Stocks Pare Losses, End Flat for the Day
Tellabs (TLAB) , which is engaged in designing and marketing equipment and services to communications services providers, declared a special cash dividend of $1 a share and appointed Daniel Kelly as chief executive. Shares surged 20%.
Yum! Brands (YUM) , whose famous restaurant brands include KFC, Pizza Hut and Taco Bell, saw its shares tumble 9.9% after the company forecast a decline of 4% for same-store fourth-quarter sales in China and reconfirmed a full-year 2012 EPS growth forecast of at least 13%, or $3.24 a share, which fell short of the average analyst's prediction.
Verisign ( VRSN) shares plunged 13.2% after the provider of Internet infrastructure services had to relinquish some rights to raise prices in its renewed agreement with the Commerce Department.
St. Jude Medical (STJ) shares were up 1.8% after the manufacturer of artificial heart valves announced a share repurchase of up to $1 billion of its common stock.
-- Written by Andrea Tse and Joe Deaux in New York.
>To contact the writer of this article, click here: Andrea Tse .