Lincoln National, Banks, GM Plunge

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

Lincoln National Corporation led the decliners in the S&P 500 index after it failed to qualify for federal assistance. General Motors declined after it forced out its chief and may seek bankruptcy court protection. Banks led the decliners in the sell-off.

[R]1:00PM New York – Lincoln National Corporation led the decliners in the S&P 500 index with a loss of 29.2%. Cal-Maine Foods, Inc third quarter profit declines 46%.[/R]

Of the stocks in S&P 500 index, 10 increased, 489 declined and 1 were unchanged.

Lincoln National Corporation led the decliners in the S&P 500 index with a loss of 29.2% followed by losses in The Manitowoc Company, Inc with a loss of 28.8%, in General Motors Corporation of 23.7%, in Principal Financial Group, Inc of 15.0%, in Citigroup Inc of 11.4%.

Fifth Third Bancorp led gainers in the S&P 500 index with a rise of 3.4% followed by gains in Abbott Laboratories of 1.2%, in Altria Group, Inc of 0.9% and Philip Morris International Inc of 0.51%.

Other Movers

Bank of America Corporation ((BAC)) a bank company declined 11.8% or 87 cents to $6.46.

Cal-Maine Foods, Inc ((CALM)) declined 3.0% or 71 cents to $23.00 after the egg producer reported third quarter sales fell 3% to $270 million from $278 million a year ago. Net income in the quarter fell 46% to $30.8 million or $1.29 per diluted share compared to net income of $57.2 million or $2.41 per share a year ago.

CBS Corporation ((CBS)) declined 13.2% or 61 cents to $4.00 after the media company was downgraded by UBS AG.

China Petroleum & Chemical Corporation ((SNP)) fell 3.0% or $1.69 to $63.44 after the Asia’s biggest oil refiner reported full-year revenues rose 24% to Rmb 1.50 trillion from Rmb 1.21 trillion. Net profit fell 47.3% to Rmb 29.8 billion or Rmb 0.343 per diluted share compared to net profit of Rmb 56.5 billion or Rmb 0.652 per share a year earlier.

Citigroup Inc ((C)) a global diversified financial services company fell 7.6% or 20 cents to $2.42.

Deere & Company ((DE)) the world’s largest maker of agricultural equipment fell 7.2% or $2.54 to $32.52.

DryShips Inc ((DRYS)) slumped 17.9% or $1.01 to $4.85 after the commodities shipping line said it got a going concern notice from its auditors as the company reclassified $1.8 billion of long-term debt as current.

General Motors Corporation ((GM)) plunged 24.5% or 89 cents to $2.73 after the automaker may be forced to file bankruptcy and its chief executive was forced out over the weekend.

The Goldman Sachs Group, Inc ((GS)), global investment banking retreated 3.7% or $4.06 to $104.02. JPMorgan Chase & Co ((JPM)) a financial company dropped 5.1% or $1.41 to $25.99.

Lincoln National Corporation ((LNC)) declined 34.6% or $3.61 to $6.71 after the insurer was cut to “neutral” from “outperform” at Credit Suisse Group AG. The insurer plunged after the company failed to qualify to for the federal assistance.

Wells Fargo & Company ((WFC)) lost 4.8% or 76 cents to $14.83 after banks declined in trading.