Citigroup, AIG Soar; Tiffany Rises

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

Citigroup Inc led gainers in the S&P 500 index with a rise of 16.7%. Hastings Entertainment, Inc fourth quarter profit declines. Tiffany & Co fourth quarter sales dropped 20% and profit declined 76%. Walgreen Company surged 8% on quarterly sales increased and net declined 7%.

[R]2:40PM New York – Citigroup Inc led gainers in the S&P 500 index with a rise of 16.7%. Hastings Entertainment, Inc fourth quarter profit declines. Tiffany & Co fourth quarter profit falls.[/R]

Of the stocks in S&P 500 index, 474 increased, 25 declined and 1 were unchanged.

BB&T Corporation led the decliners in the S&P 500 index with a loss of 3.7% followed by losses in Harris Corporation of 3.2%, in Eastman Kodak Company of 2.6%, in Valero Energy Corporation of 2.5% and in AutoZone, Inc of 1.8%.

Citigroup Inc led gainers in the S&P 500 index with a rise of 16.7% followed by gains in Bank of America Corporation of 15.5%, in American International Group, Inc of 15.0% and Huntington Bancshares Incorporated of 14.2%.

Other Movers

American International Group, Inc ((AIG)) jumped 18.2% or 23 cents to $1.49 after the U.S. Treasury plan to buy $1 trillion in debt in partnership with private sector. Separately an independent government agency estimated the AIG bailout cost of $185 billion.

AutoZone, Inc ((AZO)) dropped 1.6% or $2.73 to $157.30 after the specialty retailer and a distributor of automotive replacement parts and accessories downgraded to “neutral” from “buy” at UBS and set a target price at $175.

Bank of America Corporation ((BAC)) jumped 15.8% or 97 cents to $7.16 on the Treasury proposed plan.

Citigroup Inc ((C)) climbed 19.4% or 51 cents to $3.12 on the hopes that the U.S. government plan to rid lenders of up to $1 trillion of troubled assets will resuscitate lending and earnings.

Hastings Entertainment, Inc ((HAST)) rose 3.3% or 9 cents to $2.76 after the multimedia entertainment retailer reported fourth quarter revenues fell 2.7% to $166.9 million from $171.5 million a year ago. Net income in the quarter fell 29% to $4.1 million or 41 cents per diluted share compared to net income of $5.8 million or 54 cents per share a year ago.

Harris Corporation ((HRS)) fell 4.9% or $1.48 to $29.32 a communications equipment maker for private and defense sector on higher than average trading volume on Friday and today.

Huntington Bancshares Incorporated ((HBAN)) rose 13.6% or 25 cents to $2.01 on a rally in banking sector on the U.S. Treasury plan.

Janus Capital Group Inc ((JNS)) the investment management and mutual funds manager gained 14.6% or 80 cents to $6.26.

Prudential Financial, Inc ((PRU)) increased 16.4% or $2.75 to $19.44 on a rally in insurance and financial stocks.

ProLogis ((PLD)) gained 13.5% or 72 cents to $6.13 after a the global provider of distribution facilities announced today it has leased approximately 151,000 square feet of recently developed distribution space near Cincinnati.

Tiffany & Co ((TIF)) added 5.3% or $1.12 to $21.35 after the jewelry retailer reported fourth quarter sales fell 20% to $841.2 million from $1.05 billion a year ago. Net income in the quarter fell 75.6% to $31.1 million or 25 cents per diluted share compared to net income of $127.4 million or 96 cents per share a year ago.

Walgreen Company ((WAG)) gained 8.3% or $2.00 to $26.30 after the drugstore operator reported second quarter sales rose 7% to $16.5 billion from $15.4 billion a year ago. Net income in the quarter fell 7% to $640 million or 65 cents per diluted share compared to net income of $686 million or 69 cents per share a year ago.