Fortune Brands, Motorola among big market movers

AP News
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Posted: Oct 08, 2010 6:48 PM
Fortune Brands, Motorola among big market movers

Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

Fortune Brands Inc., up $3.85 at $55.85

The shares rose after a report that activist investor William Ackman became the largest shareholder in the company.

JC Penney Inc., up 85 cents at $32.49

William Ackman also took a bigger stake in the retailer. He says Penney is undervalued and needs to improve its performance.

Motorola Inc., down 29 cents at $8.30

Motorola fell after Citi Investment Research downgraded the shares to "Hold" from "Buy" because of competition in the handset market.

NASDAQ

Adobe Systems Inc., down $1.70 at $26.99

Shares soared after a New York Times blog reported that Microsoft CEO Steve Ballmer discussed a possible buyout of Adobe.

Kulicke & Soffa Industries Inc., down 64 cents at $5.85

The company says this quarter's revenue will fall below the previous quarter due to slower demand for chip manufacturing equipment.

ScanSource Inc., up $2.58 at $30.78

The maker of specialized computer equipment says it expects revenue of $623 million for the quarter ended Sept. 30, above analyst estimates.

Neurocrine Biosciences Inc., up $1 at $7.34

The biotechnology company was upgraded to a "Buy" by Jefferies & Co. because of the potential for its gynecological drug candidate, elagolix.