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Market Update : 
Citi, Bank of America, Hartford Financial Drop
Author: 123jump.com Staff
123jump.com
Last Update: 2:26 PM ET February 27 2009


 
11:00AM New York – The Interpublic Group of Companies, Inc led gainers in the S&P 500 index with a rise of 3.0%. The Gap, Inc post lower profits. MoneyGram International, Inc turns a fourth quarter profit. Warner Chilcott Limited swings to loss in fourth quarter.

Of the stocks in S&P 500 index, 48 increased, 449 declined and 3 were unchanged.

Citigroup Inc led the decliners in the S&P 500 index with a loss of 29.2% followed by losses in Bank of America Corporation of 17.8%, in Huntington Bancshares Incorporated of 17.6%, in Aflac Incorporated of 12.9%, in The Hartford Financial Services Group, Inc of 12.5%.

The Interpublic Group of Companies, Inc led gainers in the S&P 500 index with a rise of 3.0% followed by gains in Broadcom Corporation of 2.1%, in American Tower Corporation of 1.48% and Big Lots, Inc of 1.4%.

Other Movers

ACCO Brands Corporation (ABD) gained 13.4% or 0.090 cents to $0.760 after the world leader in select categories of branded office products reported fourth quarter sales fell 30% to $353.4 million from $506.9 million a year ago. Net loss in the quarter was $258 million or $4.76 per diluted share compared to net loss of $14.3 million or 26 cents per share a year ago.

Aflac Incorporated (AFL) dropped 12.9% or $1.56 to $17.40 after the general business company and acts as a management company another situation where we have put buying on a rally yesterday. The stock is fighting to bounce from its lows but it seems that expectations are somewhat low.

Autodesk, Inc (ADSK) plunged 10.3% or $1.46 to $12.60 after the design software maker said fourth quarter revenues fell 18% to $490 million from $599 million a year ago. Net loss in the quarter was $105.3 million or 47 cents per diluted share compared to net income of $96.5 million or 40 cents per share a year ago.

Bare Escentuals, Inc (BARE) rose 27.1% or 78 cents to $3.65 after the cosmetics company''s said that its fourth quarter profit fell 9% but beat analysts expectations.

CapitalSource Inc (CSE) rose 5.5% or 10 cents to $2.08 after the commercial lender reported no revenues during the three months ended December 31, 2008 and December 31, 2007. Net loss in the fourth quarter was $298 million or $1.07 per diluted share compared to net loss of $15.0 million or 7 cents per share a year ago.

Citigroup Inc (C) fell 29.2% or 69 cents to $1.77 after Treasury Department said that it will convert its $25 billion of preferred shares into common stock in a statement today.

Coeur d’Alene Mines Corporation (CDE) gained 10.0% or 0.070 cents to $0.770 after the world’s largest pure silver mine reported fourth quarter revenues fell 29.3% to $42.4 million from $60 million a year ago. Net income in the quarter fell 70% to $4.3 million or 1 cent per diluted share compared to net income of $14.3 million or 4 cents per share a year ago.

CommScope, Inc (CTV) plunged 28.5% or $3.77 to $9.37 after the maker of telecom communications equipment recorded a higher than expected loss for the fourth quarter and for the fiscal 2008.

Deckers Outdoor Corporation (DECK) lost 21.8% or $11.58 to $41.41 after the company guided lower than expected earnings. It expects 2009 profit to be flat to slightly below the $7.27 per share adjusted profit it posted for 2008. A consensus estimate of analysts polled by Thomson Reuters was for profit of $8.05 per share.

The Gap, Inc (GPS) declined 3.9% or 45 cents to $10.90 after the speicalty retailer said fourth quarter sales fell 13% to $4.1 billion from $4.7 billion a year ago. Net income in the quarter fell 8.3% to $243 million or 34 cents per diluted share compared to net income of $265 million or 35 cents per share a year ago.

Huntington Bancshares Incorporated (HBAN) plunged 17.6% or 26 cents to $1.72.

Interpublic Group of Companies Inc (IPG) gained 3.0% or 19 cents to $3.75 after the world''s third largest advertising and marketing company said Friday that its fourth quarter profit rose 29% as it reduced operating expenses.

Kohl’s Corporation (KSS) decreased 4.1% or $1.43 to $33.27 after the department store operator said fourth quarter sales fell 5% to $5.24 billion from $5.49 billion a year ago. Net income in the quarter fell 18% to $336 million or $1.10 per diluted share compared to net income of $412 million or $1.31 per share a year ago.

MoneyGram International, Inc (MGI) added 36.3% or 44 cents to $1.65 after the payment services company said fourth quarter revenues was $319.0 million compared to a loss of $827.4 million a year ago. Net income in the quarter was $122.9 million or 47 cents per diluted share compared to net loss of $1.17 billion or $14.18 per share a year ago.

Ship Finance International Limited (SFL) lost 5.4% or 48 cents to $8.36 after the shipping company said fourth quarter revenues fell 17% to $101.3 million from $122.3 million a year ago. Net income in the quarter fell 94% to $3.1 million or 4 cents per diluted share compared to net income of $52.4 million or 72 cents per share a year ago.




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Market data: BATS Exchange. Inc.

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