(Updates to afternoon trade, adds Procter & Gamble, GM)
NEW YORK, May 26 (Reuters) - Some U.S. stocks on the move
on Tuesday:
GENERAL MOTORS CORP GM.N
Shares sank 11 percent to $1.27 after the automaker's offer
to exchange shares in the reorganized company for $27 billion
in bond debt was met with a tepid response from investors,
sources familiar with the process said on Tuesday.
For details, see [ID:nN26497252]
GENERAL ELECTRIC CO (GE.N)
Jeff Immelt, the chief executive of GE, on Tuesday said
growth at the company will be "harder to come by" in coming
years given the prospect that the global economy may grow at a
slower pace once it emerges from recession. [ID:nT212130]
Shares of GE, a Dow component, rose 3.4 percent to $13.54.
BANK OF AMERICA CORP (BAC.N)
Friedman Billings Ramsey upgraded the stock to market
perform, citing the successful completion of the first half of
the bank's capital plan. [ID:nBNG465139].
Shares fell 0.3 percent to $11.04.
AMERICAN EXPRESS CO (AXP.N)
FBR forecast a profit of 31 cents a share for American
Express in 2009, compared with a previous estimate of a loss of
17 cents a share. It cited cost cuts, debt transactions and the
anticipated pay down of TARP funds in the third quarter in its
decision. [ID:nWNAB3170].
Shares of the Dow component rose 4.2 percent to $24.39.
APPLE INC (AAPL.O)
Morgan Stanley upgraded the tech company to overweight,
saying the iPhone maker is emerging as the clear leader in the
battle over mobile Internet and will see iPhone-driven earnings
growth over the next two years. [ID:nBNG62341]
Shares rose 6.1 percent to $129.91.
PROCTER & GAMBLE CO (PG.N)
BMO Capital Markets upgraded the Dow component to
outperform, saying the stock would rebound as the uncertainty
surrounding its earnings prospects lifted. [ID:nBNG489980]
Shares of the consumer products company rose 1.8 percent to
$53.97.
UNITED THERAPEUTICS CORP (UTHR.O)
The Food and Drug Administration approved the company's
orally administered drug tadalafil for the treatment of
pulmonary arterial hypertension. [ID:nBNG59984]
Shares rose 12 percent to $74.49.
MAP PHARMACEUTICALS INC (MAPP.O)
The company's experimental migraine drug reached all four
goals of a late-stage clinical study. [ID:nN25369616]
Shares rose 185 percent to $8.97.
AMGEN INC (AMGN.O)
CYTOKINETICS INC (CYTK.O)
The company exercised its option to license Cytokinetics's
cardiac contractility program, including the rights to a
heart-failure drug. [ID:nBNG488819]
Shares of Amgen rose 1.4 percent to $49.99 while
Cytokinetics soared 28 percent to $2.67.
MONSTER WORLDWIDE (MWW.N)
Wachovia downgraded the company to underperform, citing
slower recovery in recruitment advertising and pricing
pressure. [ID:nBNG490251]
Shares were flat at $12.45.
EMULEX CORP (ELX.N)
The company's board said it was continuing to recommend
against Broadcom's (BRCM.O) tender offer, calling it
inadequate. [ID:nWNAB3298]
Shares of Emulex rose 1.8 percent to $10.96 while Broadcom
was up 1.1 percent to $22.49.
FIRST SOLAR INC (FSLR.O)
Barron's wrote that First Solar shares could take a hit if
its customers turn to lower-priced rivals as the price of
refined silicon falls. [ID:nN24420339]
Shares of First Solar slid 6.5 percent to $179.28.
THERMO FISHER SCIENTIFIC INC (TMO.N)
Barron's wrote that shares of Thermo Fisher were poised to
recover after falling more than 40 percent in the past year,
and that the government's stimulus package could help lift
demand. [ID:nN24418867]
Shares rose 4.9 percent to $38.05.
DUKE ENERGY CORP (DUK.N)
The company may be building its last two coal plants, and
will bet instead on nuclear power, the company's chief
executive said on Tuesday. [ID:nLQ58965]
Shares rose 1.6 percent to $13.91.
(Reporting by Ryan Vlastelica; Editing by Padraic Cassidy)
