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Big Movers in the Stock Market

December 11, 2002

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NEW YORK (AP) _ Stocks that were moving substantially or trading heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market.

NYSE

Merrill Lynch & Co., down 13 cents at $40.27

Merrill Lynch laid off more than 100 members, or about 10 percent, of its investment banking group, late last week, according to a report in The Wall Street Journal.

Schlumberger Ltd., down 97 cents at $44.40

Schlumberger announced it was taking a fourth-quarter charge of $3.17 billion, or $5.44 a share, and laying off 3,300 workers, or about 4 percent of its work force.

Hershey Foods Corp., down 33 cents at $64.44

Hershey Foods announced Tuesday that its chief marketing officer, Wynn A. Willard, planned to leave the company at the end of the year. Willard joined Hershey Foods last year from Nabisco, brought in as a part of a new marketing team focused on expanding the profit margins of the nation’s largest candy company.

NASDAQ

Pacific Sunwear of California Inc., down 54 cents at $27.15

Lehman Brothers downgraded Pacific Sunwear shares to ``equal-weight″ from ``overweight.″

ArQule Inc., down $1.57 at $3.77

Legg Mason lowered its rating on the drug developer to ``hold″ from ``buy.″

Emmis Communications Corp., up 44 cents at $20.20

Wachovia Securities raised its recommendation on shares of the radio station operator to ``strong buy″ from ``buy.″

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