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CNNfn market movers
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November 24, 1998: 2:59 p.m. ET
Pacific Sunwear stripped, a ding at Central Parking, paper makers see green
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NEW YORK (CNNfn) - It was bumper cars for a parking lot company Tuesday, as its stock took dings and dents galore from investors on Wall Street.
Central Parking (CPC) veered down 11-3/8 to 31-1/8 after the parking-lot operator predicted Monday fiscal 1998 earnings of 94 cents a share. Analysts had expected 99 cents per share.
A NationsBanc Montgomery Securities analyst faulted lower-than-expected profit margins following a buyout of the New York lot operator Kinney Systems earlier this year, a higher income-tax rate and holiday-related dips in demand.
A big step to consolidation among paper companies sent stocks in the sector soaring Tuesday. International Paper (IP) fell 2-7/16 to 43-3/8 after the Dow member unveiled a $6.6 billion buyout of Union Camp (UCC).
Union Camp soared 15-11/16, and spill-over was felt by Georgia Pacific (GP) up 4-9/16 to 58-1/2, Weyerhauser (WY), gaining 2 to 49-13/16, Champion International (CHA) rising 4-3/8 to 43-11/16, and Mead (MEA) up 1-1/2 to 34-1/4.
One highlight in the Internet sector, which overall was slumping, was Cyberian Outpost (COOL), climbing 14 to 39, adding to a 10-5/8-point gain Monday.
Darryl Peck, Cyberian's chief executive officer and president, cited three reasons for the stocks' climb: a new marketing campaign, a series of meetings with the financial community during the last two to three weeks, and an announcement Monday of a partnership to launch a new web site for shoppers.
Pegasystems (PEGA) sank 2-9/16 to 7-11/16 after the enterprise software maker Monday it will delay a SEC filing for the quarter ended in September to review what it said only were "revenue transactions."
The company also said adjustments are expected. Nationsbanc Montgomery cut its rating on the stock to "hold" from "buy" amid a lack of information about the company woes.
Pacific Sunwear of California (PSUN), plunged 7-3/16 to 17-1/8, or 30 percent, after the casual-clothing vendor posted third-quarter earnings of 38 cents per diluted share. Analysts expected earnings of between 48 and 50 cents, according to First Call.
On the upside was Semtech (SMTC), rising 3-1/2 to 32-3/4 after the chip maker reported after the bell Monday third-quarter earnings of 23 cents per share, versus the analyst estimate of 18 cents.
AmeriPath (PATH) dropped 4-1/8 to 4-31/32 after the physician practice management company announced late Monday it received a request for a refund of $2.95 million from Medicare Program Safeguards.
The company said in a statement that it "vigorously disputes" the findings, which came after a review of its billing practices in 1996.
Donaldson, Lufkin & Jenrette and Hambrecht & Quist downgraded the stock Tuesday.
Goldman Sachs' change of view bit into two big bio-technology players. Amgen (AMGN) lost 1-15/16 to 75-1/16 and Biogen (BGEN) fell 3-13/16 to 78-13/16 after the brokerage cut its rating on each to "market perform" and took them off Goldman's recommended list.
Staff Leasing (STFF) tumbled 3-15/16 to 8-1/16 after the temporary-help firm lowered its 1999 earnings estimates to $1.02 per share, while analysts expected $1.13.
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