In this report: American International Group (NYSE:AIG), MSC Industrial Direct (NYSE:MSM) and Under Armour (NYSE:UA).
American International Group (NYSE:AIG) shares soared more than 6.6 percent today after it was report that the insurance company was considering an initial public offer for its airplane leasing business International Lease Finance in the second quarter of the 2012 fiscal year. Reports cited people familiar with the deal which could IPO for a potential of $6 billion to $8 billion but the company has declined to comment on the speculation. That news came after an analyst at Bernstein upgraded AIG to ‘Outperform’ from ‘Market Perform’ with a price target of $45 per share. cited expectations of asset sales by the end of the year which would allow the company to pay off its TARP overhang.
MSC Industrial Direct (NYSE:MSM) is sitting over 2 percent lower today after the company reported its second quarter financials. The company reported a net income of $60.1 million, or 95 cents per share, up from last years $49.7 million, or 78 cents per share, and matched analyst expectations. Revenue rose by 17 percent to $563 million from last years $483.4 million, beating Wall Street estimates of $554.6 million. For the third quarter the company expects earnings of $1.08 to $1.12 per share on revenue of $610 million to $622 million. Analysts have projected earnings of $1.07 per share on revenue of $593.2 million for the third quarter.
Under Armour (NYSE:UA) is sitting over 4 percent lower today after receiving a downgrade by analysts at Stifel Nicolaus. The firm cut its rating on Under Armour to ‘Hold’ from ‘Buy’ with a $92 price target. The analyst stated that the company’s shares may have reached their near-term peak.
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