NEW YORK -- BP (BP) reached a $7.8 billion settlement with the plaintiffs in the Gulf of Mexico oil spill case.
BP said the cost of the settlement will be paid from a $20 billion trust the company set up to cover claims related to the April 2010 Deepwater Horizon drilling rig blowout and the resulting oil spill. The oil leak was the worst offshore oil disaster in U.S. history.
BP shares were gaining 1.2% to $48.06 in premarket trading on Monday.
American International Group (AIG) is selling shares of its Asian unit, AIA Group, to raise about $6 billion to help it pay the U.S. government back for its bailout during the 2008 financial crisis. AIG is looking to sell a "significant proportion" of its 33% stake in AIA Group, according to AIA, which is listed in Hong Kong. The U.S. government owns 77% of AIG following the bailout of the giant insurer in 2008. Shares were falling 0.2% to $29.72 in premarket trading.
General Motors (GM) will halt production of the Chevrolet Volt for five weeks because inventories are too high. The automaker told 1,300 employees at the Detroit-Hamtramck assembly plant of the planned March 19 through April 23 shutdown. Volt sales fell to 603 in January, down from 1,529 in December, the highest monthly total ever. In February, sales recovered to 1,023. In 2011, GM sold 7,671 Volts. GM shares were flat at $26.45 ahead of the open.
Credit Suisse (CS) announced plans to buy back up to $4.4 billion in stock. The buyback is part of the company's effort to comply with more stringent Swiss and Basel III capital requirements. Shares were falling 1.4% to $26.97.
VeriFone (PAY), a maker of credit-card terminals, is expected by analysts to earn 52 cents a share in the first quarter on revenue of $417.5 million. Shares were falling 0.4% to $47.70.
Nutrisystem (NTRI) is expected by analysts to post a quarterly loss of 2 cents a share. Shares were shedding 0.8% to $11.20. -- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel
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