game said the purchase would complement
its offering of computerized gaming machines and systems products.
[ID:nBNG409651]
International Game shares slid 7 percent to $11.11 while Progressive Gaming
shares last traded at 9 cents.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1039 ET 20Jan2009-FBR expects Wells Fargo to cut its dividend
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Friedman Billing Ramsey on Tuesday joined the chorus of analysts
forecasting a dividend cut for Wells Fargo (WFC.N), expecting the payout to be
lowered by the first half of 2009. The firm cut its price target on the bank to
$12 and said it expects the company's valuation to be under pressure from its
thin equity levels, as well as the expected dividend cut. [ID:nWNAB1154]
Recently, Citi said that Wells Fargo could cut its dividend in 2009 as it
struggles to deal with the economic crisis. Also, Atlantic Equities said the
bank's dividend could be at risk, and that the company may need to raise $10
billion in capital. [ID:nBNG131067]
Shares of Wells Fargo tumbled 14 percent to $16.10.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
