The markets closed out the week mixed, with the Dow losing 0.5%, the S&P 500 losing 0.4% and the Nasdaq gaining 0.2% on Friday. The continued drop in crude oil prices and the unexpectedly negative consumer sentiment numbers kept the markets mostly in the red during Friday’s session.
Here are some of Friday’s winners and losers.
Winners
American International Group (AIG)
AIG shares, which have been in freefall since late June, were up 23.8% Friday. Reports that AIG had restructured agreements that reduced the debt owed to the New York Federal Reserve reversed pre-market losses after the company asked for government approval to pay out $235M in retention bonuses. The stock gained $2.26 on the day to close at $11.74.
Huntington Bancshares Inc. (HBAN)
Shares continued their two-day rally Friday, gaining 5.5%. This follows Thursday’s gains on analyst comments that because of the depressed share price, Huntington Bancshares can make up significant ground when there is high volume in the sector. Shares were up 20 cents, closing at $3.87.
Stanley Works (SWK)
Shares were up after analysts at Deutsche Bank upgraded the stock to “Hold” from “Sell”, citing Stanley Works’ slim discount to the rest of the sector and on the anticipation of positive earnings in fiscal 2010. The stock gained 4.9%, or $1.56, to close at 33.67.
Perkinelmer Corp. (PKI)
Analysts at Deutsche Bank upgraded Perkinelmer’s stock to “Hold” from “Sell”, saying that the stock’s risk/reward is more balanced as the weakness in industrial and capital spending is already factored into the stock. Shares gained 4.8%, or 76 cents, to close at $16.73.
QLogic Corp. (QLGC)
Analysts at Canaccord Adams upgraded telecommunications-equipment company QLogic to “Hold” from “Sell”, citing upside from recent weakness in the stock and the potential for renewed interest in a merger and acquisition bid. Shares were up almost 5%, gaining 62 cents to close at $13.11.
Losers
CIT Group Inc. (CIT)
Shares of this specialty-finance company took another hit Friday after it was reported that the FDIC is currently unwilling to guarantee their debt due to CIT’s worsening credit quality. CIT also clarified that their application to partake in Temporary Liquidity Guarantee Program while not denied, is still awaiting approval. The stock shed 17.7%, losing 33 cents to close at $1.53.
Genworth Financial Inc. (GNW)
After rebounding slightly on Thursday, shares of Genworth Financial were down again Friday as the negative sentiment on the insurance sector in advance of upcoming earnings continued to push the stock lower. Shares were down nearly 5% losing 28 cents to close at $5.35.
Vulcan materials Co. (VMC)
Shares of this building-materials company traded lower Friday after the company announced a quarterly dividend of 25 cents. This is 24 cents lower than the dividend paid in the previous quarter. Shares were down 4.9% losing $2.09 to close at $40.60.
Tesoro Corporation (TSO)
Shares of petroleum refiner Tesoro have been under pressure recently as inventories have risen on weakening demand and the costs of storage impacts refiner’s profit margins. Shares lost almost 4% Friday, trading down 45 cents to close at $10.89.
Citigroup Inc. (C)
With much of the banking industry under pressure in anticipation of upcoming quarterly earnings releases and in the wake of recent senior management shakeups at Citigroup, it was reported that Ian Hart, the co-head of European M&A has left the firm to take a position with competitor Morgan Stanley (MS). Citigroup shares were down 3.7%, losing 10 cents to close at $2.59.
