Fifth Third, Citi Rise; ArcelorMittal Falls

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

Fifth Third Bancorp led gainers in the S&P 500 index with a rise of 41.5%. Campbell Soup Company second quarter profits fall 15%. Developers Diversified Realty Corporation slips to loss in fourth quarter. Broker views lifted Motorola and Expedia but ArcelorMittal falls.

[R]12:15PM New York – Fifth Third Bancorp led gainers in the S&P 500 index with a rise of 41.5%. Campbell Soup Company second quarter profits fall 15%. Developers Diversified Realty Corporation slips to loss in fourth quarter.[/R]

Of the stocks in S&P 500 index, 356 increased, 133 declined and 11 were unchanged.

Humana Inc led the decliners in the S&P 500 index with a loss of 15.2% followed by losses in UnitedHealth Group Inc of 9.6%, in Coventry Health Care, Inc of 8.9%, in WellPoint, Inc of 5.5%, in Aetna Inc of 4.5%.

Fifth Third Bancorp led gainers in the S&P 500 index with a rise of 41.5% followed by gains in Bank of America Corporation of 11.6%, in Developers Diversified Realty Corporation of 9.1% and The Hartford Financial Services Group, Inc of 8.8%.

Other Movers

ArcelorMittal ((MT)) fell 4.9% or $1.10 to $21.32 after the world’s biggest steelmaker was cut to “neutral” from “buy” at UBS AG.

Campbell Soup Company ((CPB)) rose 2.2% or 65 cents to $30.10 after the global manufacturer of food products second quarter sales fell 4.5% to $2.12 billion from $2.22 billion a year ago. Net income in the quarter fell 15% to $233 million or 64 cents per diluted share compared to net income of $274 million or 71 cents per share a year ago.

Chemtura Corporation ((CEM)) gained 30.6% or 0.190 cents to $0.810 after the largest maker of plastic additives said it was notified by the New York Stock Exchange that its 30-day average closing price has fallen below $1, one of the requirements for the minimum standard for listing. The company may face delisting prospect.

Citigroup Inc ((C)) rose 7.6% or 15 cents to $2.10 after the troubled lender is in talks with the U.S. and other investors to convert their preferred shareholding to common stock.

Developers Diversified Realty Corporation ((DDR)) added 14.0% or 37 cents to $3.00 after real estate investment trust reported fourth quarter revenues fell 2% to $231.2 million from $235.5 million a year ago. Net loss in the quarter was $190.2 million or $1.57 per diluted share compared to net income of $32.2 million or 27 cents per share a year ago.

Expedia, Inc ((EXPE)) rose 4.1% or 32 cents to $8.06 after the largest online travel agency was raised to “buy” at Bank of America Corp.

General Growth Properties, Inc ((GGP)) climbed 4.3% or 0.020 cents to $0.480 after the mall owner said it amended a loan agreement for Oakwood Shopping Center in Gretna, La., but remains in default on other loans including those for shopping center properties in Las Vegas.

Humana Inc ((HUM)) fell 20.4% or $8.24 to $32.24 after the second largest provider of health insurance said the preliminary 2010 Medicare Advantage payment rates may adversely impact the premiums and benefits under the program in 2010.

Loews Corporation ((L)) jumped 3.8% or 77 cents to $20.92 after the commercial property and casualty insurance provider was a subject of media speculation.

Motorola, Inc ((MOT)) rose 5.2% or 19 cents to $3.80 after the broker Credit Suisse upgraded the stock to “neutral” from “underperform.”

Northern Trust Corporation ((NTRS)) gained 2.6% or 21 cents to $56.70 after more customers move assets from commercial banks to trust companies as banks reel from losses and customers worry about the health of banks.

Palm, Inc ((PALM)) rose 4.3% or 33 cents to $7.90 after a Deutsche Bank analyst upgraded the stock and lifted his rating to “buy” from “hold” and raised his share price target to $10 from $6.

Pomeroy IT Solutions, Inc ((PMRY)) gained 9.3% or 35 cents to $4.10 after the consultant and seller of business management software and services provider received a bid from David B. Pomeroy, II, a director of the company and its largest stockholder to acquire all of the outstanding common stock of the company not owned by him for a price of $4.50 per share.

UAL Corporation ((UAUA)) added 11.6% or 63 cents to $6.05 after the United Airlines’ parent company was raised to “buy” from “neutral” at Bank of America Corp.

Walter Industries, Inc ((WLT)) gained 4.3% or 80 cents to $17.82 after the coal producer was raised to “outperform” from “market perform” at Friedman Billings Ramsey Group Inc.

Yahoo! Inc ((YHOO)) fell 0.2% or 3 cents to $12.11 as the company braces for management reorganization after the appointment of new chief executive recently.