Lear, Chesapeake, New York & Co., Williams: U.S. Equity Preview

By Lu Wang

Oct. 10 (Bloomberg) -- The following companies may have unusual price changes in U.S. trading on Oct. 13. Stock symbols are in parentheses, and share prices are as of 5:30 p.m. in New York, unless otherwise specified.

Standard & Poor's 500 Index futures expiring in December lost 21.50, or 2.4 percent, to 891. Dow Jones Industrial Average futures fell 228, or 2.7 percent, to 8,370. Nasdaq-100 Index futures rose 10.50, or 0.8 percent, to 1,282.50.

Chesapeake Energy Corp. (CHK US): The petroleum producer said Chief Executive Officer Aubrey McClendon involuntarily sold ``substantially'' all of his shares in the company over the past three days to meet margin loan calls. The stock fell 6.7 percent to $16.52 in regular trading.

Group 1 Automotive Inc. (GPI US): The owner of more than 100 car dealerships in the U.S. and U.K. said third-quarter earnings were lower than forecast and said it's reviewing its full-year forecast. The stock lost 0.4 percent to $13.62 in regular trading.


Lear Corp. (LEA US): The world's second-largest maker of automotive seats reduced its 2008 earnings forecast by about 20 percent, citing ``deteriorating and volatile industry and general economic conditions.'' The stock slumped 16 percent to $6.10 in regular trading.

MBIA Inc. (MBI US): Third Avenue Management LLC held 11.3 percent of MBIA's common stock as of Sept. 30, down from 14.3 percent at the end of the previous quarter, according to a regulatory filing. The stock fell 8.1 percent to $5.88 in regular trading.

New York & Co. (NWY US) slumped $1.44, or 20 percent, to $5.81. The women's clothing retailer said it expects a loss of as much as 12 cents a share in the third quarter as sales declined. Analysts, on average, anticipated the company to earn 11 cents a share, according to a Bloomberg survey.

Wells Fargo & Co. (WFC US): The lender's credit rating may be cut by Moody's Investors Service because of increased risk the company faces in acquiring Wachovia Corp. (WB US). The stock rose 3.9 percent to $28.31 in regular trading.

Williams Cos. (WMB US): The pipeline company that gets 15 percent of its revenue from natural gas exploration and production said hurricanes Gustav and Ike reduced third-quarter profit by $50 million to $70 million. The stock fell 7.7 percent to $14.40 in regular trading.

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