Shares of Wachovia Corp. fell sharply in premarket trading Monday after it said it will seek a $7 billion infusion following a disappointing first-quarter loss.
The results also prompted the nation's fourth-largest bank to slash its dividend and announce plans to cut 500 corporate and investment bank jobs.
The stock lost $2.97, or 10.6 percent, to $24.84 in early trading.
Shares of Cymer Inc., which makes lasers used in microchip manufacturing, also fell. A Credit Suisse analyst downgraded the shares to "Underperform" from "Neutral," saying the stock has lagged its peers on share loss concerns.
the stock declined 7.1 percent to $23.80.
On the rising side, shares of Delta Airlines Inc. and Northwest Airlines Corp. moved higher as a proposed deal to create the world's largest airline took another step forward. Delta stock rose 54 cents, or 5.4 percent, to $10.55, while Northwest added 68 cents, or 6.2 percent, at $11.64.
NutriSystem Inc. shares got a boost in premarket action. The diet company will replace Frontier Airlines Holdings Inc. on the S&P SmallCap 600 on Tuesday, Standard & Poor's said. Shares added 6.3 percent at $19.35.
Taking a breather from Friday's sell-off, General Electric Co., which reported weaker-than-expected first-quarter results, gained 18 cents at $32.23 in the early going, despite a downgrade by an Oppenheimer & Co. analyst who also slashed his price target on the conglomerate's shares.
Terms & Conditions
RSS Headlines
Fool UK