Fortune Brands, Motorola and ScanSource are among the big market movers FridayBy AP
Friday, October 8, 2010
Fortune Brands, Motorola among big market movers
NEW YORK — Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:
Fortune Brands Inc., up $3.85 at $55.85
The shares rose after a report that activist investor William Ackman became the largest shareholder in the company.
JC Penney Inc., up 85 cents at $32.49
William Ackman also took a bigger stake in the retailer. He says Penney is undervalued and needs to improve its performance.
Motorola Inc., down 29 cents at $8.30
Motorola fell after Citi Investment Research downgraded the shares to “Hold” from “Buy” because of competition in the handset market.
Adobe Systems Inc., down $1.70 at $26.99
Shares soared after a New York Times blog reported that Microsoft CEO Steve Ballmer discussed a possible buyout of Adobe.
Kulicke & Soffa Industries Inc., down 64 cents at $5.85
The company says this quarter’s revenue will fall below the previous quarter due to slower demand for chip manufacturing equipment.
ScanSource Inc., up $2.58 at $30.78
The maker of specialized computer equipment says it expects revenue of $623 million for the quarter ended Sept. 30, above analyst estimates.
Neurocrine Biosciences Inc., up $1 at $7.34
The biotechnology company was upgraded to a “Buy” by Jefferies & Co. because of the potential for its gynecological drug candidate, elagolix.