CNNfn market movers

July 30, 1999: 2:32 p.m. ET

Deals, earnings and brokers' notes keep investors on toes in weak market

NEW YORK (CNNfn) - Investors were kept active Friday afternoon by a combination of deals, earnings reports and analysts' opinion changes as Wall Street went into a gentle slide.
     ANB Corp. (ANBC) stock pared some of its morning gains but was still up 5-3/4, or just over 20 percent, at 34, after Old National Bancorp (OLDB) said Friday it had agreed to acquire the Muncie, Ind.-based bank in a $212.4 million all-stock deal.
     Interactive ad agency Modem Media (MMPT) benefited from twin analyst upgrades Friday, which sent its stock more than 25 percent higher to 26-11/16, a rise of 5-7/16.
     Two stock market debuts were well received Friday. Digex Inc (DIGX) make a strong start after its initial public offering at $17 per share. The Bettsville, Md.-based provider of corporate web and application hosting services soared over 22 percent to 20-13/16.
     MIIX graph

     MIIX Inc.'s (MHU) first day of trading on the New York Stock Exchange was even more impressive. Stock of the Lawrenceville, N.J.-based medical malpractice insurer added to its initial opening surge to trade up 4-1/16 at 17-9/16, a rise of more than 30 percent.
     BCE Mobile Communications Inc. (BCX) was up more than 17 percent at 38-5/16 after its 65 percent owner Bell Canada International Inc. said Friday it would buy the remaining shares it did not already own in a $1.6 billion deal.
     The biggest decliner Friday was ARM Financial Group (ARM), which plummeted 4-1/2, or 46 percent, to 5-1/4. After the bell Thursday, the Loiusville, Ky.-based company announced huge second-quarter losses of more than $7 per share accompanied by extensive restructuring plans.
     A poor earnings report also hit R.G. Barry (RGB), as its stock added to losses in the afternoon. The shares were down almost 30 percent at 5-7/16, a drop of 2-5/16. The Pickerton, Ohio-based footwear maker said the second-quarter loss per share increased to 55 cents from 16 cents.
     Noodle Kidoodle graph

     Kid-related stocks were also out of favor Friday, with retailer Noodle Kidoodle (NKID) suffering after the company issued a second-quarter results warning late Thursday. The Syosset, N.Y.-based company was the biggest loser on the Nasdaq, down 2, or 32 percent, to 4-5/16.
     The First Years (KIDD), the Avon-Md.-based maker of kids' toys and care products, slumped almost 24 percent to 10 after it reported earnings unchanged for the second quarter.
     Access Worldwide Communications (AWWC) added to its earlier losses to stand more than 22 percent lower at 3-11/16. Investors reacted badly to the company's choice of a new president and chief executive officer. The pharmaceutical marketing services company said Friday that Michael Dinkins, its CFO, will take over the helm.
     Specialist marketing Snyder Communications (SNC), got hit when two brokerages took the Bethseda, Md.-based group off their "strong buy" list. The company, which specializes in the pharmaceutical sector, saw its stock plunge 26 percent to 20 after it announced a major restructuring which it said would hinder earnings.