General Electric, Zoltek among big market movers

NYSE

General Electric Co., down 24 cents at $32.13

The industrial conglomerate will sell or spin off its appliance business, which has been hit hard by a domestic housing slump and economic slowdown.

Fannie Mae, down 34 cents at $29.89

The government-sponsored mortgage financier will scrap higher downpayment requirements for borrowers in distressed real estate markets.

Abercrombie & Fitch Co., up 11 cents at $76.19

Despite high expenses, strong gross margin and sales lifted first-quarter profit 3 percent and above Wall Street expectations.

Macy's Inc., down 10 cents at $25.22

FAO Schwarz will open toy stores in around 700 of the company's department stores over the next two years.