Stocks to Watch: ReneSola, UPS, AIG (Update 1)

NEW YORK -- ReneSola (SOL) shares were surging in premarket trading Friday after the company reported a fourth-quarter loss of 21 cents a share, narrower than analysts' expectations for a loss of 30 cents.

Revenue in the quarter was $187.7 million; analysts were expecting $137.8 million.

Shares were surging 15.9% to $2.85.

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United Parcel Service (UPS) said Friday it was in "constructive" talks to buy TNT Express, its Dutch rival.

UPS said it plans a formal bid by May 12.

UPS last month offered to buy TNT, the second-largest express delivery company in Europe, for €9 a share, or $6.4 billion, but the offer was rejected.

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Banks including Barclays PLC's Barclays Capital unit, Credit Suisse (CS) and Goldman Sachs (GS) are among the banks interested in buying American International Group's (AIG) complex mortgage-backed assets tied to the insurance company's bailout, The Wall Street Journal reported.

The face value of the assets is $47 billion, the newspaper said, and are held by the Federal Reserve Bank of New York, which acquired the assets as part of the $182 billion bailout of AIG in 2008.

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New York & Co. (NWY), the women's fashion apparel retailer, reported a narrower-than-anticipated fourth-quarter loss.

The company reported a loss from continuing operations of $10.9 million, or 18 cents a share, on sales of $271.8 million for the three months ended Jan. 28. The results include noncash asset impairment charges of $2.2 million.

The average estimate of analysts polled by Thomson Reuters was for a loss of 21 cents a share on revenue of $275 million.

New York & Co. said it expects first-quarter same-store sales to be down in the low single digits on a percentage basis, noting that it anticipates it will have 11 fewer stores in operation during the quarter than it did a year ago.

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China Sunergy (CSUN) is forecast to post a fourth-quarter loss of $1.18 a share on revenue of $91 million.

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Steel producer AK Steel (AKS) projected a first-quarter loss of 11 cents to 15 cents a share amid weaker shipments and demand. Analysts were expecting profit of 3 cents a share.

The company said, however, that business conditions will likely improve in the second quarter, driven by the automotive market.

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Anthera Pharmaceuticals (ANTH) said it will reduce its work force by 45% after a late-stage trial of its lead, anti-inflammatory drug was halted.

-- Written by Joseph Woelfel and Andrea Tse



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