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CNNfn market movers
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July 28, 1998: 11:18 a.m. ET
Aspen Technology gets cold; telecom duo doesn't dial up investor interest
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NEW YORK (CNNfn) - A big deal between telecom companies landed on Wall Street with a big thud Tuesday, and a software maker's earnings thrust it, too, atop the list of the day's market movers.
Aspen Technology (AZPN) plunged 18-3/8 to 29-3/8 in active trading after the industrial software maker said late Monday it expects to post fiscal fourth-quarter earnings about 15 cents below analysts' expectations due to merger-related costs and slower-than-expected growth.
GTE (GTE) fell 4-1/16 to 51-11/16 after regional Bell operator Bell Atlantic (BEL) announced a blockbuster $52.8 billion all-stock buyout that values GTE stock at $55 a share. Bell Atlantic was off 13/16 at 44-3/16.
Intel (INTC) was up 1-3/8 to 87-7/16 with more than 11 million shares trading after Gruntal analyst Mona Eraiba upgraded the giant chip maker to "buy" from "neutral," saying that "the worst is behind the company" and further price cuts in the cost of the Pentium II chip solidify Intel's attack on the market for sub-$1,000 computers.
Summa Four (SUMA) jumped 2-15/16 to 16-5/16 after networking company Cisco Systems (CSCO) said it will buy the provider of switching systems for $116 million in stock. Cisco was up 5-1/6 to 97-13/16.
Also on the buyout front, CyberMedia (CYBR) gained 1-9/16 to 9-1/8 after Network Associates (NETA) announced it will buy the maker of service and support software for $9.50 a share, or about $130 million, in cash. Network Associates was off 13/16 at 49-1/8.
Carbide/Graphic Group (CGGI) was punished, losing 6 to 21-7/8, or more than 21 percent, after the maker of graphite electrodes used by steelmakers said it expects fiscal fourth-quarter profits to come in lower than expected due to reduced demand.
Citation (CAST) lost 2-3/4 to 14-3/8 after the maker of iron and steel castings said the long-running strikes at General Motors (GM) will cause fiscal fourth-quarter profit to come in at less than half of the 33 cents a share analysts expected. Earnings may be lower still if the strikes continue.
McKesson (MCK) gained 4-11/16 to 83-11/16 after the generic drug maker beat analysts' earnings targets by 2 cents a share in its fiscal first quarter. 
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