Seagate, Ford, Liz Claiborne, Bank of America, Macy’s among big market movers Wednesday
By APWednesday, May 13, 2009
Seagate, Ford, Liz Claiborne are big movers
NEW YORK — Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market:
NYSE
Seagate Technology, down 36 cents at $6.98
The maker of hard drives cut 1,100 jobs, 2.5 percent of its workforce, as part of a restructuring aimed at saving $125 million a year.
Ford Motor Corp., down 5 cents at $4.96
Shares of the auto maker declined again after it annoucing a public stock offering of 300 million shares.
Liz Claiborne Inc., down $1.51 at $4.26
Restructuring charges and sliding sales due to low store traffic caused the apparel maker’s loss to balloon in the first quarter.
MGM Mirage, down $3.70 at $8.70
The casino operator said it would raise $2.5 billion through stock and bond offerings to pay down some of its $14 billion-plus in debt.
Advanced Micro Devices Inc., up 3 cents at $4.38
The chip maker’s rival, Intel Corp., was fined a record $1.45 billion by the European Union over its anticompetitive sales tactics.
Macy’s Inc., down 83 cents at $11.52
The department store operator posted a wider first-quarter loss and sales below analysts’ expectations amid a consumer spending downturn.
Bank of America Corp., down $1.25 cents at $11.01
The bank, along with other financial stocks, continued dropping amid reports it sold off about a third of its stake in a Chinese lender.
NASDAQ
Medicines Co., down $4.12 at $7.02
The pharmaceutical’s anti-clotting drug candidate didn’t meet clinical goals after three years of testing; shares sank to a seven-year low.
