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CNNfn market movers
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September 21, 1998: 2:27 p.m. ET
Platinum regains its shine, but Philips, CellStar screeches lower; Marquette rolls
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NEW YORK (CNNfn) - An emphatic announcement that it doesn't know why its shares plunged Friday revived one software maker, but there was no saving an electronics maker just yet on Monday's list of hot stocks.
Platinum Software (PSQL) looked like gold, up 2-3/8 to 10-3/8 after the maker of financial software said it couldn't explain why its stock fell 4-13/16, about 37 percent, Friday.
George Klaus, the president, chairman and chief executive officer of Platinum, dispelled a rumor that he was leaving and insisted that the company is confident about its products.
Philips Electronics (PHG) slipped 4-3/4 to 46-1/4 after the Dutch electronics giant said it expects earnings in 1998 to be about the same as last year. Philips had predicted double-digit earnings growth for this year just two months ago.
LCC International (LCCI) climbed 1-1/2 to 9-1/8 after saying its business exchange with Allen Telecom (ALN) is expected to be accretive to earnings in the 1999 fiscal year.
In the agreement, Allen said it would hand over the engineering, software and consulting business of its Comsearch division for LCC's test and measurement equipment and software analysis tools businesses.
Marquette Medical Systems (MARQ) rocketed 15 to 42-3/8, or about 55 percent, after General Electric Medical Systems, a unit of Dow stock General Electric (GE), said it will buy the maker of patient-monitoring products for $45 a share in GE stock.
GE shares were off 3/8 at 77-1/2.
Think New Ideas (THNK) fell 1-11/16 to 6-13/16 after the Internet marketing firm said a worldwide market slowdown will cause it to report a loss of 5 to 9 cents a share in its first quarter, when analysts polled by First Call expected a profit of 6 cents a share.
The weekly Barron's also raised questions in a Sept. 21 article about aggressive accounting methods used by Think New Ideas.
Broadcom (BRCM) rose 5 to 80 after the chip maker said it has developed the first single chip system for cable modems allowing for high-speed Internet, cable-TV access and phone service via cable networks.
Infoseek (SEEK) gained 1-1/16 to 21-9/16 after the Internet search engine announced a deal with Walt Disney (DIS) to launch a new Web portal called Go Network.
CellStar (CLST) plummeted 2-1/2 to 5-3/16, or more than 32 percent, after the wireless communications company said it expects to come up short of analysts' earnings estimates, due to global economic turmoil and losses stemming from its investment in a re-seller of wireless phone carrier airtime.
Investors in Harvey Entertainment (HRVY) were rolling in the cash like one of the comic-strip characters it manages. Shares of Harvey, which owns the rights to "Richie Rich," soared 2-1/2 to 9 after the company announced it hired Donaldson, Lufkin & Jenrette to "explore alternatives" such as spin-off, sale or merger.
There was no party for Tupperware (TUP), down 3-7/16 to 14-3/4, after the maker of plastic housewares said it expects a "modest" loss of 3 to 5 cents a share in the third quarter due to slower-than-expected market rebound in Latin America and Europe.
Analysts had expected a profit of 6 cents a share in the quarter, according to First Call.
Celadon Group (CLDN) was hauling away hefty losses, off 4-15/16 to 9-7/8 after saying late Friday that financing for a planned buyout of the trucking company is still up in the air.
Investors who gambled on Silicon Gaming(SGIC) saw their investments fall 5/8 to 3-1/8 after the slot-machine maker said it expects its third-quarter earnings to fall short of analysts' expectations by 7 to 11 cents a share, with fourth-quarter numbers also under Wall Street's targets.
First Call said Silicon Gaming's third-quarter earnings were expected to be 27 cents a share and fourth-quarter earnings at 7 cents a share.
Norwood Promotional Products (NPPI) gained 1-7/8 to 18-3/4 after the specialty advertiser said it has gotten new financing for its planned merger with Liberty Partners, a holding company formed by its chairman.
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