Big Movers in the Stock Market
NEW YORK (AP) _ Some of the stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange, Nasdaq Stock Market, and American Stock Exchange. NYSE
Best Buy fell 11 3/8 to 32 7/8 .
The company said it expects to report third-quarter earnings per share of 40 cents to 43 cents. That compares with 26 cents a year ago but against analysts’ mean estimates of 47 cents.
Merrill Lynch fell 1 1/2 to 36 1/2 .
The stock fell on market rumors that Merrill had lost money on investments involving Orange County, Calif. Merrill said there was no truth to rumors of losses by Merrill Lynch in its dealings with the county.
Chrysler fell 3/4 to 47 3/4 .
The stock fell even after the automaker increased its dividend by 60 percent, to 40 cents per share from 25 cents. The company also said it would buy back $1 billion in stock and relaxed its anti-takeover defenses in response to pressure from the investor Kirk Kerkorian, who owns 9 percent of the company.
Digital Equipment fell 1 3/4 to 32 1/4 .
Compaq fell 7/8 to 38 1/4 .
IBM fell 1 1/8 to 69 5/8 .
Computer stocks sank in sympathy with Intel, which said Wednesday it would not immediately replace its flawed Pentium chips. The chips cause inaccuracies in a small number of mathematical calculations.
Chemical Bank rose 1/4 to 36 5/8 .
In a sweeping cost-cutting effort, the banking company said it will eliminate 3,700 positions, sell off most of its New Jersey operations and put nearly $1 billion in bad realty loans on the block.
Gap Stores fell 3 to 32 3/8 .
WalMart Stores fell 3/4 to 22 1/2 .
Penney fell 3 1/2 to 42 1/2 .
Retailing stocks fell after the release of generally weak monthly sales figures. NatWest downgraded Penney stock and lowered its earnings estimates, citing poor sales momentum.
Hewlett-Packard fell 2 5/8 to 95 1/8 .
The computer maker said it will cut prices by up to 26 percent on its Vectra brand desktop personal computers and up to 22 percent on its NetServer brand PC servers. NASDAQ
Intel fell 1/2 to 62 5/8 .
The company said late Wednesday it would not immediately replace its flawed Pentium chips. The chips cause inaccuracies in a small number of mathematical calculations. On Thursday, Hancock Institutional Equity Services downgraded the stock to ″hold″ from ″buy,″ saying the company had mishandled the Pentium problem.
Dell Computer fell 3 5-16 to 39 3/4 .
Gateway 2000 fell 1 5/8 to 20 1/4 .
CS First Boston downgraded both issues, citing concerns that the companies would incur additional costs in addressing the Pentium chip problem.
Lotus fell 1/2 to 44 1/4 .
Goldman Sachs cut its fourth-quarter and 1995 earnings estimates, saying the company’s spending on sales and marketing is exceeding expectations. On Wednesday, the stock rose 3 points on rumors that Oracle might acquire the company.
Applied Materials fell 2 1/2 to 45 3/8 .
The stock extended Wedneday’s 4 5/8 -point slide after the company reportedly made comments to some investors about price cuts. A call to the company was not returned. AMEX
Viacom ″B,″ rose 1/4 to 38 5/8 .
The company is set to purchase a Boston television station from New World Communications for about $100 million in a move expected to strengthen its newly aquired Paramount unit’s efforts to launch a fifth television network.