Market Updates: Citigroup (NYSE:C), Costco Wholesale (NASDAQ:COST), Pfizer (NYSE:PFE), Qualcomm (NASDAQ:QCOM)

Primerica Inc., an insurance unit owned by Citigroup (NYSE:C) that’s planning an initial public offering, said it agreed to sell $230 million of stock to Warburg Pincus & Co. Primerica would sell the shares at a 5 percent discount to the unit’s book value at the end of last year, according to a regulatory filing. Warburg Pincus, the New York-based private equity fund, holds the right to purchase an additional $100 million in shares at the IPO, Primerica said. -Bloomberg

Strong overseas sales growth and increased gasoline prices boosted Costco Wholesale (NASDAQ:COST) revenue in the second quarter, and the warehouse club operator’s profit climbed 25 percent. Costco’s earnings were shy of analyst expectations, however, and its stock fell $2.38, or 3.9 percent, to $59 in premarket trading. Costco said Wednesday that its quarterly revenue rose 11 percent to $18.74 billion from $16.84 billion on improved net sales and membership fee growth, beating Wall Street’s $18.56 billion. –AOL News

Pfizer (NYSE:PFE) Alzheimer’s drug Dimebon, investigated in collaboration with Medivation (NASDAQ:MDVN) failed to benefit patients in an advanced study. MDVN shares plunged nearly 70% ahead of the bell. –Daily Finance

Qualcomm (NASDAQ:QCOM) rallied 6.7% to $37.93 after approving a 12% increase in its quarterly dividend and authorizes a new $3 billion share buyback program. March put option implied volatility is at 32, April puts are at 31; near its 26-week average of 31 according to Track Data, suggesting non-directional price movement. –Blogging Stocks