Best Buy, Chevron, Macy's, Morgan Stanley: U.S. Equity Movers

By Whitney Kisling

Oct. 10 (Bloomberg) -- The following companies are having unusual price changes in U.S. trading today. Stock symbols are in parentheses, and share prices are as of 9:40 a.m. in New York.

American International Group Inc. (AIG US) fell 16 percent to $2.01. The insurance company that receives $122.8 billion from the U.S. government has already tapped $70.3 billion from the Federal Reserve, mostly for collateral obligations and losses related to lending securities, the Wall Street Journal reported.

Best Buy Co. (BBY US) dropped 9.1 percent to $23.92, the lowest intraday price since May 2003. The world's largest electronics retailer said sales at its U.S. stores open at least 14 months fell about 2 percent as the credit crisis slowed consumer spending.

Biogen Idec Inc. (BIIB US) lost 4.7 percent to $42.66, the lowest intraday price since September 2006. The company said it will halt work on the drug baminercept for rheumatoid arthritis because it failed in a mid-stage study.

Centex Corp. (CTX US) fell 9.9 percent to $9.16, the lowest intraday price since March 2000. The homebuilder suspended its quarterly dividend, citing the ``difficult business environment.''

Chevron Corp. (CVX US) slid 8.9 percent to $58.29, the lowest intraday price since June 2002. The second-biggest U.S. energy company said its oil and natural-gas output headed for an eighth-straight quarterly decline.

Cytec Industries Inc. (CYT US) plunged 18 percent to $24.26 for the biggest intraday loss in 10 years. The maker of reinforced plastics for airplane parts said profit will fall this year rather than rise as previously expected because of a Boeing Co. (BA US) strike and weakening global demand.

General Motors Corp. (GM US) dropped for a seventh day, losing 8.6 percent to $4.35. Standard & Poor's said the largest U.S. automaker, along with Ford Motor Co. (F US), could be forced into bankruptcy as economies across the world slow and car sales erode.

Macy's Inc. (M US) slid 17 percent to $9.47 and fell as much as 19 percent for the biggest intraday decline since July 2000. The second-largest U.S. department-store company said profit this year may fall more than it previously forecast after the U.S. economy and consumer confidence weakened.

Morgan Stanley (MS US) slid 28 percent to $8.92 and earlier fell to $8.70, the lowest since April 1995. Moody's Investors Service said it may cut the U.S. investment bank's credit rating on concern the financial crisis threatens earnings and investor confidence. Moody's put Morgan Stanley's A1 long-term rating on review and lowered the outlook for Goldman Sachs Group Inc.'s (GS US) Aa3 long-term rating to negative. Goldman fell 15 percent to $86.02.

Wachovia Corp. (WB US) rose 23 percent to $4.44 for the biggest gain in the Standard & Poor's 500 Index. Citigroup Inc. (C US) walked away from its attempt to buy the sixth-biggest U.S. bank, handing victory to Wells Fargo & Co. (WFC US) with its takeover bid.

To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net