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Market Update

U.S. Movers: Adobe, AIG, Echostar, General Motors, Las Vegas Sands

Author: Mukesh Buch
Last Update: 2:59 AM ET December 13 2013

11:20 AM New York Ė Adobe net plunged 71%. AIG and AerCap are in talks to sell aircraft leasing business. Echostar and Vivendiís GVT terminate joint venture in Brazil. GM sold its 7% stake in Peugeot. Las Vegas Sands cancelled its Spain project worth $30 billion.

Adobe Systems Incorporated (ADBE) surged 10.8% or $5.85 to $59.83 after the diversified software company reported total revenues in the fourth-quarter ending on November 29 surged 23% to $1.42 billion.

Net income in the quarter plunged 71% to $65.3 million or 13 cents a diluted share compared to $222.3 million or 44 cents.

American International Group Inc (AIG) rose 3 cents to $49.44 and the insurance company is in talks with Netherlands-based aviation company AerCap Holdings NV.

Last December, AIG agreed to sell stake of up to 90% of California-based ILFC to Chinese consortium of investors for $4.7 billion but failed to complete the deal.

Echostar Corporation (SATS) dropped 3.3% or $1.61 to $47.49 after the set-top boxes provider said talks with GVT a subsidiary of Vivendi cancelled a joint venture talk to set up pay TV services in Brazil.

General Motors Company (GM) increased 11 cents to $40.16 after the automobile company sold all of it 7% or 24.8 million shares stake in Peugeot Citroen SA for an undisclosed sum.

The company also departed from partial ownership of Ally Financial Inc, the former auto-lending division of GM. The automaker added it sold its 8.5% share in a deal valued about $900 million.

Las Vegas Sands Corp (LVS) rose 13 cents to $76.35 after the casinos operator said its project near Madrid did not fit with the company''s immediate development plans.

The company led by controversial Sheldon Adelson considered investment of more than Ä22 billion or $30 billion.

Restoration Hardware Holdings, Inc. (RH) plunged 4.4% or $2.91 to $62.39 after the hardware company said net sales in the fourth-quarter ending on November 2 soared 39% to $395.8 billion. Comparable store sales in the quarter surged 22%.

Net income in the quarter soared 87% to $9.55 million or 23 cents a diluted share compared to $1.69 million.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc