Primerica Inc., the insurance unit owned by Citigroup (NYSE:C), will sell 18 million shares in an initial public offering in addition to the $230 million in stock a private-equity firm plans to purchase. The stock will be sold at a range of $12 to $14 a share, the Duluth, Georgia-based company said today in a regulatory filing. Underwriters have the option to purchase as many as 2.7 million additional shares, the filing said, which would bring the total to $290 million at the higher price. -Bloomberg
CIT Group (NYSE:CIT) reported fourth-quarter net income of $3.2 billion. Excluding items, CIT reported a fourth-quarter pre-tax loss of $1 billion. CIT said that it had common equity of $8.4 billion, or $41.99 a share, as of Dec. 31. Also, Google (NASDAQ:GOOG) has upgraded its Nexus One phone so it works on the same high-speed wireless network as Apple (NASDAQ:AAPL) iPhone. Meanwhile, Chinese firms placing ads on Google wanted the search company to clarify its position. –Daily Finance
Sterling gained on some unexpectedly robust U.K. jobs data, while the U.S. dollar was fractionally higher against other currencies. The pound was propelled higher after the U.K. government reported that the number of people claiming unemployment benefits fell 32,200 last month, the largest drop since November 1997. "That’s really the big move for the day, I suppose," said Adam Cole, chief currency strategist at RBC Capital Markets in London. –The Wall Street Journal
A 46-year-old Pittsburgh woman is suing Bank of America (NYSE:BAC) for mistakenly repossessing her home and confiscating her prized pet parrot. The woman’s mortgage was up to date, but she says it took her a week to recover her beloved bird and six weeks to get BofA to clean up the mess it left. As foreclosures rise, mistakes like this become more frequent, experts say. –CNN Money
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