Sovereign, AIG among big market movers

NYSE

Sovereign Bancorp Inc., up 30 cents at $7.76

An analyst upgraded the bank after a news report it will raise up to $2 billion in fresh capital.

American International Group Inc., down $3.58 at $40.57

The world's largest insurer lost $7.81 billion in the first-quarter and plans to raise $12.5 billion in capital.

Citigroup Inc., down 20 cents at $24.10

It will shed $500 billion in assets and plans to boost revenue by 9 percent in the next few years.

Ford Motor Co., down 10 cents at $8.10

Billionaire investor Kirk Kerkorian has started buying 20 million shares to boost his stake to 5.5 percent.

NASDAQ

True Religion Apparel Inc., up $2.80 at $22.31

The jeans maker posted a 35 percent jump in first-quarter profit, and an analyst raised his rating.

Priceline.com Inc., up $19.11 at $142.89

The online travel site swung to a first-quarter profit and guided its fiscal year above analyst expectations.

Microsoft Corp., up 16 cents at $29.43

Chairman Bill Gates said his company will grow its own Internet business after walking out on Yahoo Inc.

Nvidia Corp., up $1.20 at $23.15

The graphic chip maker's 34 percent first-quarter profit jump led an analyst to increase his rating.