By Eric Martin
Dec. 22 (Bloomberg) -- The following companies may have unusual price changes in U.S. trading. Stock symbols are in parentheses, and share prices are as of 7:50 a.m. in New York, unless otherwise specified.
AllianceBernstein Holding LP (AB US): The money manager whose assets have dropped 44 percent this year named Merrill Lynch & Co.’s Peter S. Kraus chairman and chief executive officer to replace Lewis Sanders.
American International Group Inc. (AIG US) added 3.1 percent to $1.65. The firm bailed out by the U.S. government is close to a sale of Hartford Steam Boiler, the largest North American equipment-breakdown insurer, to Munich Re for as much as $1 billion, according to a person familiar with the transaction.
CIT Group Inc. (CIT US) dropped 5.4 percent to $4.38. The commercial lender that ran short of cash this year had its credit rating downgraded by Standard & Poor’s on expectations the economy will worsen.
Frontier Financial Corp. (FTBK US): The bank based in Washington state eliminated its dividend to “preserve capital.”
General Motors Corp. (GM US) dropped 6.5 percent to $4.20. The automaker and Chrysler LLC, which received $13.4 billion in emergency funds from the U.S. government last week, will get at least C$4 billion ($3.3 billion) in loans from Canada and the province of Ontario, Canadian Prime Minister Stephen Harper said Dec. 20.
Credit Suisse Group AG cut the stock to “underperform” from “neutral” and halved its share price estimate to $1 from $2, saying the company’s restructuring will result in “the complete or near-complete elimination of the existing GM equity.”
Hess Corp. (HES US) gained 1.3 percent to $47.96. The energy company was raised to “outperform” at Credit Suisse Group AG, which said investors will be drawn to its “above- average” exploration opportunities.
Manitowoc Inc. (MTW US): The biggest U.S. ice-machine maker said Chairman Terry Growcock will retire Dec. 31.
Monsanto Co. (MON US) lost 3 percent to $69.50. The world’s largest seed producer was cut to “neutral” from “buy” by analysts at Goldman Sachs Group Inc.
Nomura Holdings Inc. (NMR US): Japan’s biggest brokerage may rise as much as 30 percent if the purchase of Lehman Brothers Holdings Inc.’s business in Asia and Europe boosts profit, Barron’s reported, without citing anyone.
Standard Pacific Corp. (SPF US): The homebuilder said it’s in “preliminary” merger talks with Tousa Inc.
Weyerhaeuser Co. (WY US): The largest North American lumber producer had its 2009 loss estimate increased at Goldman Sachs Group Inc. on expectations of lower wood prices and continued strains in the housing market.
Worthington Industries Inc. (WOR US): The largest U.S. maker of steel frames for cars and buildings might violate debt covenants by May and its dividend is “at risk,” according to Goldman Sachs Group Inc.
To contact the reporter on this story: Eric Martin in New York at emartin21@bloomberg.net.
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