GM, Chrysler Seek $22 Billion, Medtronic Rises

123jump.com Staff
17 Feb, 2009
New York City

Arbitron Inc fourth quarter profit slips. Medtronic, Inc third quarter profit rises. Wal-Mart Stores, Inc fourth quarter profit declined 7% on weak sales rise at domestic locations. Hartford Financial, SunTrust Banks and Fifth Third Bank declined.

[R]3:45 PM New York – Arbitron Inc fourth quarter profit slips. Medtronic, Inc third quarter profit rises. Wal-Mart Stores, Inc fourth quarter profit declined 7% on weak sales rise in domestic locations.[/R]

Of the stocks in S&P 500 index, 7 increased, 493 declined and none were unchanged.

Ameren Corporation led the decliners in the S&P 500 index with a loss of 15.5% followed by losses in Fifth Third Bancorp of 15.5%, in General Motors Corporation of 11.6%, in Huntington Bancshares Incorporated of 13.2%, in Micron Technology, Inc of 15.2%.

Medtronic, Inc led gainers in the S&P 500 index with a rise of 6.8% followed by gains in Newmont Mining Corporation of 2.6%, in Wal-Mart Stores, Inc of 2.8% and Wyndham Worldwide Corporation of 2.8%.

Ameren Corporation (AEE)) The power company lost 14.3% or $4.60 to $27.40.

Arbitron Inc ((ARB)) fell 6.9% or 95 cents to $12.66 an international media and marketing information services firm reported fourth quarter revenues rose 16.8% to $93.6 million from $80.1 million a year ago. Net income in the quarter fell 8% to $3.4 million or 13 cents per diluted share compared to net income of $3.7 million or 13 cents per share a year ago.

Fifth Third Bancorp ((FITB)) the diversified financial services company slipped 14.5% or 29 cents to $1.71.

FreightCar America, Inc ((RAIL)) dropped 4.4% or 91 cents to $17.69 after the manufacturer of aluminum bodied railcars in North America reported fourth quarter sales rose 98% to $271.9 million from $137.1 million a year ago. Net income in the quarter was $8.3 million or 70 cents per diluted share compared to net loss of $16.6 million or $1.42 per share a year ago.

General Motors Corporation (GM)) fell 16.8% or 42 cents to $2.08 after the largest U.S. automaker and Chrysler LLC, sought more funding from the U.S. Treasury and asserted that they can undo the mistakes of the past and return to profitability. GM, Ford and Chrysler have long been know to make cars that lagged quality of Japanese rivals and caved to the demand of labor unions and failed to produce and assemble cars outside the country.

General Motors and Chrysler are looking for $21.6 billion in additional funding from the U.S. Treasury and are willing to trim 50,000 employees to cut losses and return to profitability.

The Hartford Financial Services Group, Inc ((HIG)) an insurance and financial services company fell 14.7% or $1.84 to $10.62. Huntington Bancshares Incorporated ((HBAN)) the diversified financial holding company slid 13.6% or 23 cents to $1.46.

Medtronic, Inc ((MDT)) added 6.9% or $2.27 to $35.05 after the world''s largest medical device maker reported third quarter revenues rose 3% to $3.5 billion from $3.4 billion a year ago. Net income in the quarter rose 839% to $723 million or 65 cents per diluted share compared to net income of $77 million or 7 cents per share a year ago.

Newmont Mining ((NEM)) gained 2.2% or 95 cents to $42.53.

SunTrust Banks, Inc ((STI)) the super regional bank in south lost 16.6% or $1.45 to $7.27.

Wal-Mart Stores, Inc ((WMT)) gained 3.5% or $1.63 to $48.16 after the largest retailer reported fourth quarter sales rose 1.7% to $109.1 billion from $107.3 billion a year ago. Net income in the quarter fell 7% to $3.8 billion or 96 cents per diluted share compared to net income of $4.1 billion or $1.02 per share a year ago.

Zebra Technologies Corporation ((ZBRA)) fell 3.0% to 48 cents to $16.71 after the specialty printing devices reported fourth quarter sales fell 0.4% to $232.6 million from $233.6 mllion a year ago. Net loss in the quarter was $117.4 million or $1.88 per diluted share compared to net income of $30.8 million or 45 cents per share a year ago.