Some of the names on the move ahead of the open.» Read More
WEAK ASIA: The World Bank warned that a "more pronounced slowdown" is possible in China. MOVERS: Navistar rose $1.60 to $22.81 after the truck and engine maker said it will add two board members associated with activist investors, heading off a proxy battle.
Investors looked warily at forecasts for poor U.S. corporate earnings and weaker growth in Asia and decided there wasn't much reason to buy stocks. Companies in the S&P 500 index are expected to post an overall decline in profits for the first time in 11 quarters, according to FactSet.
U.S. stocks declined after the World Bank cut growth forecasts for East Asia, highlighting concerns about the global economic climate and corporate profits on the cusp of the quarterly earnings season.
U.S. stocks declined after the World Bank cut growth forecasts for East Asia, highlighting concerns about the global economic climate and corporate profits on the cusp of the quarterly earnings season. **GREEN DOT CORP, $10.55, down 17.9 pct. **NETSPEND HOLDINGS INC, $10.00, down 6.98 pct.
Oct 8- Navistar International Corp agreed to appoint three new members to its board, avoiding a proxy fight with activist investors Carl Icahn and Mark Rachesky, who have demanded changes at the U.S. truck and engine maker. Navistar shares gained 5 percent to $22.28 in early trading on Monday following the news.
LISLE, Ill.-- Heading off a proxy war, heavy truck and engine company Navistar is adding a colleague of activist investor Carl Icahn and a former protege of his to its board. Shares of Navistar added $1.60, or 7.5 percent, to close at $22.81 Monday. Navistar International Corp. said Monday that Mark Rachesky and Vincent Intrieri are now board members.
**GREEN DOT CORP, $10.31, down 19.8 pct. **NETSPEND HOLDINGS INC, $10.00, down 6.98 pct. **WAL-MART STORES INC, $75.47, down 0.45 pct.
**GREEN DOT CORP, Friday close $12.85, down 23 pct premarket. **NETSPEND HOLDINGS INC, Friday close $10.75, down 12 pct premarket. Shares of Prepaid card companies Green Dot and NetSpend fell after Wal-Mart and American Express announced a partnership to offer customers an alternative to debit and checking accounts.
Oct 8- Navistar International Corp agreed to appoint three new members to its board, preventing a proxy fight with activist investors Carl Icahn and Mark Rachesky. The U.S. truck and engine maker said Vincent Intrieri, an Icahn nominee, and Rachesky have been named to the board. A third director will be designated and mutually agreed upon.
Oct 8- Navistar International Corp:. *Navistar- company to add a third director designated and agreed upon by Icahn partners and mhr fund management. *Appointment of new directors pursuant to agreement co has entered into with each of Icahn and mhr.
U.S. stocks were poised to rise at the open, with the S&P 500 set to hit its highest since 2007, as a surprise drop in the jobless rate gives legs to this week's rally. S&P 500 futures rose 6.2 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
**ZYNGA INC, Thursday close $2.81, down 22.4 pct premarket. Brokerages lowered their price targets on Zynga's stock by up to $3 per share after the social-games maker slashed its 2012 outlook for the second time due to a decline in paying customers. Facebook, which derives over a tenth of its revenue from fees paid by Zynga, was also set to open lower as was Groupon.
U.S. stock index futures pointed to a mixed open on Wall Street, with futures for the S&P 500 slipping by 0.1 percent, while the Dow Jones and Nasdaq 100 futures contracts rose around 0.1 percent. **ZYNGA INC, Thursday close $2.81, down 19.2 pct premarket.
Embattled U.S. truck and engine maker Navistar International Corp, a rival of Sweden's AB Volvo, may close factories in its bid to cut costs, its newly named CEO Lewis Cambell said in a Reuters interview late on Thursday. For more on Volvo, click on ERICSSON.
Embattled U.S. truck and engine maker Navistar International Corp, a rival of Sweden's AB Volvo, may close factories in its bid to cut costs, its newly named CEO Lewis Cambell said in a Reuters interview late on Thursday. For more on Volvo, click on NORDEA, SAMPO.
Oct 1- Navistar International Corp:. *Northcoast research cuts Navistar International to sell rating. Reuters Station users, click. 1568.
Navistar International has faced heavy downward pressure, but now some traders apparently think that it's ready to shine.
Carl Icahn upped his stake in Navistar, with the Fast Money traders; and Barclays and Goldman Sachs are increasing their price forecast for grain futures as corn continues to rally, with Jim Bower, Bower Trading. "If this weather stays inflammatory, and we keep dropping this yield down on soybeans, we could be faced with a protein shortage worldwide in the months to come," says Bower.
Take a look at some of Thursday's midday movers:
Navistar’s announcement today that it plans to introduce a “clean engine technology” appears to be a sputtering effort to save face.