Friday, March 16, 2012


Stocks to Watch: ReneSola, UPS, AIG (Update 1)


NEW YORK -- ReneSola(SOL_) shares were surging in premarket trading Friday after the company reported a fourth-quarter loss of 21 cents a share, narrower than analysts' expectations for a loss of 30 cents.


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Revenue in the quarter was $187.7 million; analysts were expecting $137.8 million.
Shares were surging 15.9% to $2.85.
United Parcel Service (UPS_) said Friday it was in "constructive" talks to buy TNT Express, its Dutch rival.
UPS said it plans a formal bid by May 12.
UPS last month offered to buy TNT, the second-largest express delivery company in Europe, for €9 ashare, or $6.4 billion, but the offer was rejected.
Banks including Barclays PLC's Barclays Capital unit,Credit Suisse(CS_) and Goldman Sachs(GS_)are among the banks interested in buying American International Group's (AIG_) complex mortgage-backed assets tied to the insurance company's bailout,The Wall Street Journal reported.
The face value of the assets is $47 billion, the newspaper said, and are held by the Federal ReserveBank of New York, which acquired the assets as part of the $182 billion bailout of AIG in 2008.
New York & Co.(NWY_), the women's fashion apparel retailer, reported a narrower-than-anticipated fourth-quarter loss.
The company reported a loss from continuing operations of $10.9 million, or 18 cents a share, on sales of $271.8 million for the three months ended Jan. 28. The results include noncash asset impairment charges of $2.2 million.
The average estimate of analysts polled by Thomson Reuters was for a loss of 21 cents a share on revenue of $275 million.
New York & Co. said it expects first-quarter same-store sales to be down in the low single digits on a percentage basis, noting that it anticipates it will have 11 fewer stores in operation during the quarter than it did a year ago.
China Sunergy (CSUN_) is forecast to post a fourth-quarter loss of $1.18 a share on revenue of $91 million.
Steel producer AK Steel(AKS_) projected a first-quarter loss of 11 cents to 15 cents a share amid weaker shipments and demand. Analysts were expecting profit of 3 cents a share.
The company said, however, that business conditions will likely improve in the second quarter, driven by the automotive market.
Anthera Pharmaceuticals(ANTH_) said it will reduce its work force by 45% after a late-stage trial of its lead, anti-inflammatory drug was halted.
-- Written by Joseph Woelfel and Andrea Tse
>To contact the writer of this article, click here: Joseph Woelfel
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