NEW YORK (CNN/Money) - DuPont stock climbed sharply higher on Monday, ranking as the largest percentage gainer on the Dow. The largest U.S. chemical company said it could spin off its $6.5 billion textiles and interiors businesses as part of a broad restructuring.
Shares of Qualcomm also moved higher after the mobile technology maker defended its bookkeeping practices following a research firm's report that raised concerns about the wireless technology firm's accounting.
But Actrade stock went into a freefall after a weekend article from Barron's detailed how two former insurers allege they were duped by the company.
Monday's winners
DuPont (DD: up $1.84 to $44.56, Research, Estimates). The chemical maker announced it was creating a new textiles unit, with the possibility that the unit might be spun off as an IPO by the end of 2003.
Qualcomm (QCOM: up $3.82 to $41.28, Research, Estimates). Gerard Klauer upgraded Qualcomm to "buy" from "outperform," saying it views the stock's price decline as a buying opportunity. The company on Friday defended its accounting practices after its shares fell to a 2-1/2-year low following a research firm's report that raised concerns about the wireless technology firm's accounting practices.
Schering-Plough (SGP: up $1.83 to $34.10, Research, Estimates). The drugmaker said that U.S. regulators broadened the label for its new Clarinex drug to cover hives and general allergies in addition to seasonal allergies.
Handspring (HAND: up $1.49 to $5.90, Research, Estimates). The provider of handheld computers opened its doors to U.S. orders for Treo, its new pocket-sized combination phone and organizer, a move aimed at giving the company a step up on rival handheld makers. SoundView Technology raised its rating on the stock to "buy" from "hold."
United Therapeutics (UTHR: up $1.66 to $11.10, Research, Estimates). The biotechnology firm announced it received an approval letter from the Food and Drug Administration for its Remodulin injection for the treatment of pulmonary arterial hypertension. An approvable letter usually represents the final step before a drug receives FDA clearance for marketing in the United States
Toymax (TMAX: up $1.18 to $4.23, Research, Estimates). Jakks Pacific (JAKK: down $0.55 to $18.25, Research, Estimates), which makes World Wrestling Federation action figures, agreed to buy the maker of kites, water toys and other products in a deal worth $55 million in cash and stock.
FedEx (FDX: up $1.73 to $55.13, Research, Estimates). The package delivery service said Monday it expects its third-quarter earnings per share to surpass its previous guidance and Wall Street expectations.
Stellent (STEL: up $1.24 to $19.24, Research, Estimates). U.S. Bancorp Piper Jaffray upgraded the provider of business content management software to "strong buy" from "outperform."
Leap Wireless (LWIN: up $1.61 to $9.42, Research, Estimates). The wireless operator posted a loss of $5.88 a share and said it anticipated much smaller cash flow losses in 2002. Wall Street analysts had forecast a loss of $5.64, according to earnings tracker First Call.
McDermott (MDR: up $1.84 to $14.20, Research, Estimates). Salomon Smith Barney raised its rating on the energy service company to "outperform" from "neutral," while Merrill Lynch raised its rating to "buy" from "neutral" following a favorable ruling in an asbestos liability case.
Monday's losers
Newmont Mining (NEM: down $1.49 to $23.51, Research, Estimates). Prudential Securities downgraded the world's largest gold miner to "sell" from "hold" and lowered its price target to $10 from $21.
PacifiCare (PHSY: down $2.26 to $18.98, Research, Estimates). The company's stock dropped in reaction to a press release issued by the Texas Attorney General announcing a lawsuit against PacifiCare of Texas charging violations of state laws that have resulted in millions of dollars in unpaid claims, disrupted patient care and unresolved complaints.
Actrade (ACRT: down $11.14 to $13.75, Research, Estimates). An article in Barron's over the weekend reported that at least two former insurers - Amwest Surety and CNA -- are alleging they were duped by the provider of electronic payment technologies. Amwest alleges it was suckered into underwriting $4.5 million in loans, while CNA has made allegations surrounding a $6.3 million default.
Wendy's International (WEN: down $0.42 to $31.63, Research, Estimates). The operator of the No. 3 U.S. hamburger chain lowered its 2002 earnings guidance to between $1.83 and $1.88 a share. Analysts had forecast earnings of $1.89 a share, according to First Call. 
--from staff and wire reports
|
