Big Movers in the Stock Market
NEW YORK (AP) _ Some of the stocks that are moving substantially or trading heavily today on the New York Stock Exchange, Nasdaq Stock Market, and American Stock Exchange.
Bay Networks, up 3 11/16 at 27 11/16
The computer networking concern reportedly turned down a buyout offer from Northern Telecom, but said it will consider higher bids from that company and others. Bay Networks is based in Santa Clara, Calif.
Callaway Golf, down 2 7/16 at 20 7/16
The maker of golf equipment warned late Tuesday that it will post disappointing results for the second quarter. Callaway, based in Carlsbad, Calif., blamed the continuing economic crisis in Asia and price cuts by competitors.
Motorola, up 2 13/16 at 58 11/16
The stocks rose amid speculation that the maker of telecommunications equipment could be bought by Siemens AG of Germany, Dow Jones News Service reported. Siemens denied any interest in a buyout of the Schaumburg, Ill.-based company.
Eli Lilly, up 1 9/16 at 67 7/8
A study found that the company’s Evista estrogen replacement lowered levels of ``bad″ LDL cholesterol in postmenopausal women. Raloxifene, the generic name for Evista, is already used to provide estrogen’s bone-protecting advantages without increasing the risk of breast cancer.
Microsoft, up 2 3/16 at 87 7/8
A court ruled late Tuesday that antitrust constraints on Microsoft do not extend to the upcoming release of Windows 98. The decision would allow the company to ship Windows 98 this week and require PC makers to include Microsoft’s Internet browser. The Justice Department is expected to file a broad antitrust complaint that might block that shipment.
C-Phone, up 5 3/16 at 8
The company unveiled C-Phone ITV, a set-top device that allows Internet access using a television and an analog phone line. C-Phone is based in Wilmington, N.C.
Innodata, up 3 1/8 at 4 3/4
The New York-based provider of Internet and on-line publishing services posted a first-quarter profit after suffering a loss in the same period last year. Innodata also announced that it expects to settle a currency dispute with a Philippine bank, reducing the company’s liability in the matter by $500,000.
FemRx, up 5/8 at 2 1/16
The FDA approved the company’s request to market its Soprano Cryotherapy system for the surgical removal of tissue by the application of extreme cold. FemRx is based in Sunnyvale, Calif.
Aero Systems Engineering, up 3/4 at 2 3/4
The company was awarded a five-year contract worth up to $38 million to provide engineering and supply services to the NASA Langley Research Center. Aero Systems, based in St. Paul, Minn., is a unit of Swedish defense-industry group Celsius AB.
PMR, down 2 5/8 at 10 7/8
The manager of outpatient psychiatric treatment programs warned late Tuesday that it will post an unexpected loss for the three months ended April 30. PMR is based in San Diego.