FedEx, Beazer Homes, Netflix Are Big Movers

NEW YORK (AP) ¿ Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE:

Watson Pharmaceuticals Inc., up $1.43 at $30.27

The pharmaceutical company bought fast-growing generic drug maker Arrow Group, which it said would boost yearly sales to $3 billion.

FedEx Corp., down 72 cents at $50.70

Big write-downs led to a wider fourth-quarter loss, and the package delivery company sees an "extremely difficult" summer and fall.

Wells Fargo & Co., down $1.31 at $23.09

Credit ratings agency Standard & Poor's cut its rating on the bank, one of 18 financial downgrades, citing volatility and loan losses.

Beazer Homes USA Inc., down 40 cents at $1.96

Credit ratings agency Standard & Poor's cut the homebuilder's corporate credit rating deeper into junk territory, with a negative outlook.

NASDAQ:

E-Trade Financial Corp., down 19 cents at $1.46

The online brokerage plans to raise $400 million by selling common stock and will swap $1 billion in debt for new convertible notes.

Star Scientific Inc., down $3.08 at $1.13

A federal jury ruled a division of competitor Reynolds American Inc. didn't infringe on the tobacco company's tobacco-curing patents.

Netflix Inc., up $2.57 at $40.40

Analysts said the DVD rentals supplier will continue to take market share from rivals such as Blockbuster Inc. and increase profit margins.

Savient Pharmaceuticals, Inc., up $3.34 at $12.61

An FDA panel of arthritis experts said the government agency should approve the drug maker's gout treatment candidate, Krystexxa.

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