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CNNfn market movers
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December 11, 1998: 2:02 p.m. ET
Newell warning pulls Rubbermaid down; Inspire plunges on revised outlook
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NEW YORK (CNNfn) - A parade of earnings warnings marched onto the scene Friday, pushing many of the day's market movers lower.
Impath Inc. (IMPH ) nose-dived 42 percent or 16-1/2 to 22-1/2 after warning its 1998 earnings will fall short of analysts' expectations of 96 cents per share, though the health-care company anticipates annual profit to exceed last year's 58 cents per share by 45 to 60 percent. Brokerage Volpe Brown downgraded the company to a neutral from a buy.
INSpire Insur. Solutions (NSPR ) plunged almost 40 percent, or 12-5/16, to 18-1/2 after the company reduced its annual earnings forecast to 84 cents per share, below 88-cent estimates. The company told analysts a recent outsourcing pact would not add to profits as it had previously suggested.
Two analysts tracking the company, Manuel Royo of Southwest Securities and David Grossman of NationsBanc Montgomery Securities, downgraded the stock to hold from buy on the news.
Rubbermaid Inc. (RBD ) shed 9 percent, or 2-7/8, to 28-3/8 after Newell Co. (NWL), the consumer products maker that in October agreed to buy Rubbermaid, warned it would not meet Wall Street estimates with its fourth- quarter earnings. Newell said profit will be in the range of 56 cents to 61 cents per share, below analysts' estimate of 67 cents. Shares of Newell Co. (NWL ) slid nearly 9 percent or 3-5/8 to 37-3/4.
RF Micro Devices Inc. (RFMD ) soared 8-1/2, or 23 percent, to 44-5/8 after the telecommunications company said it expects the third-quarter results to sharply beat analysts' expectations. The chip maker predicted third-quarter net income will be between 26 cents and 28 cents, above tracking firm First Call's 15 cents a share estimates.
AmeriPath Inc. (PATH ) climbed 2-3/4, or 40 percent, to 9-1/2 after Medicare said it will not hold the health-care management company liable for a $2.95 million refund. The claim was dropped after AmeriPath provided more information on the matter. 
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