Big Movers in the Stock Market
NEW YORK (AP) _ Some of the stocks that moved substantially or traded heavily Monday on the New York Stock Exchange, Nasdaq Stock Market, and American Stock Exchange.
Rykoff-Sexton, up 3 11/16 at 23 5/16
JP Foodservice, down 1 7/16 at 28 11/16
JP agreed to acquire Rykoff-Sexton in a $1.4 billion deal that would create the nation’s second-largest food distributor. JP, based in Columbia, Md., will issue 0.84 of a share for each Rykoff share and assume $700 million of debt from Rykoff, which is based in Wilkes-Barre, Pa.
Walgreen, up 2 13/16 at 53 5/8
The drug store operator reported strong sales and earnings and said it plans a 700-store expansion to 3,000 stores by 2000. Walgreen, based in Deerfield, Ill., reported a profit of $108.1 million on revenue of $3.4 billion for its third quarter ended May 31, beating forecasts.
Stratasys, down 5 5/8 at 16 1/8
The company expects to report disappointing second-quarter revenues due to manufacturing constraints for its FDM-8000 product. Minneapolis-based Stratasys also said its revenues were also hurt by unfavorable foreign exchange rates and delays in closing some sales.
Planet Polymer Technologies, up 1/2 at 2 3/4
The specialty chemical company agreed to form a joint venture with an Israeli government company to make and market Planet Polymer’s environmental products and processes throughout Israel and neighboring regions. Planet Polymer is based in San Diego, Calif.
Cyanotech, down 1 3/8 at 4 15/16
The maker of natural products from microalgae expects to report disappointing results for its first-quarter ending Monday. Cyanotech, based in Kailua-Kona, Hawaii, blamed weaker than anticipated export demand, particularly from China.