Goldman Sachs, GE, Morgan Stanley among big movers

NEW YORK

Friday, 10 October 2008 21:13:10

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

NYSE

Goldman Sachs Group Inc., down $12.55 at $88.80

The bank's credit outlook was revised to negative by ratings agency Moody's, which expects a downturn in capital markets activity to continue.

General Electric Co., up $2.49 at $21.50

The diversified conglomerate's third-quarter earnings fell 22 percent, as the credit crunch hurt performance in its financial business. Shares still rose as broader markets traded wildly.

Morgan Stanley & Co., down $2.77 at $9.68

Investors feared a potential credit rating downgrade for the banking firm, even with a major investment from Japan's Mitsubishi UFJ Financial Group.

Macy's Inc., down $1.54 at $9.92

The department store operator fell to a 13-year low after it slashed its 2008 profit outlook amid weaker economic conditions.

General Motors Corp., up 13 cents at $4.89

Shares rose, even though the automaker is likely to announce further production cuts and plant closures as early as Monday due to slumping sales.

Exxon Mobil Corp., down $5.64 at $62.36

The energy giant fell to its lowest point in more than two years amid a drop in crude prices to the $80 per barrel range.

Citigroup Inc., up $1.18 at $14.11

After it broke off talks with Wells Fargo and regulators about a split of Wachovia, Wells got approval to buy the Charlotte-based Wachovia.

Aspen Insurance Holdings Ltd., up $1.87 at $19.75

The insurer said net after-tax losses for Hurricanes Ike and Gustav, which hit the Gulf Coast in September, total $155 million so far.