UPS, Apple, Sprint Nextel are market movers

[March 20, 2012]  NEW YORK (AP) -- Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

United Parcel Service Inc., up $2.70 at $81.11

The delivery company said it will buy Netherlands-based TNT Express NV, an express mail delivery company, for $6.77 billion.

AboveNet Inc., up $9.49 at $83.74

Privately-held telecommunications company Zayo Group said that it will acquire the fiber-optic networks operator for $2.2 billion.

Citigroup Inc., up 48 cents at $37.17

The bank said it sold its 2.71 percent stake in Shanghai Pudong Development Bank for an after-tax gain of about $349 million.

LDK Solar Co. Inc., down 27 cents at $4.63

The Chinese solar panel maker cut the top end of its previous fourth-quarter sales forecast citing lower-than-expected shipments.

Sprint Nextel Corp., down 13 cents at $2.76

A Bernstein analyst downgraded the cellphone company noting that credit-default swaps imply a substantial risk of bankruptcy.

Nasdaq

Apple Inc., up $15.53 at $601.10

The iPad maker said that it will begin paying a quarterly dividend of $2.65 per share and will buy back $10 billion of its shares.

Dreamworks Animation SKG Inc., up 53 cents at $18.83

A Piper Jaffray analyst upgraded the movie studio's shares saying that concerns about increased production costs may be overdone.

Adams Golf Inc., up 89 cents at $10.75

German sports apparel maker Adidas said that it reached a deal to buy the Texas-based Gulf club maker for about $70 million.

[Associated Press]

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