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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.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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