US Market News

Tuesday March 31, 03:23 PM
HEADLINE STOCKS-U.S. stocks on the move on March 31

NEW YORK, March 31 (Reuters) - Some U.S. stocks to watch on Tuesday: LENNAR CORP The homebuilder reported a quarterly loss that widened from the prior year as it moved to sell off its inventory in the face of an economic downturn.

Revenue was down 44 percent. Shares tumbled 11.6 percent to $7.71. INGERSOLL-RAND The climate control systems maker late Monday cut its 2009 earnings outlook and lowered its dividend in a move to bulk up its credit profile. The profit outlook was cut because of a drop in revenue. Shares of Ingersoll fell 2.2 percent to $13.67. UBS A judge late Monday dismissed putative class action lawsuits seeking damages against UBS AG (Virt-X: UBSN.VX - news) . The lawsuits had been related to allegations of securities fraud in the auction rate securities market. In the ruling, the judge said that the plaintiffs had no claim because they were part of agreements with state and federal regulators and law enforcement in August 2008, in which UBS agreed to buy back the ARS, a type of debt whose market collapsed in February 2008. U.S.-listed shares of UBS rose 6 percent to $9.42. BOEING CO (NYSE: BA - news) Boeing on Tuesday said it would deliver 100 planes to Indian airlines over the next four to five years, and that it will have to compensate some for the late delivery of the 787 Dreamliners. The 100 planes are worth about $17 billion, it said. The outstanding orders were part of the $25 billion aircraft delivery contracts Boeing had signed with Indian airlines in the past three years, said Dinesh Keskar, president of Boeing India. Shares of Boeing, a Dow component, rose 0.8 percent to $35.79. ALCOA INC (NYSE: AA - news) FREEPORT (LSE: FPR.L - news) -MCMORAN Deutsche Bank (Xetra: 514000 - news) upgraded aluminum company Alcoa to hold from sell, saying that refinancing fears had likely been pushed into the first half of 2010 after about $2 billion of asset sales and equity placements in March. The firm also downgraded Freeport to sell from hold, citing a recent rally in the metal company's shares, as well as the expectation for weaker copper prices ahead. Shares of Alcoa, a Dow component, rose 6.7 percent to $7.14 while Freeport shares slid 3.5 percent to $37.20. TBS INTERNATIONAL LTD (NASDAQ: TBSI - news) The ocean transportation services company reported fourth-quarter profit above analysts' expectations but expects revenue, earnings and cash flows for the shipping industry to suffer during 2009. The stock rose 18.5 percent to $7.69. CIT GROUP The company, along with GMAC (NYSE: GOM - news) , has been unable to issue government-based debt, as regulators have yet to approve its application, the Financial Times reported on Tuesday. Both CIT and GMAC converted to bank holding companies in order to qualify for U.S. government funds. The delay in getting approval from the Federal Deposit Insurance Corp is tightening the liquidity squeeze at the companies, hurting their ability to lend, the paper wrote. Shares of CIT rose 1.5 percent to $2.77. GOOGLE INC (NASDAQ: GOOG - news) Shares of Google rose 2.2 percent to $350.29 after it said it would form a $100 million fund to invest in early-stage start-up firms. Though the firm, which will be called Google Ventures, will be wholly owned by Google, it will operate as a separate entity and seek investments that maximize returns, rather than ones that strictly fit with Google's strategic vision. Google Ventures will look at a wide variety of companies to invest in, including ones in the consumer Internet products, information technology, health care and biotech sectors. FORD MOTOR CO The car company on Tuesday introduced an incentive covering payments for up to a year if customers lose their jobs. Under the program, which runs through June 1, Ford is also offering zero percent financing through its Ford Motor Credit finance arm on some Ford, Lincoln and Mercury vehicles, it said. Shares of Ford rose 0.4 percent to $2.77 on Tuesday. (Reporting by Ryan Vlastelica; Editing by James Dalgleish) Keywords: MARKETS STOCKS HEADLINES Keywords: MARKETS STOCKS HEADLINES