Lucent Technologies stock trades below $1
MURRAY HILL, N.J.- Lucent Technologies, once one of the highest flying stocks on Wall Street, traded below $1 a share for the first time Tuesday.
The stock closed at exactly $1 per share, down 7 cents, or 6.54 percent, on the New York Stock Exchange. It traded as low as 97 cents.
Volume came to 152.5 million shares, more than three times the stock's recent average volume. Lucent shares peaked at about $84 per share in December 1999.
The company warned earlier this month that its sales this quarter will decline as much as 25 percent.
Study boosts shares of Genentech, Xoma
SAN FRANCISCO- The stocks of Genentech Inc. and Xoma Ltd. climbed Tuesday after the companies said a study of their psoriasis drug clears the way for them to seek approval from the Food and Drug Administration this year.
The companies are together developing Raptiva for the treatment of moderate-to-severe plaque psoriasis.
The FDA requested the Phase III study after Raptiva material produced by Genentech gave slightly different results than that made by Xoma. Previous Phase III trials were conducted with both Genentech and Xoma material.