NEW YORK (CNNfn) - A pharmaceutical firm surged Wednesday after receiving two new patents, and a semiconductor firm benefited from a brokerage firm raising its stock price target. But earnings woes pressured a tile manufacturer and a video game producer.
Ariad Pharmaceuticals, Inc. (ARIA) jumped 12 percent, extending Tuesday's gains, after being issued two new U.S. patents for cell regulation. The Cambridge, Mass., company develops drugs for gene and cell therapy.
Ariad rose 27/32 to 7-21/32.
Cypress Semiconductor Corp. (CY) gained 12 percent after Robertson Stephens Wednesday raised its earnings estimates for the fourth quarter to 31 cents a diluted share from 28 cents, and set a stock price target of 40 for 2000. The semiconductor maker's major customers include 3Com (COMS), Cisco Systems (CSCO) and Motorola (MOT).
San Jose, Calif.-based Cypress advanced 3-7/8 to 34-15/16.
Rite Aid Corp. (RAD), the No. 3 U.S. drugstore chain, plunged 24 percent after Lehman Brothers downgraded the stock to "neutral" from "buy." Also pressuring the stock were reports it may be delisted by the New York Stock Exchange; the exchange said no decision has been made on the listing.
On Tuesday, Rite Aid posted a 5.9 percent increase in December sales at stores open one year or more, compared with the year-earlier period.
Camp Hill, Pa.-based Rite Aid fell 2-9/16 to 8-1/16.
Armstrong World Industries Inc. (ACK) slumped 23 percent. The company, which makes tile and sheet floor coverings for homes and businesses, said late Tuesday it expects to report lower-than-expected fourth-quarter profit, including a charge of up to $350 million. It cited weakness in European sales and rising lumber prices.
Lancaster, Pa.-based Armstrong retreated 8-1/2 to 28-1/4.
But JMAR Technologies (JMAR), a maker of equipment for the semiconductor industry, soared 27 percent. The company said Tuesday its JMAR Precision Systems division received a $1.8 million order from a DNA biochip company for its biochip manufacturing systems.
San Diego-based JMAR rose 1-1/2 to 7.
On the skids was Acclaim Entertainment Inc. (AKLM), tumbling 21 percent after posting fiscal first-quarter 2000 earnings well below analysts' expectations. The company, which produces video games, reported earnings of 1 cent per diluted share. Earnings tracker First Call Corp. forecast 20 cents.
Glen Cove, N.Y.-based Acclaim declined 31/32 to 3-3/4. 
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