U.S. Movers: Citigroup, First Solar, Men's Wearhouse, Monsanto, Talbots

Devan Biswas
07 Dec, 2011
New York City

Citigroup edged lower and banks declined after the third largest bank said it will take $400 million charge and eliminate 4,500 positions. Dollar General said controlling shareholders plan to cut stake to 53.7%. J.C. Penney takes a stake in Martha Stewart Living.

[R]1:40 PM New York – Citigroup edged lower and banks declined after the third largest bank said it will take $400 million charge and eliminate 4,500 positions. Dollar General said controlling shareholders plan to cut stake to 53.7%. J.C. Penney takes a stake in Martha Stewart Living.[/R]

Citigroup Inc ((C)) declined 26 cents to $29.49 after the bank and financial services provider said it will eliminate 4,500 staff worldwide and take one-time charge of $400 million.

Casey''s General Stores, Inc. ((CASY)) dropped 6% to $49.46 after the operator of convenience stores reported second quarter total revenues grew 32% to $1.78 billion from $1.35 billion in the comparable quarter last year. Net earnings in the quarter improved 73.3% to $37.6 million or 98 cents per diluted share compared to net earnings of $21.7 million or 51 cents per share in the prior-year quarter.

Dollar General Corp ((DG)) declined 18 cents to $39.45 after the company said an investment entity controlled by Goldman Sachs and Kohlberg Kravis Roberts plan to sell 25 million shares at $39 each and cut its stake to 53.7% from 62.5%.

Express, Inc ((EXPR)) declined 2.7% to $21.20 after the apparel retailer said its largest shareholder Golden Gate Private Equity Inc plans to trim its holding in the company to 6.9% from 24.3% and sell 16 million shares.

First Solar, Inc ((FSLR)) soared 7% to $49.46 after the solar farm operator agreed to sell its Topaz Solar Farm project located in California to MidAmerican Energy Holdings controlled unit.

The Men''s Wearhouse, Inc. ((MW)) soared 16% to $31.57 after the men''s apparel retailer said third quarter total net sales rose 6.3% to $584.60 million from $550.10 million in the same quarter last year. Net income in the quarter surged 58% to $39.9 million or 77 cents per diluted share compared to net income of $25.3 million or 47 cents per share for the year-ago quarter.

Martha Stewart Living Omnimedia surged more than 33% to $4.01 after the retailer J.C. Penney said it will acquire a stake in the company for $38.5 million.

Monsanto Company ((MON)) declined 1.5% to $71.25 after the agriculture chemical maker lifted first quarter earnings per share outlook to between 15 cents to 20 cents a share compared to previous outlook of 10 cents to 15 cents a share.

For the full year the agro-chemical maker still anticipates earnings between $3.34 and $3.44 a share.

SAIC, Inc. ((SAI)) increased 72 cents to $12.86 after the defense contractor said third quarter revenues 0.4% fell to $2.811 billion from $2.821 billion last year. Net loss in the quarter was $89 million or 27 cents per diluted share compared to a net income of $173 million or 46 cents per share last year.

Talbots ((TLB)) soared 63% to $2.53 after it received a buyout offer from a private equity firm Sycamore Partners for $212 million or $3 a share.

Vera Bradley, Inc ((VRA)) dropped 2.6% or 99 cents to $36.18 after the women’s accessories maker anticipated fourth quarter profit of 44 cents a share, lower than analysts forecast of as high as 49 cents a share.