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CNNfn market movers
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August 27, 1998: 11:39 a.m. ET
Cendant, Excite lose touch, but a Mainstreet firm gains as stocks plunge
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NEW YORK (CNNfn) - Wall Street picked a handful of companies to pound Thursday, such as a woe-stricken marketing company and an Internet search engine, in what was overall a glum day for stocks.
Cendant (CD) fell 2-9/16 to 12 after the marketing and franchising firm said the U.S. Securities and Exchange Commission asked it to further alter its accounting policies following a government probe of the company.
One of those high-flying Internet search engines, Excite (XCIT), was brought back to Earth Thursday, dropping 3-9/16 to 35-15/16 after Credit Suisse First Boston said it cut its rating on the company's stock to hold from buy.
Net stocks overall were having a tough time Thursday. Yahoo! (YHOO) lost 2-7/8 to 94, budding Web player Zapata (ZAP) slipped 15/16 to 11, and online bookseller Amazon.com (AMZN) dipped 3-7/8 to 123-3/8.
Also lower were two recently issued stocks: NetGravity (NETG), drooping 1-5/16 to 10-7/16, and GeoCities (GCTY), off 2-11/16 to 28-9/16.
PanAmSat (SPOT) dropped 5-15/16 to 43-5/8 after the satellite communications provider said late Wednesday it plans to use current satellites and additional spacecraft to provide services lost from the recent destruction of its Galaxy 10 satellite.
Anheuser-Busch (BUD) got frothy, gaining 1/2 to 49-11/16 in the down market after a report in the Wall Street Journal said the world's largest brewer plans to lift prices for the first time in nearly two years.
The radio market made waves Thursday.
Chancellor Media (AMFM) fell 3-1/8 to 41-5/8 after agreeing to buy fellow Hicks, Muse, Tate & Furst holding Capstar Broadcasting (CRB) in a deal worth $4.1 billion that forms the largest radio broadcaster in the nation. Capstar lost 2-9/16 to 18-15/16.
Rival CBS (CBS) rose 5/8 to 27-13/16 after the broadcaster announced plans for an initial public offering of 20 percent in its radio group, Infinity Broadcasting, and take a restructuring charge of $50 million to $70 million in its third quarter.
While most of Wall Street ailed, at least Mainstreet Financial (MSBC) was faring well, soaring 8-3/8 to 33-7/8 as the North Carolina bank BB&T (BBK) said it would pay $554.3 in stock for the Virginia-based counterpart.
Getting put onto a key index was one way to eke out gains amid the wide market turmoil on Thursday.
Provident Companies (PVT) rose 1-1/2 to 35-1/4 after Standard & Poor's added the insurance provider to the S&P 500 index in place of Bay Networks (BAY), which is being acquired by Northern Telecom (NT). 
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