Economic Calendar

Wednesday, October 8, 2008

Alcoa, Legg Mason, Sealy, Stewart, YRC: U.S. Equity Preview

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By Lu Wang

Oct. 7 (Bloomberg) -- The following companies may have unusual price changes in U.S. trading tomorrow. Stock symbols are in parentheses, and share prices are as of 5:35 p.m. in New York, unless otherwise specified.

Standard & Poor's 500 Index futures expiring in December lost 47.50, or 4.5 percent, to 1,005.80. Dow Jones Industrial Average futures fell 426, or 4.3 percent, to 9,538. Nasdaq-100 Index futures slipped 70, or 5 percent, to 1,336.50.

Alcoa Inc. (AA US) fell 62 cents, or 3.7 percent, to $16.09. The largest U.S. aluminum producer said third-quarter profit excluding some items was 37 cents a share. That missed the average analyst estimate by 28 percent, according to a Bloomberg survey.

Legg Mason Inc. (LM US): The money manager's debt rating was lowered one level to A3 by Moody's Investors Service because of expenses to support money-market funds and outflows from its stock and bond funds. The stock dropped 15 percent to $29.01 in regular trading.

Sealy Corp. (ZZ US): The world's largest bedding manufacturer reported third-quarter sales of $405 million, topping the average analyst estimate by 3.9 percent, according to a Bloomberg survey. The stock fell 18 percent to $4.05 in regular trading.

Stewart Enterprises Inc. (STEI US) slumped $2.11, or 30 percent, to $4.98. Service Corp. International (SCI US), the biggest U.S. funeral-home and cemetery owner, said it withdrew its proposal to buy Stewart because of ``unacceptable'' pre- conditions.

YRC Worldwide Inc. (YRCW US) rose 66 cents, or 13 percent, to $5.64. The biggest U.S. trucking company by sales said it expects to remain in full compliance with the terms of its credit agreement, with ``positive free cash flow'' coming in the third and fourth quarters.

To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net




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