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HEADLINE STOCKS-Some U.S. stocks on the move on June 30

Tue Jun 30, 2009 1:41pm EDT

Stocks

   

(Updates to afternoon trading; adds Amazon, Deere, Prospect Capital, Electronic Arts and Corn Products)

NEW YORK, June 30 (Reuters) - Some U.S. stocks on the move on Tuesday:

ABBOTT LABORATORIES INC (ABT.N)

JOHNSON & JOHNSON INC (JNJ.N)

A U.S. federal jury returned a $1.67 billion verdict against Abbott in a patent suit brought by Johnson & Johnson related to arthritis treatments, the drug companies said on Monday. For more see [ID:nN29459287].

Shares of Abbott fell 1.9 percent to $46.91 while J&J, a Dow component, was down 1.1 percent to $56.36.

CORN PRODUCTS INTERNATIONAL INC (CPO.N)

Shares fell 2.6 percent to $26.76 after the U.S. government said that farmers had planted their second-largest corn acreage since 1946, news that pushed corn prices down. [ID:nN30445883]

FORD MOTOR CO (F.N)

The automaker late Monday forecast increased U.S. market share and said its sales would hold up much better than the rest of the industry. It also increased production. [ID:nN29399395]

Shares gained 3.8 percent to $6.

AMAZON.COM INC (AMZN.O)

Cowen and Co upgraded the online retailer to "outperform" from "neutral," expecting the company to increase its market share in the United States. [ID:nBNG496542]

Shares were off 0.3 percent at $82.76.

ELECTRONIC ARTS INC (ERTS.O)

Bank of America Securities-Merrill Lynch upgraded the video game publisher to "buy" from "neutral," seeing upside to consensus estimates in the first and second quarters for the video game publisher. [ID:nBNG498753]

Shares rose 4.1 percent to $21.67.

PROSPECT CAPITAL CORP (PSEC.O)

The investment company started a public offering of four million shares, its third offering in as many months. [ID:nBNG491809]

Shares fell 8 percent to $9.14.

VISA INC (V.N)

The credit card company will deposit $700 million into a litigation escrow account. [ID:nN30430306]

Shares edged 0.8 percent lower to $62.46.

BROADCOM CORP (BRCM.O)

EMULEX CORP (ELX.N)

Broadcom late Monday raised its cash tender offer for Emulex to $192 million, in what it called a final effort to engage Emulex's board. [ID:nN29409334]

Broadcom shares fell 2 percent to $24.41 while Emulex was down 8.4 percent to $9.97.

BANK OF NEW YORK MELLON CORP (BK.N)

NASDAQ OMX GROUP INC (NDAQ.O)

Bank of NY Mellon has made a minority equity investment in a Nasdaq OMX Group Inc unit that clears and settles interest rate swaps and other fixed-income derivatives contracts. Terms were not disclosed. [ID:nN30426694]

Shares of Bank of NY Mellon fell 2.5 percent to $29.07 while Nasdaq OMX was down 1.6 percent to $21.11.

GERON CORP (GERN.O)

GENERAL ELECTRIC CO (GE.N)

Geron and GE's healthcare unit have agreed to develop and market embryonic stem cell products for use in drug discovery, development and toxicity screening. [ID:nBNG514055]

Shares of Geron rose 14 percent to $7.64 while GE, a Dow component, was down 1.1 percent to $11.63.

VICAL INC (VICL.O)

The company said its vaccine against the H1N1 strain of influenza virus showed positive immune response in preclinical study. [ID:nBNG479155]

Shares surged 21 percent to $2.66.

CORNING INC (GLW.N)

The company raised its forecast for second-quarter sales of LCD glass, expecting volume to be double that of the first quarter for its wholly owned business. [ID:nN30429602]

Shares fell 1.9 percent to $15.96.

PARK ELECTROCHEMICAL CORP (PKE.N)

The electronic circuitry products maker reported first-quarter earnings that missed expectations, and revenue that was down 39 percent from the prior year. [ID:nBNG53429]

Shares rose 0.7 percent to $21.91 after dropping in early trading.

SCHNITZER STEEL INDUSTRIES INC (SCHN.O)

The company swung to a surprise third-quarter loss but said it sees prices and volumes improving in the current quarter. [ID:nBNG438112]

Shares fell 13 percent to $53.01.

AMERICAN INTERNATIONAL GROUP INC (AIG.N)

AIG revised its 2008 annual report to add a new risk factor that shows it may recognize valuation losses on a credit default swap portfolio held by its troubled financial products unit. [ID:nN29406743]

Shares of AIG sank 11 percent to $1.19.

STARWOOD HOTELS AND RESORTS WORLDWIDE (HOT.N)

CHOICE HOTELS INTERNATIONAL (CHH.N)

Wachovia downgraded Starwood to "market perform," citing anemic demand, and upgraded Choice to "outperform" on what it described as an attractive valuation. [ID:nBNG128036]

Starwood shares fell 2.8 percent to $22 while Choice was up 2.1 percent to $26.79.

BANK OF AMERICA CORP (BAC.N)

Rochdale Securities analyst Richard Bove cut his 2009 earnings estimates on Bank of America to 65 cents a share from 71 cents a share. He wrote that the company was "likely to increase its net charge-offs in the quarter due to the continued weakness in the economy."

Shares of the Dow component were flat at $13.18.

FEDEX CORP (FDX.N)

Barclays upgraded the shipping company to "overweight," writing that the market was underestimating the company's upside potential. [ID:nBNG487123]

Shares rose 0.4 percent to $55.84.

PFIZER INC (PFE.N)

WYETH WYE.N

European Union antitrust authorities on Tuesday extended the deadline for their review of Pfizer's $68 billion plan to take over rival Wyeth to July 20 from July 6. [ID:nBFA002955]

Later, the European Commission said that Pfizer has offered remedies aimed at tackling concerns that the takeover may be anti-competitive. [ID:nLU646603]

Shares of Pfizer, a Dow component, fell 2.4 percent to $14.90 while Wyeth was down 0.4 percent to $45.16.

EXCO RESOURCES INC (XCO.N)

BP Group (BG.L) will pay EXCO $1.3 billion for an interest in shale gas resources. The two companies will each own half of a venture to which EXCO is contributing 120,000 acres of land in the Haynesville shale gas area. [ID:nLU618520]

Shares of EXCO surged 17 percent to $12.96.

JPMORGAN CHASE & CO (JPM.N)

Jamie Dimon, the chief executive officer of JPMorgan Chase, may raise base salaries for investment bankers to remain competitive while avoiding big bonuses, according to a report in the New York Post. [ID:nLU644327]

Shares of JPMorgan, a Dow component, slid 1.8 percent to $33.97.

APOLLO GROUP INC (APOL.O)

The for-profit education provider reported third-quarter results that beat expectations. [ID:nBNG454157]

Shares surged 8.4 percent to $71.54.

MOMENTA PHARMACEUTICALS INC (MNTA.O)

The biotechnology company's anticoagulant drug met the main goal in mid-stage trial on heart patients. [ID:nWNAB3053]

Shares rose 0.3 percent to $11.99.

HEALTHGRADES INC (HGRD.O)

The company has been added to the Russell 3000 Index following the Russell Investment Group's reconstitution of its family of U.S. indexes.

Shares rose fell 5.5 percent to $3.94 after rising in early trading.

FCSTONE GROUP INC FCSX.O

The commodity risk management firm closed a credit facility between its unit FCStone LLC and a lending syndicate. [ID:nBNG465149]

Shares fell 1.1 percent to $4.11.

ASSOCIATED BANC-CORP (ASBC.O)

The company said it may post a second-quarter loss as it expects to record about $145 million to $160 million as provision for loan losses in the quarter. [ID:nBNG508489]

Shares fell 7.9 percent to $12.32. (Reporting by Ryan Vlastelica; Editing by James Dalgleish)



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