Valeant and Avon slump while Apple and Mead Johnson rise

AP News
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Posted: Mar 15, 2016 4:50 PM

NEW YORK (AP) — Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq stock market:

NYSE

Avon Products Inc., down 36 cents to $4.02

The cosmetics company said it will cut 2,500 jobs and move its headquarters to the U.K. from New York.

Valeant Pharmaceuticals International Inc., down $35.53 to $33.51

The drugmaker's preliminary fourth-quarter profit disappointed investors and it cut estimates for 2016.

DSW Inc., up 85 cents to $28.34

The shoe retailer said its fourth-quarter profit fell by half, but the results were better than expected.

Eli Lilly & Co., down $2.67 to $71.24

The drugmaker was hit by concerns over the potential approval of a drug designed to treat dementia caused by Alzheimer's disease.

Dover Corp., down 85 cents to $61.49

The manufacturer said its first-quarter results won't be as good as it expected because of weak spending by oil and gas customers.

Mead Johnson Nutrition Co., up $8.34 to $83.78

Investors bought the stock on speculation that the infant formula maker could be bought by a rival.

Orexigen Therapeutics Inc., down 6 cents to 64 cents

The company will get back the U.S. rights to its anti-obesity drug Contrave, while Valeant will market it in central and eastern Europe.

Nasdaq

Apple Inc., up $2.06 to $104.58

A Morgan Stanley analyst said first-quarter iPhone sales look stronger than Wall Street had expected.