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Big Movers in the Stock Market

February 23, 2004

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


Citigroup, up 34 cents at $49.23

Citigroup agreed to buy KorAm Bank for up to $2.73 billion in the first foreign takeover of a South Korean bank, and the largest such investment in the country’s frail financial sector. The acquisition by America’s largest bank still must gain regulatory approval.

Wal-Mart Stores Inc., up 34 cents at $59.77

The world’s largest retailer said February sales are tracking near the high end of its estimates, with spring clothing sales making an especially strong showing.

Lowe’s Cos. Inc., down $1.67 at $56.71

The world’s second-largest home improvement retailer beat Wall Street forecasts with strong fourth-quarter earnings, due in part to expansion into large U.S. cities. It also offered an upbeat outlook for the year.


Qualcomm Inc., up $2.91 at $62.31

The wireless equipment maker raised its profit estimates for the second quarter, citing an increased demand for its mobile phone chips.

Intel Corp., down 81 cents at $29.19

The chipmaker reported in federal filings that the Internal Revenue Service was examining its tax returns for 2001 and 2002.

3Com Corp., down 66 cents at $6.78

The networking products company was downgraded by brokerage firm Lehman Brothers, which cited concern that a restructuring of 3Com’s sales force and other factors could contribute to a sales shortfall in the current quarter.

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