AIG, MetLife, RiM Rise

Mayank Mehta
08 Mar, 2010
New York City

American International Group surged 3% and MetLife gained 5% after they agreed on a deal of $15.5 billion. Hewlett Packard lowered its earnings estimate by 3 cents a share. Xyartex Ltd soared 15% after it revised higher earnings estimate. Imax Corp surged on record weekly box office revenues.

[R]12:05 PM New York – American International Group surged 3% and MetLife gained 5% after they agreed on a deal of $15.5 billion. Hewlett Packard lowered its earnings estimate by 3 cents a share. Xyartex Ltd soared 15% after it revised higher earnings estimate. Imax Corp surged on record weekly box office revenues.[/R]

Of the stocks in S&P 500 index, 301 increased, 185 declined and 14 were unchanged.

AK Steel Holding Corporation led the decliners in the S&P 500 index with a loss of 3.5% followed by losses in Reynolds American Inc of 2.2% and in Invesco Ltd of 1.8%, in Ameren Corporation of 1.7% and in SCANA Corporation of 1.6%.

American International Group, Inc led gainers in the S&P 500 index with a rise of 5.0% followed by gains in MetLife, Inc 3.6%, in Sempra Energy of 2.9% and in Jacobs Engineering Group Inc 2.8%.

Other Movers

AK Steel Holding Corporation ((AKS)) declined 4.3% or $1.06 to $23.82 after the steelmaker was downgraded to “neutral” from “buy” at Goldman.

Applied Materials, Inc ((AMAT)) climbed 0.4% or 5 cents to $12.33 after the electronics chipmaker equipment announced that its board of directors approved a 17% increase in the quarterly cash dividend to 7 cents per share, payable on June 16.

American International Group, Inc ((AIG)) added 5.2% or $1.48 to $29.52 after the insurer announced today a definitive agreement for the sale of American Life Insurance Company, one of the world''s and most diversified international life insurance companies, to MetLife, Inc. for approximately $15.5 billion, including $6.8 billion in cash and the remainder in equity securities of MetLife.

American Vanguard Corporation ((AVD)) decreased 1.6% or 12 cents to $7.07 after the specialty and agricultural products company reported fourth quarter revenues fell 28.5% to $50.8 million from $71.1 million a year ago. Net loss in the quarter was $8.6 million or 32 cents per diluted share compared to net income of $7.9 million or 29 cents per share a year ago.

BCE Inc ((BCE)) the telephone company rose 1.1% or 35 cents to $29.86.

Cisco Systems, Inc ((CSCO)) the maker of networking equipment rose 1.9% or 49 cents to $25.71.

Ebix, Inc ((EBIX)) added 1.1% or 20 cents to $17.15 after the provider of software and e-commerce solutions reported fourth quarter revenues rose 54.7% to $31.1 million from $20.1 million a year ago. Net income in the quarter rose 53% to $12.1 million or 92 cents per diluted share compared to net income of $7.9 million or 66 cents per share a year ago.

Fifth Third Bancorp ((FITB)) declined 0.7% or 11 cents to $12.62 after the bank was downgraded to “market perform” from “outperform” at FBR Capital Markets.

Hewlett-Packard Co. ((HPQ)) lowered its earnings per share by 3 cents after it estimated higher legal costs for a UK lawsuit against its division Electronics Data Systems.

Imax Corp ((IMAX)) surged 5% after the weekend revenues for 3-D movie “Alice in Wonderland” generated record $12 million in revenues at company owned theaters according to Hollywood.com.

Macy''s, Inc ((M)) climbed 1.7% or 35 cents to $20.80 after the department store chain was upgraded to “buy” from “hold” at Soleil Securities.

MetLife, Inc ((MET)) added 5.1% or $1.99 to $40.88 plans to pay $6.8 billion in cash and $8.7 billion in equity linked securities.

The PNC Financial Services Group, Inc ((PNC)) rose 0.6% or 37 cents to $55.97 after the lender was upgraded to “outperform” from “market perform” at FBR Capital Markets.

Research In Motion Limited ((RIMM)) rose 3.2% or $2.24 to $71.74 after the maker of the BlackBerry was upgraded to “outperform” from “market perform” at BMO Capital Markets.

Schnitzer Steel Industries, Inc ((SCHN)) fell 2.0% or $1.04 to $49.98 after the recycler of scrap metal was downgraded to “neutral” from “buy” at UBS AG.

Sybase, Inc ((SY)) the maker of the software database rose 0.7% or 32 cents to $44.73.

TD Ameritrade Holding Corporation ((AMTD)) rose 1.8% or 33 cents to $18.42 after the online broker was upgraded new “buy” at Gabelli & Co.

United States Steel Corporation ((X)) advanced 2.4% or $1.42 to $60.26 after the steelmaker was upgraded to “buy” from “neutral” at Goldman Sachs Group Inc. The broker also upgraded Asian steelmakers in a separate report and cited that Japanese steelmakers are likely to benefit despite the recent iron ore price increase agreement.

Willis Lease Finance Corporation ((WLFC)) advanced 1.5% or 26 cents to $17.50 after the lessor of commercial aircraft engines reported fourth quarter revenues rose 3.7% to $38.8 million from $37.4 million a year ago. Net income in the quarter fell 93% to $245,000 or 3 cents per diluted share compared to net income of $3.6 million or 41 cents per share a year ago.

Xyratex Ltd ((XRTX)) soared 15% to $17.64 after it revised higher its fiscal first quarter estimate between 77 cents a share and 87 cents a share.

YRC Worldwide Inc ((YRCW)) decreased 1.8% or 0.009 cents to $0.45 after the trucking company today reported it was notified by The Nasdaq Stock Market on March 3, 2010 that it is not in compliance with Nasdaq Marketplace Rule 5450(a)(1) because shares of its common stock closed at a per share bid price of less than $1.00 for 30 consecutive business days.