NEW YORK, March 19, 2013 - vb-news.net, one of the leaders in providing investment alerts on U.S. stocks are announcing Investment Highlights on Citigroup Inc, Walgreen Company, General Motors Company
Citigroup Inc.(NYSE:C) has agreed to pay $730 million to settle a class-action lawsuit that claimed that the bank's disclosures misled investors when they purchased its debt and preferred stock between May 11, 2006 and Nov. 28, 2008.
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The company while denying the allegations said, "This settlement is another significant step toward resolving our exposure to claims arising from the financial crisis, and we look forward to putting this matter behind us."The payment will be made from Citi’s existing litigation reserves.
Meanwhile, drugstore chain Walgreen Company(NYSE:WAG - News)’s fiscal second-quarter earnings rose 11 percent, thanks to contributions from Alliance Boots, a business sale gain, and a new contract with Express Scripts Holding Co.
The company also said that it is expanding a supply agreement with AmerisourceBergen Corp. that gives it and Alliance Boots an ownership stake in the pharmaceutical wholesaler. AmerisourceBergen will replace Cardinal Health Inc. in being the primary pharmaceutical supplier to Walgreen.
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Walgreen has reported net income of $756 million, or 79 cents per share, in the quarter ended Feb. 28. It had earned $683 million, or 78 cents per share, in the same period last year, when it had fewer shares outstanding.
Excluding one-time items, adjusted earnings stood at 96 cents per share while revenue remained flat at $18.65 billion. Analysts had expected earnings of 93 cents per share on $18.74 billion in revenue. $85 million of Walgreen's earnings came from Alliance Boots. The drugstore chain also booked a $20 million gain from an incentive payment related to the sale of Walgreens Health Initiatives in 2011.
Walgreen had 8,072 drugstores as of Feb. 28, 231 more than a year ago. Shares of Walgreen rose 4.75% to $44.46.Meanwhile, General Motors Company(NYSE:GM - News)’s Chevrolet Impala sedan is slated for a grand comeback. The 2014 Impala which debuts in April looks exciting. Prices start at $27,535. This Impala may again rule the roads in America like its predecessor years ago.
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GM is hoping that the makeover will make it less of a rental car. It may also cement GM’s position as a car-maker after years of favoring pickups and sport-utility vehicles. The company also hopes to boost profit margins with the new Impala by selling more to regular retail customers.
The revamped Impala might also race ahead of the Chevy Malibu, GM’s car in the mid-size sedan market currently dominated by Toyota Motor Corp.’s Camry.
The new Impala is just one of 13 new Chevrolets being introduced in 2013 in the U.S.
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