AIG Surges 19%; SanDisk Drops 7%

123jump.com Staff
16 Mar, 2009
New York City

American International Group, Inc led the pack of gainers in the S&P 500 with an 18.6% rise. On the downside, shares of SanDisk Corporation plummeted 7.2%. Of the stocks in S&P 500 index, 400 increased, 97 declined and 3 were unchanged.

[R]11:00AM New York – American International Group, Inc leads gainers in the S&P 500 index with a rise of 18.6%. Fortress Investment Group LLC posts fourth quarter loss. The PMI Group, Inc fourth quarter loss narrows on fewer charges.[/R]

Of the stocks in S&P 500 index, 400 increased, 97 declined and 3 were unchanged.

SanDisk Corporation led the decliners in the S&P 500 index with a loss of 7.2%, followed by losses in Fluor Corporation with a loss of 5.3%, in Sprint Nextel Corporation of 4.8%, in Illinois Tool Works Inc of 4.3%, in Ventas, Inc of 4.2%.

American International Group, Inc led gainers in the S&P 500 index with a rise of 18.6% followed by gains in Newell Rubbermaid Inc of 11.4%, in Citigroup Inc of 10.6% and Gannett Co., Inc of 9.3%.

Other Movers

Avon Products, Inc ((AVP)) added 7.4%, or $1.28, to $18.43 after the world’s biggest door-to-door distributor of cosmetics that restructuring plan and a sales force that helped the company survive the Great Depression could strengthen shares of cosmetics company Avon Products Inc. The company''''s sales force works only on commission, and China is a potential growth area, Barron''''s said.

Coca-Cola Enterprises Inc ((CCE)) gained 6.1%, or 69 cents, to $11.94 after the world’s largest soft-drink bottler was upgraded by Goldman Sachs.

CONSOL Energy Inc ((CNX)) added 4.9%, or $1.29, to $27.34 after the third-largest U.S. coal producer Barron''''s said that shares of Consol Energy looked like a bargain because of the company''''s balance sheet and low operating costs.

CV Therapeutics, Inc ((CVTX)) lost 4.8%, or $1.00, to $19.67 after the biopharmaceutical company that Astellas Pharma Inc. said Monday it will retract a $1.1 billion takeover bid for CV Therapeutics Inc. of the United States, putting an end to a rare hostile tender offer for an overseas business by a Japanese company.

Edison International ((EIX)) rose 6.5%, or $1.81, to $29.40 after the California’s second-largest utility owner was upgraded by Bank of America Corp.

Fortress Investment Group LLC ((FIG)) added 6.0%, or 9 cents, to $1.59 after the global alternative asset manager reported fourth quarter revenues fell 48% to $158 million from $304 million a year ago. Net loss in the quarter was $140 million or $1.50 per diluted share compared to net loss of $29 million or 43 cents per share a year ago.

General Motors Corporation ((GM)) slipped 8.8%, or 24 cents, to $2.48 after the engaged primarily in the development, production and marketing of cars, trucks and parts fighting off bankruptcy speculation as it relies on $13.4 billion in U.S. loans, is gaining momentum after saying it could survive March without $2 billion more in aid the top finance executive said.

General Electric Company ((GE)) rose 3.2%, or 31 cents, to $9.93 after the diversified technology, media and financial services company UBS removed its short-term sell rating on General Electric. Shares of GE rocketed 36% higher last week as it recovers from its absolute free fall. Two major overhangs a dividend cut and triple-A rating cut are now out of the way.

Goodrich Corporation ((GR)) increased 4.4%, or $1.51, to $36.01 after the world’s largest producer of aircraft landing gear was raised to “buy|” at Goldman Sachs Group Inc.

The PMI Group, Inc ((PMI)) rose 29.5%, or 0.130 cents, to $0.570 after the provider of residential-mortgage insurance reported fourth quarter revenues fell 8.4% to $191 million from $208.5 million a year ago. Net loss in the quarter was $178.8 million, or $2.19 per diluted share, compared to net loss of $1.01 billion or $12.51 per share a year ago.

SanDisk Corporation ((SNDK)) a range of form factors using the flash memory, controller and firmware technologies fell 7.2%, or 80 cents, to $9.80.

Sprint Nextel Corporation ((S)) dropped 6.5%, or 27 cents, to $3.87 after the range of wireless and wireline communications products and services for individual consumers was downgraded by Wachovia.

Union Pacific Corporation ((UNP)) added 7.2%, or $2.68, to $39.86 after the largest U.S. railroad was upgraded by Bank of America Corp.