Movers: Citigroup, Lowe's, Target, Goldman Sachs

Stocks in the news Monday

From Standard & Poor's Equity Research

Citigroup (C) says it plans to cut about 50,000 more jobs in the coming months and cut expenses by 20% from their peak as the global economy contracts. The plans were posted on the company's Web site, and were to be presented by CEO Vikram Pandit to employees at a town hall meeting. Citigroup already reduced headcount this year by about 23,000. The latest job cuts would leave Citigroup with about 300,000 jobs worldwide. The expense cuts are expected from layoffs, the sale of units and attrition.

Lowe's Companies (LOW) posts $0.33, vs. $0.43 a year ago, third quarter EPS on 5.9% same-store sales drop, 1.4% total sales rise. Sees $0.08-$0.16 fourth quarter EPS on 5%-10% same-store sales drop, $1.46-$1.54 fiscal year 2009 on 6%-7% same-store sales drop.

Target (TGT) posts $0.49, vs. $0.56 a year ago, third quarter EPS on 3.3% same-store sales drop, 1.7% total sales rise. It temporarily suspends substantially all of its share repurchase activity. Reduces its expected 2009 capital expenditures by about $1 billion.

Las Vegas Sands (LVS) says it has reissued its 2007 audited financial statements as part of an amendment to its currently effective shelf registration statement on Form S-3. Notes reissued 2007 audited financial statements reflect that, in light of the company's recently completed $2.1 billion capital raise, adoption of its updated development plan, it believes that it has sufficient liquidity, capital resources to both fund its ongoing ops, to execute its updated development plan.

United Therapeutics (UTHR) says preliminary analysis of FREEDOM-C trial of oral treprostinil, a sustained-release formulation of treprostinil, in pulmonary arterial hypertension (PAH), demonstrates that the trial did not achieve statistical significance for the primary endpoint, six minute walk (6MW) distance at Week 16.

Alcoa (AA) falls 0.83 to 10.01 after UBS Financial downgrades AA to neutral from buy.

JPMorgan Chase & Co. (JPM) is conducting a global review of its operations and while it has yet to decide on the exact scale of redundancies, thousands of jobs are expected to be lost: The Sunday Telegraph.

Goldman Sachs Group (GS) - Top Goldman executives, including CEO Blankfein, have decided to forgo their 2008 bonuses, ceding potentially tens of millions of dollars in payouts in a year that has seen a reshaping of the securities industry: WSJ.

Cymer (CYMI) announces it will reduce its worldwide workforce by about 8%, or 85 total employees. Sees restructuring-related charges of about $3.2 million in the fourth quarter in conjunction with workforce reduction. Expects action to result in annualized savings of about $8.4 million.

Gilead Sciences (GILD) says it received Paragraph IV Certification Notice Letter advising that Teva Pharmaceuticals (TEVA) submitted an Abbreviated New Drug Application (ANDA) to FDA requesting permission to manufacture and market a generic version of Truvada. GILD says it reviewing the Notice Letter and has 45 days from the date of receipt to commence a patent infringement lawsuit against TEVA.

Covidien Ltd. (COV) posts $0.73, vs. $0.62 a year ago, fourth quarter non-GAAP EPS (excl. specified items) on 12% revenue rise. To give effect to forex, now estimates that fiscal year 2009 sales will be flat to up 3%.