(Updates to afternoon trade, adds Discovery, JPMorgan, Big
Lots, Brown Shoe, Biomed Realty and American Tower)
NEW YORK, May 27 (Reuters) - Some U.S. stocks on the move
on Wednesday:
GENERAL MOTORS CORP GM.N
The automaker is preparing to face the fallout from a
failed debt exchange that sends the largest U.S. automaker
closer to a bankruptcy filing expected by the end of the
month.
For details, see [ID:nN26513310]
Shares of the Dow component fell 15 percent to $1.23.
BANK OF AMERICA CORP (BAC.N)
Rochdale Securities analyst Richard Bove reduced his 2009
earnings estimate on the bank to 74 cents a share from $1.08 a
share, saying the company may perform poorly in the near-term
as it continues to sell shares.
Shares of the Dow component rose 4.1 percent to $11.42.
JPMORGAN CHASE (JPM.N)
The bank's CEO said it would like to repay government
bailout funds "as soon as possible" and that "if we're lucky,"
it would consider raising its dividend in late 2009 or early
2010. [ID:nWEN9601]
Shares fell 0.2 percent to $36.47.
SANDISK (SNDK.O)
Samsung Electronics renewed its NAND flash memory chip
license with SanDisk for seven years. The renewal has a lower
royalty rate but a guarantee for a portion of Samsung's chips
output to SanDisk. [ID:nSEO225692]
Shares of SanDisk rose 15 percent to $15.94.
AUTOZONE INC (AZO.N)
The retailer reported third-quarter earnings that beat
expectations. [ID:nBNG340053]
Shares fell 5.5 percent to $154.57.
CHICO'S FAS INC (CHS.N)
The retailer reported an increase in its first-quarter
profit, helped by improving sales trends. [ID:nN27515827]
Shares rose 9.7 percent to $9.71.
CHARMING SHOPPES INC (CHRS.O)
The company reported its first-quarter results.
[ID:nWNAB3640]
Shares rose 3.5 percent to $3.70.
MONSANTO CO (MON.N)
The company said it was targeting the lower end of its
fiscal 2009 earnings outlook. [ID:nN27543248]
Shares fell 5.6 percent to $80.53.
AMERICAN EAGLE OUTFITTERS INC (AEO.N)
The apparel retailer reported adjusted first-quarter
earnings that beat expectations. [ID:nN27498568]
Shares rose 2.6 percent to $14.86.
STAPLES INC (SPLS.O)
The office supplies retailer reported adjusted
first-quarter earnings that beat expectations by 1 cent a
share. [ID:nN26494473]
Shares rose 0.2 percent to 20.42.
AMERICAN TOWER CORP (AMT.N)
The company announced an offering of $300 million of senior
notes.
Shares rose 2.4 percent to $31.22.
DISCOVER FINANCIAL SERVICES (DFS.N)
The head of the credit card company forecast a rise in
second-quarter credit defaults, and for loan growth to slow in
the second half of the year. [ID:nN27543456]
Shares rose 1.8 percent to $9.05.
BIOMED REALTY TRUST INC (BMR.N)
Shares fell 11 percent to $9.67 after UBS downgraded the
company's stock to neutral.
COMBINATORX INC (CRXX.O)
The company's anti-diabetic treatment met its primary goal
in a mid-stage trial. [ID:nBNG440650]
Shares gained 14 percent to 79 cents.
BIG LOTS INC (BIG.N)
JPMorgan downgraded the retailer to neutral from
overweight, saying that any upside in the company's first
quarter could be trumped by cautious commentary on
second-quarter sales. [ID:nBNG464148]
Shares sank 6.9 percent to $23.54.
BROWN SHOE CO INC (BWS.N)
The footwear retailer reported a quarterly loss that was
narrower than expected. [ID:nBNG318907]
Shares added 9.3 percent to $7.68.
CREE INC (CREE.O)
The LED lighting company late Tuesday raised its
fourth-quarter revenue and profit outlook, citing stronger
orders for both lighting and laptop LED products.
[ID:nN26420226]
Shares rose 7.9 percent to $29.97.
BORDERS GROUP INC (BGP.N)
The book retailer late Tuesday reported an adjusted
quarterly loss that was narrower than expected.
[ID:nN26489362]
Shares rose 1.2 percent to $2.60.
NOAH EDUCATION HOLDINGS LTD (NED.N)
The education company reported quarterly earnings that rose
from the prior year. [ID:nWNAB3472]
Shares rose 11 percent to $4.17.
COGDELL SPENCER INC (CSA.N)
The real estate investment trust priced a public offering
of 20 million shares at $3.50 a share. [ID:nWNAB3728]
Shares sank 15 percent to $3.68.
DONALDSON CO INC (DCI.N)
The air and liquid filtration products maker cut its 2009
profit outlook, citing persistent weakness in its end markets.
[ID:nBNG2831]
Shares fell 0.7 percent to $32.93.
HIGHWOODS PROPERTIES INC (HIW.N)
The company priced a public offering of 6.1 million shares
at $21.50 a share. [ID:nWNAB3676]
Shares fell 6.4 percent to $21.84.
(Reporting by Ryan Vlastelica; Editing by Padraic Cassidy)
