February 27, 2009 / 12:34 PM / 11 years ago

STOCKS NEWS US-Futures drop after Citigroup news

Stocks on the move [HOT-RTRS] Real-Time Equity news [U E]

U.S. stock market report [.N] 0728 ET 27Feb2009-Futures drop after Citigroup news ———————————————————————————————————————

U.S. index futures fell on Friday, hitting session lows following the news that the U.S. government was taking a large common equity stake in Citigroup (C.N). Also weighing on the market was the upcoming release of economic data, which could show that the U.S. economy contracted more than initially thought in the fourth quarter. [ID:nN27465485]

Dow Jones industrial average futures DJc1 fell 98 points while S&P 500 futures SPc1 slid 8.4 points and Nasdaq 100 futures NDc1 were down 13.25 points.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0722 ET 27Feb2009-Crude oil falls after three days of gains ———————————————————————————————————————

April crude futures fell on Friday, following three days of gains that came on OPEC output cuts and a bounce in demand for gasoline in the United States. The commodity looks to end February 5 percent from January. [ID:nSIN461583]

The contract slid 2.9 percent to $43.90 per barrel.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0717 ET 27Feb2009-GM’s Opel unit may cut jobs in restructuring ———————————————————————————————————————

The management at General Motors’s (GM.N) Opel subsidiary in Germany will present its supervisory board with a restructuring plan on Friday, in an attempt to combat the impact of the worst market in decades. The plan is expected to cost thousands of jobs and possibly the closure of one or more plants.

The restructuring comes as Opel is looking for the state to guarantee $3.3 billion in loans. [ID:nLR351268]

Shares of GM, a Dow component, closed Thursday at $2.38.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0702 ET 27Feb2009-Govt to hold common equity stake in Citi: source ———————————————————————————————————————

The U.S. government will commit to holding a common equity stake of up to 30 percent to 40 percent in Citigroup (C.N), a source familiar with the matter said on Friday. The deal will result in the replacement of most of the company’s board, the source said.

The cornerstone of the deal is the conversion of up to $25 billion in government-held preferred shares in the bank to common equity, according to the source. The move is designed to bolster the capital base of the troubled bank. [ID:nN27210042]

Shares of Citigroup, a Dow component, rose 10 cents to $2.56 in premarket trade.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0657 ET 27Feb2009-Economic indicators for Feb. 27 ———————————————————————————————————————

Economic indicators on tap for Friday include preliminary fourth-quarter GDP data, preliminary fourth-quarter PCE prices and core PCE prices, February Chicago PMI data, University of Michigan inflation figures for February and weekly ECRI data.

For details, see [ECI/US]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0651 ET 27Feb2009-Earnings diary for Feb. 27 ———————————————————————————————————————

Companies scheduled to report quarterly results on Friday include: Republic Services Inc (RSG.N), the Interpublic Group of Companies (IPG.N), Calpine Corp CPN.N, Louisiana-Pacific (LPX.N), Blackstone Group (BX.N) and Westar Energy WR.N.

For a complete list see [RESF/US]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net

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