A.M. Movers: Treasury to Sell AIG Stake, GM Loses $49k per Volt
Shares of American International Group (NYSE:AIG) fell more than 2 percent this morning. The U.S. Treasury Department is offering to sell $18 billion of AIG shares, which will reduce the country’s stake in the bailed out insurer to less than 50 percent. AIG is planning on buying back up to $5 billion of the shares, with Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM) managing the sale.
General Motors (NYSE:GM) shares fell 0.68 percent on Reuters reporting that the automaker loses as much as $49,000 per Chevy Volt sold. “Cheap Volt lease offers meant to drive more customers to Chevy showrooms this summer may have pushed that loss even higher. There are some Americans paying just $5,050 to drive around for two years in a vehicle that cost as much as $89,000 to produce,” reports Reuters.
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Facebook (NASDAQ:FB) shares declined 1.77 percent this morning. Research firm eMarketer recently released a report that the social media giant is expected to increase its mobile ad revenue to $387 million in the U.S. next year. By 2014, the firm expects Facebook’s domestic mobile revenue to reach $629.4 million, making it the second highest mobile ad earner behind Google (NASDAQ:GOOG).
Shares of Plains Exploration & Production (NYSE:PXP) fell 7.27 percent. The company announced it is buying BP’s (NYSE:BP) stake in some of its deepwater Gulf of Mexico wells for $5.55 billion. PXP will also receive BP’s 33 percent working interest in the Diana-Hoover Field, along with the 31 percent stake in the Ram Powell field.
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