Skip to content
Subscriber Only

Movers: AIG, Sprint Nextel, MBIA, Ambac, Dell, Kohl's, 3Com

Stocks in the headlines on Friday

American International Group (AIG) posts $2.08 fourth quarter loss per share, vs. $1.31 EPS a year ago; posts adjusted loss of $1.25, vs. $1.47. Fourth quarter results include charges of about $11.47 billion pretax for net unrealized market valuation loss related to the AIG Financial Products Corp. (AIGFP) super senior credit default swap portfolio. It expects the U.S. housing market to remain weak and credit market uncertainty will likely persist. Continuing market deterioration would cause AIG to report additional unrealized market valuation losses and impairment charges. Keefe, Bruyette downgrades to market perform.

Sprint Nextel (S) falls 0.98 to 7.11 after RBC, Citigroup and Credit Suisse among firms cutting their target price for the shares. Yesterday, Sprint reported disappointing fourth quarterresults, and its CEO said things were worse than even he expected, and customer defections would intensify in the first half of 2008. The company suspended its quarterly dividend. Also, Fitch cut its credit rating, and S&P Ratings Services added Sprint to CreditWatch negative. S&P maintained hold.