Stocks to watch: UPS, AIG
The shipping company is in talks to buy a Dutch rival. Banks express interest in buying AIG's mortgage-backed assets.
Updated at 8:20 a.m ET
United Parcel Service (UPS) said Friday it was in "constructive" talks to buy TNT Express, its Dutch rival. UPS said it plans a formal bid by May 12. UPS last month offered to buy TNT, the second-largest express delivery company in Europe, for 9 euros a share, or $6.4 billion, but the offer was rejected.
Barclays (BCS), Credit Suisse (CS) and Goldman Sachs (GS) are among the banks interested in buying American International Group's (AIG) mortgage-backed assets that were tied to the insurance company's bailout, The Wall Street Journal reported. The face value of the assets is $47 billion, the newspaper said, and are held by the Federal Reserve Bank of New York, which acquired the assets as part of the $182 billion bailout of AIG in 2008.
ReneSola (SOL) shares were surging in premarket trading Friday after the company reported a fourth-quarter loss of 21 cents a share, narrower than analysts' expectations for a loss of 30 cents. Revenue in the quarter was $187.7 million; analysts were expecting $137.8 million.
New York & Co. (NWY), the women's fashion apparel retailer, reported a narrower-than-anticipated loss for the fourth quarter. The company reported a loss from continuing operations of $10.9 million, or 18 cents a share, on sales of $271.8 million for the three months ended Jan. 28. The average estimate of analysts polled by Thomson Reuters was for a loss of 21 cents on revenue of $275 million. New York & Co. said it expects first-quarter same-store sales to decline by low single digits on a percentage basis, noting that it anticipates it will have 11 fewer stores in operation during the quarter than it did a year ago.
China Sunergy (CSUN) is forecast to post a fourth-quarter loss of $1.18 a share on revenue of $91 million.
Steel producer AK Steel (AKS) projected a first-quarter loss of 11 cents to 15 cents a share amid weaker shipments and demand. Analysts were expecting profit of 3 cents a share. The company said, however, that business conditions will likely improve in the second quarter, driven by the automotive market.
Anthera Pharmaceuticals (ANTH) said it will reduce its work force by 45% after a late-stage trial of its lead, anti-inflammatory drug was halted.
Hm. Waitaminute. Banks which just passed the stress test are interested in buying AIG's mortgage area, which was allegedly what caused AIG to require a bailout because it was 'too big to fail.' Mortgages are not yet even a shaky investment.
Either someone knows something about the mortgage area recovery, or the taxpayers are about to get another hosing, IMHO. What think y'all?
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Tighter regulations and the end of a lengthy bull market in bonds have changed the landscape forever.
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