Big Movers in the Stock Market
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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.
Motorola Inc., down $2.10 at $8
The cell phone and semiconductor maker dropped to a 10-year low after warning that earnings and sales will be weaker than expected in both the fourth quarter and 2003.
Capital One Financial Corp., down $7.44 at $27.20
While Capital One beat Wall Street’s third quarter earnings expectations, it said it expects the economy to remain frail into 2003.
Merrill Lynch & Co., up 33 cents at $36.32
Merrill Lynch reported third-quarter profits of 73 cents a share, surpassing analysts’ estimates of 58 cents. The results included $114 million, or 12 cents a diluted share, from a Sept. 11-related net insurance recovery.
Office Depot Inc., up 14 cents at $13.49
Office Deport reported third-quarter earns of 28 cents a share, beating analysts’ forecasts by a penny.
Intel Corp., down $2.74 at $13.78
Chip maker Intel earnings late Tuesday that missed analysts’ expectations by 2 cents a share. Additionally, several brokerages, including Prudential Securities, Salomon Smith Barney and Banc of America Securities, downgraded Intel.
Scholastic Corp., down $2 at $45.95
Salomon Smith Barney reduced its rating on the children’s book publisher to ``in-line″ from ``outperform.″
RF Micro Devices Inc., down $1.66 at $7
Morgan Keegan downgraded RF Micro Devices to ``market perform″ from ``outperform.″