Movers: GM, UAL, Corn Products, Bunge, Citigroup, Walgreen, BCE

Monday's stocks in the news

General Motors (GM) falls 0.88 to 12.91 after Citigroup reports that it expects June U.S. light vehicle sales to fall to under 13 million units on an annualized basis, below 16.3 million last year, and said Detroit Three retail sales remain much weaker than the overall industry. Separately, Detroit Frees Press reports that GM will further reduce truck production in the second half of 2008 by 170,000 and increase production of cars, crossovers and vans by about 47,000. In addition, the company also announced additional summer shutdowns at various plants.

UAL Corp. (UAUA) falls 1.07 to 6.09 on newswire report that the parent of United Airlines plans to lay off 950 pilot jobs.

Corn Products International (CPO) agrees to be acquired by Bunge Ltd. (BG) in a deal valued at $4.8 billion, including assumption of about $414 million of CPO's net debt. Terms: CPO stockholders will receive BG shares with market value of $56.00 for each CPO share, subject to adjustment. Separately, BG raises $7.10-$7.40 2008 EPS guidance to $9.35-$9.65 due to better-than-expected performance in BG's agribusiness and fertilizer segments.

Citigroup (C) is in focus as the WSJ reports that Citi is set to unveil layoffs totaling as much as 10% of its world-wide investment-banking work force. S&P Equity Research maintains hold opinion on the stock.

Walgreen (WAG) posts lower-than-expected $0.58, vs. $0.56, third quarter EPS on 9.6% higher total sales. Says it will expand its drugstore base by approximately 9% in fiscal year 2008 and is on track to meet its goal of operating more than 7,000 drugstores by 2010.

BCE (BCE) says the Supreme Court of Canada reinstated the court order approving the company's plan of arrangement, which opens the path to complete the previously announced sale of the company to an investor group led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, Providence Equity Partners Inc., Madison Dearborn Partners, LLC, and Merrill Lynch Global Private Equity. S&P maintains hold.

Motorola (MOT) falls 0.51 to 7.43 after Piper Jaffray downgrades to sell from neutral.

CME Group (CME) sets $1.1 billion stock buyback. It plans to pay a special dividend of $5.00 per common share, following the resolution of its pending NYMEX transaction. S&P maintains hold.

LTX Corp. (LTXX) and Credence Systems (CMOS) agree to a deal to combine the two companies in tax-free, all-stock merger of equals. CMOS shareholders will receive shares of LTX common stock based on an exchange ratio that will be determined at the closing of the merger to cause CMOS shareholders to own 50.02% of outstanding shares of combined co., LTXX shareholders to own 49.98%. S&P reiterates buy on LTXX.

Sohu.com (SOHU) rises 4.39 to 76.30 after Citigroup reiterates buy, says Friday's sell-off of SOHU shares was unwarranted. Friday Reuters reported that SOHU expects core online advertising revenue to grow 40%-45% this fiscal year as China speeds towards the Beijing Olympics in August, but then slow to about 20%-30% in 2009.

Halliburton (HAL) says it has terminated talks to acquire Expro International and that it no longer intends to make an offer for the company.

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