Wal-Mart, Pactiv, Con-way Big Market Movers
NEW YORK (AP) â¿¿ Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market:
Wal-Mart Stores Inc., up 61 cents at $51.02
The world's biggest retailer raised its earnings guidance, but a key retail measure in U.S. stores dropped for the fifth straight quarter.Pactiv Corp., up $1.66 at $32.58 New Zealand packaging company Reynolds Group will pay about $4.4 billion, or $33.25 per share, for the maker of Hefty trash bags. Potash Corp. of Saskatchewan Inc., up $31.02 at $143.17 The fertilizer producer rejected a $38.49 billion takeover bid from Australia mining giant BHP Billiton, saying it undervalues the company. Abercrombie & Fitch Co., down $2.58 at $35.05 The teen retailer posted a quarterly profit as lower prices boosted sales, but investors worried about gross margin eroding and growing inventory. Eli Lilly & Co., down 82 cents at $34.75 The company halted development of a potential Alzheimer's drug, and the FDA questioned approving an antidepressant to treat chronic pain. Con-way Inc., up 82 cents at $27.54 A Stifel Nicolaus analyst upgraded the trucking company's shares, saying volume growth and higher prices should boost profit margins. NASDAQ Osteotech Inc., up $2.50 at $6.44 Medical device maker Medtronic will buy the bone graft company for $123 million, or $6.50 per share. MannKind Corp., down 60 cents at $6.22 The biotechnology company is lending 8 million shares to Bank of America to short to help it get up to $115 million in financing.
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