Big Movers in the Stock Market
NEW YORK (AP) _ Some of the stocks that are moving substantially or trading heavily today on the New York Stock Exchange, Nasdaq Stock Market, and American Stock Exchange.
RFS Hotel Investors, down 1 1/4 at 13 1/4
Equity Inns, up 15/16 at 11 5/8
The two lodging concerns called off their merger, citing Equity’s drop in stock price to $10.50 a share, well below the $14 a share minimum required by the buyout agreement. The deal had called for Equity to issue 1.5 shares for each share of RFS. Both real estate investment trusts are based in Memphis, Tenn.
Heilig-Myers, down 1 15/16 at 8 15/16
The retailer reported a 2.1 percent drop in August sales from stores open at least a year and warned that it will post disappointing profits for second-quarter ended Aug. 31. Heilig-Myers is based in Richmond, Va.
Cocentra Managed Care, down 5 23/32 at 6 15/32
The Boston-based managed care company warned that it will post disappointing third-quarter results. Cocentra blamed slower revenue growth.
Trion, down 1 7/8 at 4 1/8
McLeod Russel Holdings of Britain postponed Friday’s shareholder meeting on its proposed acquisition of Trion, citing the need to evaluate new information on Trion including July results that were below forecast. Trion, based in Sanford, N.C., makes air cleaning and filtration products. McLeod makes air filtration systems and surface coatings.