Stock Movers: Citigroup Set for Expense Cuts, Microsoft Against SOPA

Mike Mayo comments that Citigroup Inc. (NYSE:C) “…needs to find the balance between “investing for growth and shrinking for profitability. Expenses growing faster than revenue isn’t just about a bad quarter, but has been an issue for a decade.”  Citigroup’s promises of expense cuts of $2.5B-3B in 2012, might not be sufficient, given its $3.9B “investment spending” program.

Microsoft Corporation (NASDAQ:MSFT) has taken a stand on the Stop Online Piracy Act, according to The Seattle Times. The company said that “We oppose the passage of the SOPA bill as currently drafted. We think the White House statement points in a constructive way to problems with the current legislation, the need to fix them, and the opportunity for people on all sides to talk together about a better path forward.”  Meanwhile, Google (NASDAQ:GOOG) has posted an anti- SOPA statement on its website this morning.

The 2008 receivables financing provided by Chase Card Services, a subsidiary of JPMorgan Chase (NYSE:JPM), will be retired by Target (NYSE:TGT), it was announced today.  

Invenergy will be supplied with 23 megawatts of advanced solar equipment by General Electric Company (NYSE:GE).  The next phase in the integration of its acquisition of Converteam will be renaming the business, Power Conversion.

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