Big Movers in the Stock Market
Aug. 21, 2000
NEW YORK (AP) _ Stocks that were moving substantially or trading heavily Monday on the New York Stock Exchange and Nasdaq Stock Market.
Verizon Communications, up $1.125 to $43.25
The telecommunications company said it agreed on new contracts with unions representing about 50,000 workers, partially ending a 15-day-old strike.
Luby's Inc., down $1.75 to $6.25
The retailer said it expects to record a fourth quarter pretax charge of $12 million to $15 million stemming primarily to store closings. In addition, the company said fourth quarter and fiscal year earnings will be below expectations.
Transocean Sedco, down $4.688 to $53
The oil services company said it will buy R&B Falcon in an all-stock transaction valued at $5.8 billion. Transocean said it expects deal to be modestly dilutive to 2001 earnings and accretive thereafter.
Clearnet Communications, up $12.875 to $43.875
Canadian phone company Telus Corp. agreed to buy wireless provider Clearnet for $4.48 billion in cash, stock and assumed debt. Clearnet shareholders will receive 1.636 Telus non-voting shares for each Clearnet share.
Bank United Corp., down $1.437 to $40.938
Washington Mutual Inc., a savings and loan company, agreed to buy bank holding company Bank United for about $1.5 billion in stock. Bank United holders will trade each share for 1.3 Washington Mutual shares.
Catapult Communications, up $1.75 to $18
The provider of testing systems to the telecommunications industry entered a two-year purchase agreement with Lucent Technologies. The agreement covers Catapult's test systems, software and support. Terms weren't disclosed.