Wachovia, Citigroup, AIG among big movers

NEW YORK

Friday, 03 October 2008 22:53:20

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Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

Wachovia Corp., up $2.30 at $6.21

Wells Fargo agreed to buy the bank for $15.1 billion, setting up a fight with Citigroup, which had its own deal with the bank in place.

Citigroup Inc., down $4.15 at $18.35

Its stock sank following the Wells Fargo deal for Wachovia, and Citi said it is considering a lawsuit and may sweeten its bid.

American International Group Inc., down 14 cents at $3.86

The insurer said it will sell business units to pay off a massive government loan but retain its U.S. property and casualty unit.

Anheuser-Busch Cos., up 52 cents at $65.10

The brewer expects quarterly earnings to rise at a low double-digit rate, helped by higher prices and sales of Bud Light Lime.

Metlife Inc., up $1.17 at $42.13

The insurer led a rebound in the sector after analysts raised their ratings following steep declines Thursday on liquidity concerns.

Family Dollar Stores Inc., up 35 cents at $24.55

The retailer said quarterly profit rose 41 percent, beating expectations, as shoppers rushed to buy consumables in a softening economy.

UBS AG, down 15 cents at $19.95

The Swiss bank will cut 2,000 jobs at its troubled investment banking unit, most of which will be lost in the U.S. and Britain.

McDonald's Corp., down $1.65 at $60.23

Analysts warned casual dining chains will suffer on economic weakness, but said global fast-food chains are better positioned. McDonald's shares still fell.