Premarket Roundup: AIG, Abercrombie & Fitch

Among the premarket stories for Wednesday, May 13, from AP Financial News:

WASHINGTON (AP) — The government-installed CEO of American International Group Inc. will tell Congress that the insurance giant has reduced but not eliminated the risk that its failure could pose to the global economy despite getting more than $180 billion in federal bailout aid.

NEW YORK (AP) — A Jefferies & Co. analyst on Wednesday upgraded the shares of Abercrombie & Fitch Co. to "Buy" from "Hold," saying the teen apparel retailer's risk profile is now more favorable.

SAN JOSE, Calif. (AP) — IBM Corp.'s Chief Executive, Sam Palmisano, will update investors Wednesday in a rare public appearance, likely offering more color on the technology company's progress toward meeting its bullish 2009 outlook.

NEW YORK (AP) — A recent rally in Sonoco Products Co.'s share price and continued weakness in its industrial segment led an analyst Wednesday to downgrade shares of the U.S. packaging maker.

NEW YORK (AP) — Consumers are buying more merchandise to improve their houses, an analyst said Wednesday as she upgraded Home Depot Inc.

HARTFORD, Conn. (AP) — McDemott International Inc. may have put the worst behind it in the first quarter when the engineering and construction firm reported a 37-percent profit decline earlier this week, analysts said Wednesday, but there may still be a few bumps in the road to recovery.