AMB, Citigroup, eBay Drop

123jump.com Staff
16 Oct, 2008
New York City

AMB fell 10% after third quarter revenues fell 2% and net income fell 61%. eBay dropped 9% after it offered weak revenue guidance. Credit Suisse rose 6% after it announced a plan to raise $10 billion, UBS gained on Swiss government offering $60 billion bailout. Citigroup net loss rises.

[R]12:10PM New York – Citigroup, CIT and eBay fell. Nokia revenues fell.[/R]

AMB Property Corporation ((AMB)) fell 9.7% or $2.72 to $25.20 after the global developer and owner of industrial real estate company reported third quarter revenues fell 2% to $162.45 million from $165.36 million a year ago. Net income in the quarter fell 61% to $28.15 million or 24 cents per diluted share compared to net income of $73.1 million or 69 cents per share, a year ago.

Amazon.com, Inc ((AMZN)) lost 9.9% or $4.99 to $43.85 after the Internet marketplace operator eBay estimated fourth quarter revenue decline from a year ago.

The Bank of New York Mellon Corporation ((BK)) fell 15.8% or $5.51 to $29.25 after a global financial services company reported net income in the third quarter fell 53% to $303 million or 26 cents per diluted share compared to net income of $640 million or 56 cents per share, a year ago.

CIT Group Inc ((CIT)) lost 15.3% or 85 cents to $4.68 after the global commercial finance company reported third quarter revenues fell 12.5% to $1.40 billion from $1.60 billion a year ago. Net loss in the quarter was $317 million or $1.11 per diluted share compared to net income of $46 million or 24 cents per share, a year ago.

Citigroup Inc ((C)) fell 12.8% or $2.39 to $16.23 after the diversified global financial services company reported no revenues during the three months ended September 30, 2008. Net loss in the third quarter was $2.82 billion or 60 cents per diluted share compared to net income of $2.21 billion or 44 cents per share, a year ago.

Credit Suisse Group AG ((CS)) jumped 6.1% or $2.35 to $39.85 after the Swiss banking giant announced a plan to raise $10 billion from investors including Qatar sovereign wealth fund.

eBay Inc ((EBAY)) fell 8.6% or $1.32 to $13.99 after the gross sales on its site declined for the first time, dipping almost 1% to $14.3 billion in the third quarter. The company provides online marketplaces for the sale of goods and services and estimated a decline in fourth quarter revenue from a year ago.

FalconStor Software, Inc ((FALC)) slumped 19.2% or 72 cents to $3.03 after its cut forecast for the fourth quarter. Software provides said that it expects to breakeven for the third quarter, on a non-GAAP basis.

Merrill Lynch & Co., Inc. ((MER)) fell 6.4% or $1.14 to $17.05 after the investment bank being taken over by Bank of America Corp reported a fifth straight quarterly loss. The third quarter net loss of $5.15 billion was more than double the year earlier deficit of $2.24 billion. Loss per share rose to $5.58 from $2.82 a year ago.

Revenue at the brokerage unit fell 8% to $3 billion and the broker took a write down of $5.7 billion in CDO portfolio and $3.8 billion linked to Fannie and Freddie issued loan portfolio and real estate related assets.

Nokia Corporation ((NOK)) climbed 7.1% or 32 cents to $14.78 after the third quarter revenue declined 7% to 12.23 billion euros and earnings per share declined 29 euro cents from 40 cents. Mobile devices volume rose 7% to 117.8 million.

Peabody Energy Corporation ((BTU)) surged 10.35% or $2.44 to $26.72 after the coal miner reported third quarter sales rose 58% to $1.9 billion from $1.2 billion a year ago. Net income in the quarter was $369.6 million or $1.36 per diluted share compared to net income of $32.3 million or 12 cents per share, a year ago.

The Hershey Company ((HSY)) added 7.6% or 65 cents to $33.62 after the manufacturer of chocolate and sugar confectionery products reported third quarter sales rose 6% to $1.49 billion from $1.4 billion a year ago. Net income in the quarter rose 98% to $124.5 million or 54 cents per diluted share compared to net income of $62.8 million or 27 cents per share, a year ago.