STOCKS NEWS US-Citi shareholder sees bank making profit in 2010

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1017 EST 11Jan2010
Citi shareholder sees bank making profit in 2010

Saudi billionaire Prince Alwaleed bin Talal, head of Kingdom Holding and a shareholder in Citigroup, said the U.S. bank had put the worst behind it and would post a profit this year and next.

Alwaleed, one of the world's wealthiest individuals, said the worst was behind Citigroup, that global markets were close to the end of the crisis and his Kingdom Holding would post a profit in the fourth quarter.

'The turnaround for Citi is already happening right now. The shares are up right now so the worst is over,' Alwaleed told Reuters, speaking in his office in Kingdom Tower's headquarters.

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Shares of Citi rose 0.8 percent to $3.62 on Monday.

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1000 EST 11Jan2010
Alcoa shares rise ahead of results

Shares of Alcoa Inc rose on Monday ahead of the release of the aluminum company's quarterly results.

The results represent the unofficial start of earnings season.

The company is expected to report a profit of 6 cents a share and revenue of $5 billion, according to the mean estimate of analysts polled by Thomson Reuters.

In the year-ago period, the company posted a loss of 28 cents a share and revenue of $5.69 billion.

The stock, a Dow component, rose 2.1 percent to $17.37.

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0952 EST 11Jan2010
Janney downgrades Walt Disney to 'neutral'

Janney Capital Markets on Monday downgraded Walt Disney Co to 'neutral,' citing a run-up in the shares 'as investors have appropriately discounted positive news around the media network business and incremental studio improvements.'

The firm said that the call was 'based solely on valuation, as we continue to see Disney benefiting from new market opportunities, digital hedges, and an encouraging first-half-of-the-year industry box office.'

Shares of Disney, a Dow component, fell 1.9 percent to $31.28.

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0937 EST 11Jan2010
Markets open higher on China trade data

U.S. stocks rose at the open on Monday as China's stronger trade figures fueled optimism in the global recovery and as investors anticipated a positive start to the earnings season with a report from Alcoa Inc due later in the day.

The Dow Jones industrial average gained 21.84 points, or 0.21 percent, to 10,640.03. The Standard & Poor's 500 Index rose 4.11 points, or 0.36 percent, to 1,149.09. The Nasdaq Composite Index was up 6.89 points, or 0.30 percent, at 2,324.06.

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0918 EST 11Jan2010
MAP Pharma rallies after FDA move

Shares of MAP Pharmaceuticals Inc advanced on Monday after the company said the Food and Drug Administration informed MAP that a second efficacy study was not required to apply for marketing approval of its experimental migraine drug, Levadex.

MAP said the FDA's decision will allow the company to focus on the drug's remaining clinical studies and expects patients in these studies to complete treatment in 2010.

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The stock climbed 39 percent to $13.37 before the bell.

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