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U.S. stocks fell, erasing an earlier advance in the Standard & Poor’s 500 Index, amid concern that Greek Prime Minister Lucas Papademos and coalition party members would fail to agree on terms required for a bailout. Equities reversed gains after a report that the European Central Bank was still divided on its role in a Greek debt restructuring.
Greek Prime Minister Lucas Papademos began negotiating with leaders of the political parties supporting his caretaker government as he tried to make up for lost time to secure a second aid package. ECB policymakers are still divided on what contribution the central bank could make, Reuters says, citing two unidentified euro-zone monetary-policy sources.
Dow 12,856.10 -22.10 -0.17%, Nasdaq 2,903.91 -0.17 -0.01%, S&P 500 1,346.14 -0.91 -0.07%
иslumped 3.3 percent to $2.37. The net loss expanded to $1.3 billion, or 43 cents a share in the fourth quarter, from $929 million, or 31 cents, a year earlier, the carrier said today in a statement. The company said it had one-time costs of 8 cents a share from revaluing assets. Analysts predicted a loss of 38 cents, the average of estimates compiled by Bloomberg.
Western Union Co. slumped 8.4 percent to $18.06. The world’s largest money-transfer business forecast earnings in 2012 will be no more than $1.75 a share, less than the average analyst estimate of $1.81.
Hartford jumped 7.3 percent to $20.52. Paulson, the billionaire hedge fund manager who controls the largest stake in Hartford, told Chief Executive Officer Liam McGee he needs to reverse the insurer’s stock slide. The insurer declined 39 percent last year and trades at less than half of the company’s book value, which is a measure of assets minus liabilities.
Ralph Lauren Corp. rallied 9.7 percent to $172.33. The retailer of its namesake brand clothing said revenue in the current fiscal year may gain more than it previously expected.
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