Company News for May 11, 2009 – Corporate Summary | Stock Market News & Stocks to Watch from StraightStocks

Company News for May 11, 2009 – Corporate Summary

Source: http://www.zacks.com/stock/news/20036/Company+News+for+May+11%2C+2009+-+Corporate+Summary
Posted on Monday, May 11th, 2009 | In Market Commentary, Stocks to Watch

Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -

* Fannie Mae (NYSE:FNM) reported a first-quarter loss of $23.2 billion, or $4.09 per share, worse than a year ago. The mortgage finance company also said it needs an additional $19 billion infusion from the U.S. Treasury

* After the close Thursday, AIG (NYSE:AIG) reported a quarterly loss of 97 cents a share, worse than consensus projections of a loss of 6 cents a share but better than $1.41 a year ago

* Satellite provider Dish Network (NASDAQ:DISH) reported better-than-expected first quarter earnigs 70 cents per share, beating estimates of 56 cents versus 57 cents a year ago, on inline revenues of $2.91 billion, up 2.1% year-over-year. The company also said it lost 94,000 subscribers during the quarter

* Listed among the nine US banks which do not need additional capital, BB&T (NYSE:BBT) announced its plans to sell $1.5 billion common shares, in its efforts to help repay TARP funds. The company also said it plans to cut its third quarter dividend 68% to 15 cents. Capital One Financial (NYSE:COF) announced plans to sell 56 million common shares; Principal Financial (NYSE:PFG) reported plans to sell 42.3 million shares to raise at least $1 billion. US Bancorp (NYSE:USB) announced its plans to sell $2.5 billion in common shares

* American International Group (NYSE:AIG) faces a congressional hearing on Wednesday. According to media reports its “Project Destiny” internal review calls for multi-year restructuring needs

* AT&T (NYSE:T) announced plans to purchase $2.35 billion in assets from Verizon (NYSE:VZ)

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