Valeant and Avon slump while Apple and Mead Johnson rise
NEW YORK (AP) — Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq stock market:
Avon Products Inc., down 36 cents to $4.02
The cosmetics company said it will cut 2,500 jobs and move its headquarters to the U.K. from New York.
Valeant Pharmaceuticals International Inc., down $35.53 to $33.51
The drugmaker’s preliminary fourth-quarter profit disappointed investors and it cut estimates for 2016.
DSW Inc., up 85 cents to $28.34
The shoe retailer said its fourth-quarter profit fell by half, but the results were better than expected.
Eli Lilly & Co., down $2.67 to $71.24
The drugmaker was hit by concerns over the potential approval of a drug designed to treat dementia caused by Alzheimer’s disease.
Dover Corp., down 85 cents to $61.49
The manufacturer said its first-quarter results won’t be as good as it expected because of weak spending by oil and gas customers.
Mead Johnson Nutrition Co., up $8.34 to $83.78
Investors bought the stock on speculation that the infant formula maker could be bought by a rival.
Orexigen Therapeutics Inc., down 6 cents to 64 cents
The company will get back the U.S. rights to its anti-obesity drug Contrave, while Valeant will market it in central and eastern Europe.
Apple Inc., up $2.06 to $104.58
A Morgan Stanley analyst said first-quarter iPhone sales look stronger than Wall Street had expected.