Stocks to Watch: C, WFC, AAPL & More
Take a look at some of Monday morning's early movers:
Citigroup - Chairman Richard Parsons is stepping down after 16 years on the board and three as chairman. He will not stand for reelection at the annual meeting on April 17. Former Bank of Hawaii CEO Michael O’Neill is expected to be named to succeed Parsons as chairman.
Wells Fargo – The bank is reportedly planning to expand into 20 overseas markets as it targets a buildup in its overseas operations. The Financial Times says Britain, Germany, China, and Australia are among the countries targeted.
Apple – The company says the number of downloads from its App Store has now reached 25 billion. It’s giving away a $10,000 gift certificate to the customer who downloaded the 25 billionth app.
BP - The company has reached a $7.8 billion settlement with businesses and individuals over the 2010 Gulf oil spill. The amount was lower than many had expected, and analysts say it also reduces legal uncertainty for the oil giant.
AIG – The insurance company is selling part of its stake in Hong Kong’s AIA Group, hoping to raise about $6 billion to pay down its U.S. government bailout balance.
Mead Johnson Nutrition – The maker of pediatric nutrition products is increasing its quarterly dividend by 15% to 30 cents per share from 26 cents.
Viacom - Chairman Sumner Redstone has cleared a conflict in his schedule and will attend this Thursday’s annual meeting after all. The 88-year old Redstone had called the conflict “unavoidable” but said it was unrelated to his health.
United Airlines – The airline spent the weekend battling technical glitches, as it combined the reservation systems of United and Continental Airlines, which it bought in 2010.
Zynga - The stock has been downgraded to "neutral" from "overweight" at JPMorgan Chase.
Pier 1 Imports - Oppenheimer has increased its estimates for the retailer, as well as raising its price target for the stock to $20 from $17. The firm says Pier 1's upcoming e-commerce launch should help sales and that overall sales volumes have been increasing recently.
Nike - Goldman Sachs raises its price target on the athletic apparel and footwear maker, saying it sees an upside for sales this quarter and the potential for significant profit margin improvement.
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