Afternoon Market Update (C, BAIRY.PK, WFR)

Shares of Citigroup Inc C gained around 5% following an upgrade in the rating by Oppenheimer & Co from “perform” to “outperform.” According to the analysts, "We think the stock is now attractively priced after its recent pullback." The analysts mentioned that the Citi's "substantial business in Asia and Latin America position it well for better than average growth in coming years, but our investment case is not dependent upon that." The Financial Times, without citing any source, reported that sovereign wealth fund Qatar Investment Authority seems to be interested in purchasing a 27% stake in Citi from US Treasury. It would be better for British Airways BAIRY to end its cabin-crew strike quickly. The strike may not only damage British Airways’ reputation, but also cost the company around $2 billion in lost sales. The company’s revenue may fall up to 18% in the current year, based on a survey conducted by researchers at Manchester Business School. According to Gary Davies, a professor of corporate reputation at the school, “Some people will always fly BA, but many others are fickle and they’ll go where they want.” Shares of MEMC Electronics Materials Inc WFR moved up by more than 5% after the board of directors decided to reinstate an existing share repurchase program authorization. The authorization was suspended in April 2009. Under this authorization, the company can still buyback approximately $550 million shares. Read more from Benzinga's Company news.