Stocks to Watch: AIG, BZH, KORS & More
Senior Producer, CNBC
Take a look at some of Monday’s morning movers:
American International Group - The government will sell more of its shares in the insurer, bringing Treasury Department’s stake below 50 percent for the first time since the $182 billion bailout in 2008. The latest sale will see institutional investors buy $18 billion in common stock, with AIG buying back $5 billion of that amount.
Beazer Homes - The home builder is asking shareholders to approve a one-for-five reverse stock split. The vote will take place at a special meeting on Oct. 11.
Michael Kors - The luxury goods maker will sell 20 million shares in a secondary offering, with the underwriters of the offering also being granted a 30-day options to purchase an additional 3 million common shares.
General Motors - The automaker is asking dealers not to sell about 60,000 vehicles, mostly from the 2013 model year, because of a software glitch in its OnStar system. GM does expect to have the issue fixed in a few days.
J.C. Penney - The retailer is making permanent its recent promotion that gives children free haircuts every Sunday, starting Nov. 4. In August, 1.6 million free haircuts were given through the promotion.
BP - The oil giant has struck a deal to sell Gulf of Mexico assets to Plains Exploration for $5.55 billion. BP is still seeking to raise money to pay for damages from the 2010 Gulf oil spill.
Navistar - Navistar is the target of more criticism from investor Carl Icahn, who’s slamming the truck maker for naming a new chief executive without getting input from major shareholders. Icahn says the move to appoint Lewis Campbell as interim CEO was “worse than ill-advised,” as Icahn and three other shareholders who own about 60 percent of the company were not consulted.
Amazon.com - The online retailer is allowing customers to pay $15 to opt out of advertisements that will otherwise appear on new models of its Kindle Fire e-readers.
Intel - The chipmaker, which cut its revenue outlook on Friday, may have to cut further, according to a “Heard On The Street” column in Monday's Wall Street Journal. The paper reported sales from developing nations may be declining at a faster rate than the company and analysts are expecting.
Advanced Micro Devices - AMD is removed from the “sell” list at Goldman Sachs for first time in 5 1/2 years.
Regions Financial - Goldman Sachs has upgraded the stock to "conviction buy" from "buy," saying continued credit recovery and improving fundamentals will help the regional bank's performance.
—By CNBC’s Peter Schacknow
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