AIG Share Sale and Other News
Some of the United States' top bankers descended on a law firm in midtown Manhattan on Thursday to pitch for what could be one of the largest share sales in history -- a secondary offering for bailed-out insurer American International Group, Inc. (NYSE:AIG).
JPMorgan Chase & Co. (NYSE:JPM) Chief Executive Jamie Dimon was among the executives attending the meeting. Dimon entered the building of law firm Davis Polk & Wardwell LLP just after 1430 GMT in New York. He declined to comment. Morgan Stanley CEO James Gorman left the building shortly after Dimon's arrival. The bankers on Gorman's team were carrying thick blue folders adorned with the U.S. flag. One of Gorman's colleagues carried a bag full of folders. Gorman also declined comment. – Reuters
In other news, UBS Securities analyst Maynard Um this morning raised his price target on shares of Apple Inc. (NASDAQ:AAPL) to $415 from a prior $365, writing that next Tuesday’s fiscal Q1 report will probably come in stronger than expected given strong demand for MacBook Airs and the holidays’ heavily-gifted iOS items. Um is modeling $24.57 billion in revenue and $5.40 in EPS, on a 36.8% gross margin, versus the Street at $24.2 billion and $5.31. Apple’s own forecast has called for$23 billion and $4.80 per share. – Barron’s
Walgreen Company (NYSE:WAG) plans to add more fresh food to about 400 stores in areas where access to produce and other goods is scarce, as it tries to position itself as a one-stop shop for health and daily needs. The drugstore chain has already added fresh fruit, vegetables, meat and a variety of other fare to 10 stores in parts of Chicago where grocery stores are hard to find. Executives at the company's annual meeting on Wednesday said they see a greater opportunity to expand those types of shops in Chicago and other places across the country over the next several years, aiming for about 300 to 500 of the company's more than 7,600 stores. - Reuters