Big Movers in the Stock Market
Feb. 23, 2004
NEW YORK (AP) _ Stocks that were moving substantially or trading heavily Monday on the New York Stock Exchange and Nasdaq Stock Market.
Citigroup, up 43 cents at $49.32
Citigroup agreed to buy KorAm Bank for up to $2.73 billion in the first foreign takeover of a South Korean bank, and the largest such investment in the country's frail financial sector. The acquisition by America's largest bank still must gain regulatory approval.
Wal-Mart Stores Inc., up 62 cents at $60.05
The world's largest retailer said February sales are tracking near the high end of its estimates, with spring clothing sales making an especially strong showing.
Lowe's Cos. Inc., down $1.71 at $56.67
The world's second-largest home improvement retailer beat Wall Street forecasts with strong fourth-quarter earnings, due in part to expansion into large U.S. cities. It also offered an upbeat outlook for the year.
Qualcomm Inc., up $3.03 at $62.43
The wireless equipment maker raised its profit estimates for the second quarter, citing an increased demand for its mobile phone chips.
Intel Corp., down $1 at $29
The chipmaker reported in federal filings that the Internal Revenue Service was examining its tax returns for 2001 and 2002.
3Com Corp., down 37 cents at $7.07
The networking products company was downgraded by brokerage firm Lehman Brothers, which cited concern that a restructuring of 3Com's sales force and other factors could contribute to a sales shortfall in the current quarter.