HEADLINE STOCKS-U.S. stocks on the move on April 1

(Updates to afternoon trading)
NEW YORK, April 1 (Reuters) - Some U.S. stocks on the move
on Wednesday:

GENERAL MOTORS
The Obama administration is looking to ease GM into a
"controlled" bankruptcy by persuading some creditors to agree
to a plan that would divide the auto company into two pieces,
The New York Times reported on Wednesday. For details, see
[nN018859]
Shares of GM, a Dow component, fell 2.6 percent to $1.89.

SILICON GRAPHICS INC
The servers and data storage products maker filed for
bankruptcy protection, according to court filings.
The company listed assets of $390.5 million and total debt
of $526.5 million. [nBNG39078]
Shares of the company plummeted 55 percent to 18 cents.

MASTERCARD
The European Union's executive arm on Wednesday dropped its
case against MasterCard transaction fees. [nL1175046]
Shares of MasterCard fell 4.3 percent to $160.32.

JPMORGAN CHASE
The bank on Wednesday sold a majority stake in an
independent research firm to Hidary Group. The financial terms
of the deal, as well as the size of the stake, were not
disclosed. [nN31403840]
Shares of JPMorgan, a Dow component, rose 4.3 percent to
$27.71.

VMWARE
Shares surged 11 percent to $26.23 after Goldman Sachs
upgraded the virtualization software company to its conviction
buy list. [RCH/US]

CELGENE CORP
Shares of the biotech company fell 14 percent to $38.12
after it forecast first-quarter earnings below expectations.
[nN01501941]

SEALY CORP
Shares of the mattress company soared 88 percent to $2.80
on Wednesday, after the company reported a surprise
first-quarter profit. [nBNG348223]

TAKE TWO INTERACTIVE SOFTWARE
The video game company agreed to pay a civil penalty of $3
million in a settlement regarding the investigation of
historical stock option granting practices. [nWNAB9753]
The stock rose 1.7 percent to $8.49.

AMERICAN INTERNATIONAL GROUP
Activist investors are looking to block the re-election of
James Orr, the chairman of the board's compensation committee,
according to a report in the Wall Street Journal.
[nBNG208239]
Shares of AIG rose 1 percent to $1.01.

DAWSON GEOPHYSICAL CO
The provider of seismic data services to oil and gas
companies filed a mixed shelf for up to $100 million.
The stock rose 7 percent to $14.44. [nWNAB9291]

TEAM INC
The refinery maintenance service provider reported
third-quarter results below Wall Street targets and lowered its
full year revenue outlook.
The stock fell 7.6 percent to $10.83. [nWNAB9189]

APOLLO GROUP INC
Shares of the parent company of the University of Phoenix
fell after it posted better-than-expected quarterly results. A
Credit Suisse analyst said the shares may be selling off due to
confusion about the litigation charge mentioned in the press
release.
The stock fell 16 percent to $65.46. [nBNG436573]

BRUSH ENGINEERED MATERIALS INC
The maker of precious and specialty metal products slashed
its revenue outlook for the first quarter, citing limited
visibility across most of its markets, and cut more jobs.
The stock fell 6.3 percent to $13. [nBNG483772]

BOEING CO
GOODRICH CORP
PRECISION CASTPARTS
Wachovia downgraded all three companies to market perform
from outperform, and also the commercial aerospace sector. The
firm expects lower new aircraft deliveries beginning in 2010.
Shares of Boeing, a Dow component, fell 0.8 percent to
$35.30 while Goodrich shares slid 0.3 percent to $37.79 and
Precision Castparts shares slid 0.5 percent to $59.61.

BORDERS GROUP
The book retailer on Wednesday said it plans to cut
expenses by $120 million in 2009, expecting weak sales to
persist throughout the year. It also said it had additional
funding of $194 million under its credit agreement as of Jan.
31 but warned that the amount wasn't necessarily indicative of
its future funding capacity. [nN01468449]
The stock surged 43 percent to 90 cents.
(Reporting by Ryan Vlastelica; Editing by James Dalgleish)
((ryan.vlastelica@thomsonreuters.com; Tel: +1-646-223-6014;
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net))
Keywords: MARKETS STOCKS HEADLINES

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WATCH/US