Big Movers in the Stock Market
NEW YORK (AP) _ Stocks that are moving substantially or trading heavily today on the New York Stock Exchange and the Nasdaq Stock Market.
Newbridge Networks Corp. down 4 13/16 at 15 11/16
The Canadian computer network equipment vendor warned that its earnings for its fiscal second quarter will fall far short of analysts expectations.
Cigna Corp. up 5 1/4 at 78 5/8
The Philadelphia-based insurer and healthcare business surpassed Wall Street analysts’ earnings expectations in the third quarter.
Abbott Laboratories down 2 5/8 at 37 9/16
The Abbott Park, Ill.-based pharmaceutical company signed an agreement with the Food and Drug Administration that will require Abbott to ensure that all of its manufacturing processes conform to FDA standards. The agreement will force the company to take a $168 million pretax charge and will cut into fourth quarter earnings.
Gilead Sciences down 14 3/16 at 49
An FDA panel rejected the pharmaceutical companies potential AIDS/HIV drug. In addition, an analyst at investment bank Robertson Stephens downgraded the company’s stock rating.
eToys Inc. down 4 11/16 at 50 3/8
The online toy retailer continues to suffer from a marketing deal announced Monday between eToys chief rival Toys ’R Us and giant Internet services provider America Online Inc.
Maxwell Tech down 2 9/16 at 7 7/8
The high technology parts and components company said its president and chief executive, Thomas L. Horgan, resigned. In addition, the company reported that its fiscal first quarter losses are expected to be larger than analysts’ expectations.