Shares of Citigroup Inc. (NYSE:C) declined more than 1 percent early Wednesday.  The bank received regulatory approval to engage in investment banking in the Chinese market with Shanghai-based Orient Securities Co.  Other large banks such as Goldman Sachs (NYSE:GS) and Bank of America (NYSE:BAC) are also trading lower.

Urban Outfitters Inc. (NASDAQ:URBN) shares were torn apart on Wednesday, falling more than 16 percent.  Citi analyst Jeff Black cut his rating from buy to sell, and reduced his price target from $34 to $20.  Shares of Aeropostale Inc. (NYSE:ARO) and Gap Inc. (NYSE:GPS) are trading slightly lower.

Don’t Miss: Urban Outfitters CEO Resigns, Shares Plummet. 

Commercial Metals Co. (NYSE:CMC) is down almost 4 percent after the opening bell.  It has been announced that Carl Icahn dropped his attempted hostile takeover of the company.  Icahn launched a $1.73 billion tender offer for Commercial Metals last month.

Supervalu Inc. (NYSE:SVU) shares fell 9.8 percent after it said its fiscal third quarter loss increased to $750 million ($3.54 per share), compared to a loss of $202 million (95 cents per share) last year.

Microsoft (NASDAQ:MSFT) shares continue to fall after saying PC sales will be worse-than-expected, due to last year’s Thailand flooding.  Shares of Apple Inc. (NASDAQ:AAPL) and Hewlett Packard Co. (NYSE:HPQ) are also trading lower.

On Tuesday, Walgreen Co. (NYSE:WAG) opened a new store in Chicago that will sell a variety of new items, including: fresh hand-rolled sushi, made-to-order smoothies and fine wine.  The company looks to change its perception among the public.  Shares are down .71 percent Wednesday morning.

Don’t Miss: HP and Dell Deliver Ultrabooks to Rival Apple’s MacBook Air.

To contact the reporter on this story: Eric McWhinnie at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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