Big Movers in the Stock Market
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NEW YORK (AP) _ Stocks that were moving substantially or trading heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market.
Medtronic Inc., down 2 cents at $48.61
Medtronic on Monday received government approval to market its brain implant Activa, which is used to treat patients with Parkinson’s disease.
Wells Fargo & Co., up $2.30 at $45.32
The financial services company reported fourth-quarter earnings of 69 cents a share, 4 cents higher than analysts were expecting.
Dollar General Corp., down $2.06 at $14.03
Dollar General said Monday an internal investigation found profits for fiscal 1998-2000 were overstated by about $100 million, and that it has agreed to pay $162 million to settle related shareholder lawsuits. Additionally, Morgan Stanley and Hilliard Lyons downgraded their ratings on the stock.
Tyco International, down $4.45 at $47.95
Tyco posted fiscal first-quarter earnings a penny higher than Wall Street was expecting, but also reduced its projections for the current quarter.
Rent-A-Center Inc., up $6.47 at $37.46
Rent-A-Center raised its fourth-quarter and 2002 earnings projections after reporting better-than-expected fourth-quarter same-store sales growth of 9.7 percent.
Marconi PLC, down 11 cents at $1.01
The struggling British telecommunications company announced plans to cut costs and said it might slash 4,000 more jobs, or 13.8 percent of its global work force. Marconi announced the measures after reporting sales fell 38.7 percent in the last three months of 2001. Marconi has already cut about 10,000 jobs worldwide over the last year.