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CNNfn market movers
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July 23, 1998: 3:02 p.m. ET
Boeing and Sears sink, AT&T dials up gains, and some Internet stocks roll again
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NEW YORK (CNNfn) - Sputtering plane maker Boeing dragged on the Dow industrials index Thursday, and clothing makers lay bare on Wall Street, while Internet-related stocks again were mostly higher.
Boeing (BA) was punished, losing 6-1/8 to 41-5/8 after the company, which recently claimed to have surmounted production woes, fell short of analysts' estimates in its second quarter. It cited a changing plane mix, production inefficiencies and pricing pressures.
Fellow Dow issue AT&T (T) rose 1-9/16 to 59-1/4 after the long-distance giant nosed past analysts' estimates of second-quarter earnings by a penny.
Sears (S) lost 3-11/16 to 53 even though the nation's No. 2 retailer beat expectations by 2 cents per share.
Amgen (AMGN) rose 4-1/4 after the drug maker blew past analysts' estimates and posted a 14 percent gain in profits due partly to growth in sales of the kidney dialysis drug Epogen.
PhyCor (PHYC) sank 5 to 9-1/16 after the physician's practices management group said restructuring, new affiliations and "confusion" at rival firms forced the company to reduce its targeted earnings per share by about 10 percent for 1998. PhyCor also posted second-quarter earnings that met analysts' targets of 22 cents per share.
Rival MedPartners (MDM), which was slated to merge with PhyCor until the deal was called off in January, was off 7/8 to 5-7/16 in heavy trading as well.
ISPs, 'Net newsies move higher
CNET (CNWK) soared 6-7/8 to 71 -- or more than 10 percent -- after the web-based news service reported earnings of 2 cents a share for its second quarter, including a one-time gain.
Performance Systems, or PSINet (PSIX), rose 2-13/16 to 18-3/4 in very heavy trading of 13.6 million shares of the Internet service provider.
For the third straight day, MindSpring Enterprises (MSPG) showed double-digit gains in intra-day trading, rising 10-11/16 to 151 after the Internet service provider beat analysts' earnings estimates by 6 cents a share in the second quarter.
Makeover specialist Zapata (ZAP) rose 2-15/16 to 22-3/16 after the fish oil company turned Internet player said its second-quarter profits per share "will far exceed" analyst estimates.
RealNetworks (RNWK) sank 3-11/16 to 40-9/16 after its chief executive officer told a Senate panel Thursday that software titan Microsoft (MSFT) tried to stop the company's Internet video and audio streaming software from working, in an effort to stifle competition.
Clothiers, others get a bit shredded
The stocks of several rival haberdashers got ripped to shreds Thursday, after Nationsbanc Montgomery Securities downgraded them.
Tommy Hilfiger (TOM) gained 5-3/4 in heavy trading, Ralph Lauren (RL) lost 1-3/4 to 26-1/2 and Nautica (NAUT) fell 2-7/8 to 25-1/8.
The American Depositary Receipts of Imperial Chemical Industries (ICI) lost 10-3/4 to 49-1/8 after the British chemicals titan posted second-quarter earnings results in line with forecasts but warned second-half 1998 earnings would fall short of last year's levels.
Cadence Design (CDN) gained 1-5/8 to 30-1/8 after the maker of electronics-related software posted second-quarter earnings late Thursday that beat analysts' consensus targets by a penny.
Beverly Enterprises (BEV) plunged 5-13/16 to 8-13/16 -- about 40 percent -- and was widely downgraded after the healthcare provider said Thursday it is the subject of a government probe into alleged Medicare abuses from 1990 to 1997.
Iridium World Communications (IRIDF) lost 8-7/16 to 54-3/4, or 15 percent, in heavy trading after the satellite maker said it lost two satellites which were scheduled to be part of a new telephone system due for a September launch.
Callaway Golf (ELY) plummeted 6-7/16 to 12-9/16 following a 55 percent fall in second-quarter earnings and cloudy forecasts for the industry.
Fairfield Communities (FFD) sank 5-1/16 to 10 even though the vacation resort manager said second-quarter earnings increased 22 percent to 28 cents a diluted share.
In what might be called "radio"-active trading of about 15-1/2 million shares, the seller of uranium to commercial power plants USEC (USU) was flat at a $14.25 initial public offering price.
Computer Associates (CA) climbed 1-9/16 to 41-1/16 just a day after the software maker got pummeled for a less-than-rosy forecast for coming quarters. Morgan Stanley Dean Witter bucked Wednesday's downgrade trend and raised its rating on the stock Thursday to "outperform" from "neutral."
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