American International Group Inc. fell the most in the Dow
Jones Industrial Average, losing 5.6%. The Securities
and Exchange Commission is examining how the world's largest insurer
accounted for credit-default swaps, including those backed by subprime
mortgages, the Wall Street Journal reported.
Concho Resources Inc. jumped 17%. The oil and natural-gas company
operating in four U.S. states agreed to buy assets in Texas and New
Mexico from privately held Henry Petroleum for $565 million in cash to
expand in the Permian Basin.
National City Corp. fell 6.6%, the lowest price
in 22 years. Ohio's largest bank entered into a confidential
``memorandum of understanding'' with the Office of the Comptroller of
the Currency that effectively puts its banking operations on probation,
the Wall Street Journal said.
National Semiconductor Corp. gained the most in the Standard
& Poor's 500 Index, climbing 7%. The maker of
chips for devices such as Apple's iPhone reported a
smaller-than-expected drop in fourth-quarter profit.
Network Equipment Technologies Inc. plunged 17%. The maker of communication equipment said
it doesn't expect quarterly sales to meet analyst estimates because of
fewer-than-expected government orders.