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GM, Citigroup, Garmin among big market movers

By Associated Press April 30, 2008 Comments (0)

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

NYSE

General Motors Corp., up $2 at $23.20

Adjusted profit topped Wall Street expectations, but the auto maker still posted sharply lower sales of sport utility vehicles.

Citigroup Inc., down $1.05 at $25.27

Amid mounting losses, the bank will raise $4.5 billion in common stock, which is 50 percent more than its initial estimate.

Colgate-Palmolive Co., down $5.08 at $70.70

Despite a 16 percent rise in sales, restructuring charges weighed down the consumer products maker's first-quarter profit.

Time Warner Inc., down 42 cents at $14.85

The media conglomerate posted a 36 percent lower quarterly profit and said it plans to spin off its cable TV business.

OfficeMax Inc., down $1.93 at $18.27

Adjusted profit missed expectations and revenue slipped 6 percent as businesses and consumers scaled back spending.

Kraft Foods Inc., up 86 cents at $31.63

Higher ingredient costs tugged down the Oreo cookie maker's earnings, but results topped expectations when adjusted.

NASDAQ

Garmin Ltd., down $5.54 at $40.90

Strong demand worldwide lifted profit, but it still came in weaker than expected, the personal navigation device maker said.

Buffalo Wild Wings Inc., up $4.87 at $30.75

Despite high labor costs, the restaurant operator's profit soared 18 percent on a nearly 22 percent rise in sales.

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