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