Is Citigroup Talking Turkey?

GM expects more layoffs and falling sales; Manitowoc raises 2006 guidance; plus more stocks in the news Tuesday

An unconfirmed report in The Wall Street Journal states that Citigroup (C) is expected to submit a bid for Finansbank, Turkey's eighth largest bank by assets. According to the Wall Street Journal, the potential deal is expected to be valued at approximately $5 billion. Standard & Poor's is positive on the Turkish banking market.

General Motors (GM) expects North American sales to fall sharply as it tries to earn more money from fewer cars. GM also plans to announce white-collar layoffs, according to the Wall Street Journal.

Level 3 Communications (LVLT) raises its first quarter consolidated adjusted OIBDA projection from $105 million to $125 million to between $140 million and $150 million, among other things.

The Manitowoc Company (MTW) raises its 2006 earnings per share (EPS) (Generally Accepted Accounting Principles) estimate to $3.75 to $4.00 from $3.30 to $3.60. It says a very strong cyclical upswing in the crane market appears to have offset much of the first quarter's seasonal softness.

Lexar Media (LEXR) sees $100 million to $130 million first quarter revenue and $22 million to $30 million net loss. It says in light of its pending merger with Micron Technology (MU), it does not intend to host a conference call when it releases its actual first quarter results.

GlaxoSmithKline (GSK) announces preliminary study results which show 17% relative reduction in mortality over three years for patients receiving Seretide/Advair vs. patients on placebo in treating chronic obstructive pulmonary disease.

Cost Plus (CPWM) Theresa Strickland, Executive Vice President of Merchandising, resigns.

Charles & Colvar (CTHR) sees lower-than-expected $7.5 million to $8.4 million first quarter sales and 25% to 33% below first quarter 2005 sales of $11.2 million. It cites "substantially" lower year over year orders from K&G Creations due to the Federated - May Company merger. It also sets a one million share buyback.

Summit Bank (SBGA) will sell 1.25 million shares of stock at $15.25 per share.

Lennar (LEN) posts $1.58 vs. $1.17 first quarter EPS on a 35% revenue rise. It reaffirms its $9.25 fiscal year 2006 EPS goal.

Luby's (LUB) posts lower-than-expected 12 cents vs. 10 cents second quarter EPS on a 6.7% same-store sales rise and a 5.7% total sales rise. It notes a "challenging" expense environment.

Mentor (MNT) receives a binding offer from Coloplast A/S to purchase Mentor's Surgical Urology & Clinical & Consumer Healthcare business segments for $463 million.

SGX Pharmaceutic (SGXP) enters into a license and collaboration agreement with Novartis focused on the development and commercialization of BCR-ABL inhibitors for treatment of drug resistant Chronic Myelogenous Leukemia.

Summit Bank (SBGA) is to sell 1.25 million shares of stock at $15.25 per share.