|
CNNfn market movers
|
 |
December 14, 1998: 2:32 p.m. ET
Sickly market day for Quorum Health, Nike hits a stride, more AMR turbulence
|
NEW YORK (CNNfn) - One hospital management company called in sick Monday, while one shoe maker was sprinting upward to the day's list of market movers.
Quorum Health Group (QHGI) shed 5-9/16, or 33 percent, to 11-3/8 after the hospital manager said late Friday the company expects fiscal second-quarter profit to fall short of analyst targets and possibly tally a loss. The company blamed the poor performance of hospitals it bought and "payor pressures."
A host of brokerages cut their ratings on the company, including CS First Boston, BT Alex Brown, Legg Mason and Stephens.
Dashing ahead in full stride was Nike (NKE), up 2-7/8 to 38-7/8, as Salomon Smith Barney upgraded the stock to "buy" from "neutral."
The parent of American Airlines, AMR (AMR) continued to hurtle lower, down 2-7/16 to 55-13/16 on the heels of Friday's 4-3/8-point drop after Goldman Sachs lowered its earnings targets on the company.
Dillard's (DDS) gained 1-11/16 to 29-3/16 after the department-store operator reported third-quarter earnings in line with Wall Street targets of 42 cents a share, before charges.
Storage Technology (STK) fell 4 to 32 after Soundview Financial Group lowered its rating on the maker of disk drives and other storage products to "hold" from "buy," cutting its 1998 earnings-per-share view on the company by a nickel to $2.09, and its 1999 target by 7 cents to $2.48.
Wearing a lustrous gleam was Getchell Gold (GGO), roaring up 12-7/16 to 28-5/8, about 77 percent, after Canadian miner Placer Dome (PDG) said Sunday it would buy Getchell for about $1.1 billion, or $34.45 a share. Placer Dome fell 1-3/4 to 12-5/16, or 12 percent.
Elsewhere on the buyout front, STB Systems (STBI) rocketed up 1-31/32 to 7-3/4, or 34 percent, after the graphics software maker 3Dfx Interactive (TDFX) agreed to buy the graphics PC-card maker for about $141 million in stock.
Shares of 3Dfx Interactive sank 2-1/8 to 14-1/4, or 13 percent.
Getting muddy was Republic Industries (RII), down 11/16 to 14, up from earlier lows, after the waste-hauler and car dealer said fourth-quarter earnings will be about 5 cents below the 27 cents per share analysts estimated, as reported by First Call.
Separately, continuing its rapid pace of gobbling up local auto dealerships, Republic said it would buy 10 such dealers in five states for roughly $240 million, which is expected to add about $1.1 billion to its annual revenue.
|
|
|
|
|
 |
|
