Big Movers in the Stock Market
Wednesday, July 12th 2000, 12:00 am
By: News On 6
NEW YORK (AP) â€” Stocks that were moving substantially or trading heavily Monday on the New York Stock Exchange and Nasdaq Stock Market.
PaineWebber, rose $15.75 to $65.688
UBS, fell $16.125 to $132.625
Swiss banking group UBS is buying PaineWebber, the fourth-biggest brokerage firm in the United States, for $10.8 billion in cash and stock. The deal gives UBS a larger foothold in the United States with a firm known for its large base of affluent clients.
Rite Aid Corp., fell $1.75 to $5.875
The Camp Hill, Pa.-based drugstore chain said late Tuesday it had overstated its profits for two prior years by more than $1 billion and reported a net loss of $1.14 billion for the fiscal year ended in February. Separately, Rite Aid on Wednesday announced that it plans to sell its PCS Health System Inc. subsidiary to a Texas health-services company for $1 billion.
Pentair Inc., fell $6.25 to $28.75
The Minneapolis-based manufacturing company expects to report second-quarter earnings of 75 cents a share, below analysts' estimates. The company said the shortfall was due to delays in realizing the benefits of cost initiatives in its tools and service equipment businesses.
Corn Products International Inc., fell $1.625 to $23.875
The Bedford Park, Ill.-based corn refiner expects its second-quarter earnings to be 5 percent below last year's earnings of 58 cents a share. Analysts had been expecting earnings of 63 cents a share.
Yahoo! Inc., rose $18 to $123.50
The Santa Clara, Calif.-based company's second-quarter earnings beat analysts' expectations.
GoTo.com Inc., rose $2.938 to $13.25
America Online Inc.'s Netscape extended its search provider agreement with GoTo.com, making the Internet search engine the preferred provider for Netscape Net Search for another year.
ConMed Corp., fell $9.75 to $15.813
The Utica, N.Y.-based medical technology company expects second-quarter earnings to be about 21 cents to 24 cents a share, below the 51 cents a share expected by Wall Street analysts. The company said the shortfall was a result of weak sales and high operating expenses.
Alquila Biopharmaceuticals Inc., rose $4.50 to $7.125
Researchers said that the company's QS-21 product may make an HIV vaccine cheaper and easier to manufacture.
Quantum Effect Devices Inc., rose $16.938 to $77.438
Canadian chip maker PMC-Sierra Inc. agreed to acquire Santa Clara, Calif.-based Quantum for $2.3 billion in stock. Quantum makes microprocessors for consumer electronic products, computers and networking equipment.