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CNNfn market movers
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August 26, 1998: 3:05 p.m. ET
Airlines get grounded, Russian ADRs slump, Superior Telecom surges
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NEW YORK (CNNfn) - A weary day on Wall Street sparked by a Russian-related woe and a generous helping of profit fears spurred several companies to the top of the market movers list Wednesday.
Superior Telecom (SUT) gained 1-9/16 to 36-5/16 after the telecommunications cable and wire maker reported a 35 percent gain in earnings in its fiscal first quarter, to $13.2 million, or 79 cents a diluted share. That was five cents above the consensus analysts' estimate, as compiled by First Call. The company cited strong demand in its North American market.
CBS (CBS) dropped 1-5/8 to 26-1/4 after reports emerged that the television network is considering job cuts to boost profits amid high costs of operating.
LHS Group (LHSG) lost 2-1/4 to 48-1/4 after its president, Bruce Leonard, resigned from the telecommunications software maker for family reasons. Leonard, who joined the company a year ago, also sold 200,000 LHS shares.
The Dow transport index sector, swinging alongside a general market slump, was taking it on the chin. The parent of United Airlines, UAL (UAL), was off 1-3/8 to 66-1/2, AMR (AMR), the parent of American Airlines, lost 1-11/16 to 60-1/16, Alaska Air (ALK) fell 1-1/16 to 43-5/16, Delta Air Lines (DAL) fell 1-7/8 to 111-9/16 and US Airways Group (U) was off 2-1/16 to 67-3/16.
Russian bear roars on Wall Street
The American depositary receipts of several Russian companies got blasted as the bearish market there raised its head Wednesday amid a unfavorable market response to a large debt rescheduling.
Cell phone company Vimpel-Communications (VIP) lost 5-1/16 to 14-15/16 and the long-distance phone company Rostelecom (ROS) slipped 9/16 to 4-7/8.
Harnischfeger Industries (HPH) dipped 3-13/16 to 16-7/16 after the pulp, paper and mining machine company announced plans to cut 3,100 jobs and reduce spending to combat weak demand that is expected to continue into 1999.
Harnischfeger also reported a net loss of 83 cents a share, or about $39 million, in its fiscal third quarter.
St. John Knits (SJK) shed 7-1/8 to 19-3/8 after the clothing maker warned late Tuesday its third-quarter results will fall short of Wall Street expectations due to weak sales in its retail division.
Bally Total Fitness Holdings (BFT) showed some flab, drooping 2-1/16 to 18-5/8 after a report in the Wall Street Journal that the fitness center operator may face questions about its accounting methods.
Regions Financial (RGBK) rose 2-1/4 to 39-1/8 after Standard & Poor's said late Tuesday it added the bank holding company to the S&P 500 index. Regions replaces DSC Communications (DIGI), which is being bought by Alcatel Alsthom (ALA).
In a subsequent benefit, Standard & Poor's tapped Protective Life (PL),which rose 5/16 to 37-1/8, to replace Regions in the S&P MidCap 400 index.
And Florida Rock Industries (FRK) climbed 1-3/8 to 28-7/8 after being added to the S&P SmallCap 600 in Protective Life's vacated place.
Capstead Mortgage (CMO) gained 13/16 to 3-3/8 after the mortgage real estate investment trust, which faces a handful of lawsuits and a flailing stock price, said it has enough liquidity to keep its mortgage business going.
Capstead also reassured investors it will be able to pay its preferred stock dividends in the future.
Fore Systems (FORE) fell 5-7/8 to 18-3/8 after the networking equipment maker said it will buy privately held Berkeley Networks for $250 million. Fore also said it expects to take a charge of $1.80-2.00 per share to pay for the buyout. 
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