Biogen, Centex, Chevron, Cytec, Wachovia: U.S. Equity Preview

By Lu Wang

Oct. 9 (Bloomberg) -- The following companies may have unusual price changes in U.S. trading tomorrow. Stock symbols are in parentheses, and share prices are as of 6 p.m. in New York, unless otherwise specified.

Standard & Poor's 500 Index futures expiring in December lost 68.50, or 7 percent, to 912.50. Dow Jones Industrial Average futures fell 603, or 6.6 percent, to 8,598. Nasdaq-100 Index futures slipped 48, or 3.6 percent, to 1,272.

Best Buy Co. (BBY US): 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. The stock dropped 9.5 percent to $26.31 in regular trading.

Biogen Idec Inc. (BIIB US): The company said it will halt work on the drug baminercept for rheumatoid arthritis because it failed in a mid-stage study. The stock lost 3.4 percent to $44.76 in regular trading.

Centex Corp. (CTX US) fell 42 cents, or 4.2 percent, to $9.75. The homebuilder suspended its quarterly dividend, citing the ``difficult business environment.''

Chevron Corp. (CVX US): The second-biggest U.S. energy company said its oil and natural-gas output headed for an eighth-straight quarterly decline. The stock tumbled 12 percent to $64 in regular trading.

Cytec Industries Inc. (CYT US): The maker of reinforced plastics forecast 2008 earnings after adjusting for special items of between $3.75 and $3.85 a share. The company earlier predicted as much as $4.35. The stock fell 7.8 percent to $29.70 in regular trading.

Wachovia Corp. (WB US) rose $1, or 28 percent, to $4.60. Citigroup Inc. (C US) ended talks with Wells Fargo & Co. (WFC US) in its dispute over their competing takeover offers for Wachovia and said it ``decided not to ask that the Wells Fargo- Wachovia merger be enjoined.''

To contact the reporter on this story: Lu Wang in New York at lwang8@bloomberg.net