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CNNfn market movers
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October 9, 1998: 11:26 a.m. ET
Fannie Mae gets a spanking, Impac feels impact and printer vendor sees red ink
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NEW YORK (CNNfn) - Topping the Friday list of market movers were mortgage players of several stripes and Encad, a printer maker that plunged due to its forecast of red ink ahead.
Encad (ENCD) dropped 2-1/2 to 2-5/16 after the ink-jet printer vendor said it would post a third-quarter loss of 34 cents a diluted share, including a one-time charge, in part to mark down inventory and increase its bad-debt reserves.
The San Diego-based company cited weak sales of its Digital Textile Printing system and unexpectedly low world sales overall. Analyst consensus forecasts were for Encad to report earnings of 15 cents a share.
Sterling Commerce (SE) rose 2-3/16 to 24-13/16 after the electronic commerce software seller said it is comfortable with analyst targets of 38 cents per share in earnings for its fourth quarter.
Its shares had hit a 52-week low Thursday and the stock has been pummeled by analysts' downgrades earlier this month.
Scitex (SCIXF) dropped 3-11/16 to 5-15/16, or 38 percent, after the Israeli digital imaging company said late Thursday it will post a third-quarter loss of 32 to 38 cents per share due to purchase delays from customers and weak world markets.
According to First Call, analysts expected Scitex to post earnings of 16 cents per share.
Mixed picture for mortgage players
Fannie Mae (FNM) got a little spanking, off 2-1/8 to 56-7/8 after the government-backed source of mortgage funds said its portfolio of mortgage-backed securities grew 29 percent last month, but that purchases of foreclosed properties in the third quarter dropped to their lowest levels in 2 years.
Rivals that fared well were mortgage insurers CMAC Investment (CMT), up 3-1/2 to 32-1/2, and MGIC Investment (MTG) gained 3-11/16 to 32-1/2.
But Impac Mortgage Holdings (IMH) plummeted 2-3/4 to 3-3/8 after the mortgage loan investment company said late Thursday it will delay a planned third-quarter dividend until the start of 1999, and report a third-quarter loss and lower-than-expected profit in the fourth quarter.
Elsewhere, the consumer lending company Associates First Capital (AFS), recently spun off from Ford Motor (F), rose 2-7/8 to 50-7/8. 
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