Stocks to Watch: AIG, BZH, KORS & More
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
Questions? Comments? Email us at email@example.com