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CNNfn market movers
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March 11, 1999: 11:21 a.m. ET
Oil-field stocks catch fire, throwing Brightpoint warning into deep contrast
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NEW YORK (CNNfn) - Rumors of OPEC supply cuts ahead helped oil-field stocks burn brightly on Wall Street Thursday, more than dispelling the shadows cast by the day's barrage of profit warnings.
Petroleum prices wavered ahead of an important meeting of the Organization of Petroleum Exporting Countries and non-OPEC member Mexico, but investors were already banking on supply cuts and higher prices ahead.
In response, shares of drillers, rig operators and other oil-field service companies dominated the list of early Wall Street winners. Benton Oil and Gas (BNO) was the top net gainer on the New York Stock Exchange, up 7/8 at 4-3/4, while B.J. Services (BJS) was only slightly behind with its 7/8-point gain to 18-7/8.
Exploration firm Nuevo Energy (NEV) jumped 1-9/16 to 9-7/8 and driller Pride International (PDE) soared 13/16 to 8.
New Jersey-based service company Key Energy (KEG) broke the litany of Gulf climbers, leaping 5/8 to 4-3/8, but Houston regained the ball with Marine Drilling (MRL), up 7/8 to 9-7/16, and Atwood Oceanics (ATW), up 1-3/4 to 26-1/16.
On the Nasdaq, the oil-field surge was led by Miller Exploration 's (MEXP) gain of 7/8 to 4-1/2. Horizon Offshore (HOFF) added 1-1/2 to 7-1/2 and Bellwether Exploration (BELW) crept up a relatively sedate 5/8 to 3-5/8.
The American Stock Exchange also fed into the buying flood, with UTI Energy (UTI) gaining 7/8 to 8-3/8, Seven Seas Petroleum (SEV) climbing 9/16 to 6-1/16 and Bayard Drilling (BDI) flying 3/16 to 5-3/16.
Back among the warnings
However, the oil-field fires failed to warm investors to wireless telephony firm Brightpoint (CELL), which fell 7 to 6-1/16, losing more than half its value after warning of profit disappointments ahead.
"We are very disappointed in the outlook for our first quarter," stated Robert J. Laikin, Brightpoint chairman and CEO. Before accounting adjustments, the company expects to break even in the quarter, while analysts had looked forward to a profit of 22 cents per share.
Brightpoint blamed supply difficulties in the Pacific Rim and the fluctuation of the Brazilian real currency for its shortfall, and added that "these factors may also impact the remaining quarters of 1999."
Also joining the grim parade, e-commerce programmer Rainbow Technologies (RNBO) warned that weaker software revenue industrywide would bite into current-quarter profit, knocking shares down 4-3/16 to 11-1/4.
Clothier Nautica Enterprises (NAUT) fell 1-3/8 to 12 on its own depressing prediction of soft profit ahead for both the current quarter and the succeeding period.
Disappointing earnings at both AnnTaylor (ANN) and Land's End (LE) gave Nautica some company on the Wall Street sale counter. AnnTaylor reported fourth-quarter profit of 42 cents per share, missing forecasts by a penny and sending shares down 13/16 to 45-3/8, while Land's End missed estimates by 6 cents per share, sliding 1/16 to 30-3/16.
On the Internet, America Online (AOL) picked up the pace, climbing 3-7/16 to 96-1/4 on an announcement that regional telephone provider SBC Communications (SBC) will make faster DSL Internet connections available to AOL customers.
TMP Worldwide (TMPW), owner of Internet help-wanted site Monster.com, fell 3-11/16 to 66-3/16 after buying off-line executive-search agency LAI Worldwide (LAIX) for approximately $6 million. LAI shares, however, climbed 1/2 to 7-3//16. 
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