Big Movers in the Stock Market
NEW YORK (AP) _ Stocks that were moving substantially or trading heavily Friday on the New York Stock Exchange and Nasdaq Stock Market.
Chase Manhattan, up $2.063 at $50.063.
Financial stocks rose following a report showing a modest increase in job growth in June, suggesting that the Fed has been succeeding in slowing the economy and may be nearing the end of its inflation-fighting campaign of raising interest rates.
Merrill Lynch, down $3.50 at $120.563
The Wall Street Journal reports that the major brokerage house may cut 2,000 jobs. Separately, Deutsche Bank denies rumors that it intends to buy the company.
Corning, up $7.50 at $257
The leading maker of fiber-optic cable plans to add as many as 100 workers at four plants as its business expands, marking the first addition of union workers to its payrolls in six years.
Yahoo, down $5.625 at $116.75
Deutsche Banc Alex. Brown cuts its rating on the stock, citing concerns about revenue growth and high valuations.
Qualcomm, down $3.938 at $57.75
Shares of the telecom equipment maker fell on rumors that major Korean wireless companies won’t use Qualcomm’s products.
PeopleSoft, up $2.125 at $18
Lehman Brothers upgrades the maker of human resources software to outperfrom from neutral.