Premarket wavers as investors contemplate rate cuts, economy

Shares of Citigroup Inc. and General Motors Corp. stood out Wednesday in a premarket session that lacked a clear direction.

Citigroup fell 83 cents, or 3.2 percent, to $25.49, after the bank said it would raise an additional $4.5 billion in cash to help shore up its capital position. Some analysts said the bank needed to raise upward of $10 billion to $15 billion.

Despite posting a $3.3 billion first-quarter loss, due in part to a weak U.S. market, a strike at a major supplier and declining sales of sport utility vehicles and pickups, shares of auto maker General Motors Corp. rose 95 cents, or 4.5 percent, to $22.15 in early trading.

Savvis, a computer network service provider, said Tuesday it swung to a first-quarter loss as revenue edged lower, and it issued a full-year sales forecast well below Wall Street expectations. The stock plummeted 22.9 percent to $14.40.

Shares of Buffalo Wild Wings Inc. jumped 15.5 percent to $29.90 after the restaurant chain's first-quarter revenue rose about 22 percent and profit met Wall Street estimates. A KeyBanc Capital Markets analyst raised her rating of the shares to "Buy" from "Hold."