Big Movers in the Stock Market
Jan. 27, 2004
NEW YORK (AP) _ Stocks that were moving substantially or trading heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market.
Caterpillar Inc., down $3.01 at $82.00
The world's No. 1 maker of heavy equipment reported better-than-expected earnings on rising sales and reduced operating costs. A weaker dollar helped boost overseas sales, and the company forecast a rise in profits in 2004.
Merck & Co., up 16 cents at $47.36
The world's third-biggest drug maker reported lower profits and sales for the fourth quarter, partly due to restructuring costs and a new U.S. wholesaler distribution program. Merck's results and outlook for the year matched analyst expectations.
SBC Communications Inc., down 74 cents at $25.95
The nation's second-largest local phone provider reported a 62 percent drop in profits for the fourth quarter as revenue fell and pension-related expenses rose. The results matched Wall Street expectations.
Novellus Systems Inc., down $5.85 at $34.40
The semiconductor equipment company's earnings beat its own estimates and Wall Street's expectations on strong shipments, but offered a weak forecast.
Microsoft Corp., down 55 cents at $28.25
The European Commission issued a draft ruling that the U.S. software giant broke antitrust laws and abused its dominant market position by tying its Media Player into Windows, which runs about 90 percent of desktop computers.
EarthLink Inc., down $1.10 at $10.00
The Internet service provider swung to a profit, citing an increase in broadband customers. The results beat Wall Street expectations, but the company's outlook for the year was weaker than expected.