NTRI, WMT, AIG, HIG, GNW, BX, CRUS, TINY Popular Stocks
U.S. stocks traded higher Tuesday, with the Dow Jones Industrial Average rising 0.85% to 9681, the Standard & Poor’s 500 climbing 0.77% to 1049 and the Nasdaq Composite up 0.89% to 2086.
Nutrisystem (NASDAQ:NTRI, $17.61, +$2.56, 17.01%) will sell its 14-day starter weight-loss program at Wal-Mart Stores Inc. (NYSE:WMT, $49.40, +$0.34, 0.69%), the first time its products have been sold in a retail store.
American International Group Inc.’s (NYSE:AIG, $44.63, +$1.88, 4.40%) stock could double or more if the government eases its harsh lending terms and reduces its equity stake, UBS said. If it doesn’t, the shares are likely to fall. “At this stage, the downside scenario seems more probable to us.” The firm reinstated coverage with a neutral rating and $44 price target. CEO Robert Benmosche will seek more reasonable government terms, UBS predicted, but Congress may not act and, alas, the upside scenario is largely dependent on government action, the firm said. While Hartford Financial Services (NYSE:HIG, $27.69, +$1.44, 5.49%) and Genworth Financial, Inc. (NYSE:GNW, $11.81, +$0.14, 1.20%) also jumped.
Team Health Holdings LLC filed plans to sell up to an estimated $100 million of stock through an initial public offering, becoming the latest company to make such a move. Blackstone Group LP (NYSE:BX, $14.30, +$0.62, 4.53%) currently owns 92% of the voting power in Team Health and will be selling stock through the IPO.
Cirrus Logic Inc. (NASDAQ:CRUS, $5.64, +$0.51, 9.94%) raised its second-quarter revenue guidance on stronger-than-expected demand for audio products. The forecast is the latest sign that the semiconductor market may be recovering.
Harris & Harris Group Inc. (NASDAQ:TINY, $4.97, -$0.58, -10.45%) priced its follow-on offering of 4.25 million shares at a 14% discount to its closing price Monday.
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