American International Group Inc. stock took the largest midday loss among Dow Jones industrial average stocks Friday, after the insurer posted a disappointing first quarter and said it will raise $12.5 billion.
With 22 of the 30 Dow stocks moving down, the blue chip index lost 116.67 points to 12,750.11.
AIG reported a loss of $7.81 billion in the quarter, mostly due to losses on investments and swaps. The company will raise $12.5 billion to improve its capital position, primarily by selling new stock. Shares fell $3.89, or 8.8 percent, to $40.26.
Shares of auto maker General Motors Corp. slid 58 cents, or 2.7 percent, to $20.57.
Shares of DuPont & Co., a specialty chemicals maker, gave up $1.07, or 2.2 percent, to $48.26.
On the positive side, drug maker Merck & Co. edged up 40 cents to $39.49.
Home improvement retailer The Home Depot Inc. added 20 cents to $28.12.
Microsoft Corp. gained 19 cents to $29.46.
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