CB Richard, Citigroup, Ameriprise Offerings

Mayank Mehta
10 Jun, 2009
New York City

Ameriprise Financial declined 9% after it planned $900 million offering. CB Richard Ellis surged 18% after it places $100 million of stocks with hedge funds controlled by Paulson & Co. Citigroup initiated the process of converting preferred shares of $58 billion.

[R]11:00AM New York – Ameriprise Financial declined 9% after it planned $900 million offering. CB Richard Ellis surged 18% after it places $100 million of stocks with hedge funds controlled by Paulson & Co. Citigroup initiated the process of converting preferred shares of $58 billion.[/R]

Of the stocks in S&P 500 index, 380 increased, 116 declined and 4 were unchanged.

Ameriprise Financial, Inc led the decliners in the S&P 500 index with a loss of 6.6% followed by losses in Tenet Healthcare Corporation of 2.4%, in The PNC Financial Services Group, Inc of 2.2%, in Morgan Stanley of 2.0% and in Harley-Davidson,Inc of 1.7%.

CB Richard Ellis Group, Inc led gainers in the S&P 500 index with a rise of 14.2% followed by gains in of Harman International Industries, Incorporated 7.7%, in XL Capital Ltd of 6.1% and International Paper Company of 4.2 %.

Other Movers

Barnes Group Inc ((B)) fell 7.8% or $1.25 to $14.69 after the maker of components for automobiles and aircraft said it is withdrawing full year 2009 earnings guidance due to increased uncertainty in the transportation sector, which is approximately one-third of revenues.

CB Richard Ellis Group, Inc ((CBG)) increased 15.7% or $1.28 to $9.42 a commercial real estate services firm agreed to sell in a direct placement 13.44 million shares of its Class A common stock for gross proceeds of approximately $100.0 million, to Paulson & Co. Inc managed funds.

Citigroup Inc ((C)) added 5.0% or 17 cents to $3.58 after the struggling bank announced a plan to convert into common shares $58 billion in aggregate liquidation value of preferred stock and trust preferred securities.

LaSalle Hotel Properties ((LHO)) dropped 9.3% or $1.52 to $14.67 after the real estate investment trust today announced that it has priced a public offering of 10 million common shares at a price of $14.75 per share.

Isle of Capri Casinos, Inc ((ISLE)) surged 10.6% or $1.34 to $13.90 a casino operator reported fourth quarter revenues fell 1.8% to $287.2 million from $292.6 million a year ago. Net income in the quarter was $14.6 million or 46 cents per diluted share compared to net loss of $51.3 million or $1.66 per share a year ago.

ModusLink Global Solutions, Inc ((MLNK)) jumped 25.4% or $1.06 to $5.22 after the supply-chain management firm posted a net loss of $1.9 million or 4 cents per share compared with net loss of $2.6 million or 5 cents per share in the same period last year.

North American Energy Partners Inc ((NOA)) lost 7.6% or 60 cents to $7.25 after the largest providers of heavy construction, mining, piling and pipeline services reported fourth quarter revenues fell 46% to $801.6 million from $661.4 million a year ago. Net loss in the quarter was $142.7 million or $3.96 per diluted share compared to net income of $20.5 million or 56 cents per share a year ago.

Oxford Industries, Inc ((OXM)) added 4.6% or 57 cents to $12.73 after the designer of Tommy Bahama clothing said its first quarter profit dropped 32%. The company earned $6.5 million or 42 cents per share compared with $9.5 million or 59 cents per share a year earlier.

Rentrak Corp ((RENT)) added 6.5% or 83 cents to $13.43 an information management company said fourth quarter revenues was flat at $22.3 million from $22.3 million a year ago. Net income in the quarter rose 29.4% to $2.2 million or 21 cents per diluted share compared to net income of $1.7 million or 15 cents per a year ago.

Shuffle Master, Inc ((SHFL)) rose 18.2% or 84 cents to $5.45 after the casino cards and accessories maker said second quarter revenues fell 7.6% to $45.3 million from $49 million a year ago. Net income in the quarter rose 53% to $4.6 million or 9 cents per diluted share compared to net income of $3 million or 9 cents per a year ago.

Stewart Enterprises, Inc ((STEI)) climbed 3.0% or 13 cents to $4.81 a funeral services provider said second quarter revenues fell 8% to $126.6 million from $136.8 million a year ago. Net income in the quarter fell 5% to $13.2 million or 14 cents per diluted share compared to net income of $13.9 million or 15 cents per a year ago.

United States Steel Corporation ((X)) added 3.4% or $1.30 to $39.05 after the steelmaker was upgraded from “hold” to “buy” at KeyBanc Capital Markets Inc.

Volt Information Sciences, Inc ((VOL)) slid 7.04% or 55 cents to $7.26 after the provider of staffing services, and telecommunications and information solutions reported second quarter revenues fell 26% to $447.1 million from $605.1 million a year ago. Net loss in the quarter was $8.7 million or 42 cents per diluted share compared to net income of $3.4 million or 15 cents per share a year ago.