AIG posted earnings that trumped estimates, but revenue missed. The insurer says higher catastrophe losses at its core property and casualty insurance businesses hurt its quarterly profit. AIG shares fell initially after hours. During the regular session, the stock was up a fraction to $52.72.
The French government has opposed General Electric’s $13.5 billion dollar bid for Alstom. Regulators there are now suggesting that GE work on a balanced partnership with Alstom, which is France’s largest industrial conglomerate. GE maintains the proposal is good for everyone involved and is open to further discussions. GE shares fell slightly to $26.58.
Shares of Tyson Foods tumbled after the company came up short in its latest earnings report. The nation’s biggest meat producer also gave a cautious full-year outlook, partly because of a virus that’s sweeping hog farms and may cut pork production. The stock fell almost ten percent to $38.44. Making it the biggest decliner in the S&P 500 today.
Orbitz Worldwide posted a first-quarter loss blaming it on a charge from an income tax provision. The online travel agency did see higher overall bookings and an increase in revenue from a recent acquisition. It also forecast revenue for the current quarter above analyst estimates. But investors couldn’t ignore the loss and shares fell almost 2.5 percent to $7.24.
An engineer at General Motors has retired in the wake of the company’s delayed ignition switch recall. GM says the retirement has nothing to do with the switch debacle, which has been linked to 13 deaths. The employee worked for the automaker for nearly 36 years. Shares were off slightly to $34.75.
Walgreen saw its same store-sales rise more than 7.5 percent in April, lifted by a later Easter holiday. That masked weaker pharmacy sales, hurt by the introduction of new generic drugs. Shares were up almost 1.5 percent to $69.85.
Humana, Wellpoint & Monsanto
Humana, Wellpoint and Monsanto all got a lift after Larry Robbins of Glenview Capital said the stocks are well placed for growth. Robbins, whose hedge fund oversees more than $7 billion said at the annual Ira Sohn Investment Conference today that Humana could see 30 to 40 percent growth. He was also excited about Monsanto, saying the stock is cheap. All three names were up more than one percent, Humana closed at $110.12, Wellpoint at $102.44 and Monsanto at $114.85.