Stocks in Motion: Juno, Pogo

Updated from 11:30 a.m. EDT

Shares of Juno Lighting ( JUNO) were among Friday's Nasdaq winners after the lighting manufacturer declared a one-time cash dividend of $60 million.

Shareholders of record as of July 16 will be entitled to receive $6.86 per common share, subject to the number of shares outstanding on the record date. The payment date will be July 26. Shares of Juno Lighting traded up $3.80, or 10.8%, to $39.10.

Pogo Producing ( PPP) fell after the oil exploration company deemed its Hungary development well "disappointing." The Orm-K-3 well, located in central Hungary, reached its planned depth, but only limited amounts of hydrocarbon were detected. The company is still analyzing the data, but absent any further encouragement from the well, it says that it expects to record a second-quarter write-off of about $17 million. Shares of Pogo Producing traded down $4.54, or 9.2%, to $45.01.

Shares of Career Education ( CECO) fell after the company updated recent accreditation actions at some of its schools. Its American InterContinental University was placed on warning status. Brooks College was put on probation and has been asked to provide a progress report to address certain matters by Oct. 15. The company also announced that 16 of its schools received renewal or initial approval of institutional or programmatic accreditation. Finally, two of its International Academy of Design and Technology schools have been granted the authority to grant bachelor's degrees. Shares of Career Education traded down $2.75, or 6.1%, to $42.25.

Cascade Natural Gas ( CGC) fell after it slashed 2004 earnings estimates. Citing warmer-than-expected weather and lower gas consumption by electric generating customers, it said that it would now earn $1.05 to $1.15 a share during 2004 vs. previous estimates of $1.35 to $1.40 a share. Shares of Cascade Natural Gas traded down $1.18, or 5.7%, to $19.50.

Shares of Lennar ( LEN) rose after the company filed a $680 million mixed shelf offering. It said that it would use the proceeds for general corporate purposes, to repay debt and for acquisitions. Shares of Lennar traded up 88 cents, or 2%, to $45.29.

NYSE volume leaders included Nortel Networks ( NT), down 26 cents to $4.56; Lucent ( LU), down 7 cents to $3.54; General Electric ( GE), down 34 cents to $31.67; New York Community Bancorp ( NYB), down 41 cents to $18.82; and Texas Instruments ( TXN), down 52 cents to $23.02.

Nasdaq volume leaders included Intel ( INTC), down 69 cents to $26.33; Microsoft ( MSFT), down 6 cents to $28.57; Cisco ( CSCO), down 16 cents to $22.95; Oracle ( ORCL), down 16 cents to $11.65; and Sun Microsystems ( SUNW), up 3 cents to $4.19.

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