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CNNfn market movers
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August 28, 1998: 11:24 a.m. ET
Net stocks can't catch up from Thursday dip; Chrysler, Alcatel Alsthom gain
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NEW YORK (CNNfn) - The Internet stocks were slower than many to raise their heads after Thursday's big Wall Street plunge, while Chrysler got its motors revving a bit and two telecom merger partners dialed up gains.
America Online (AOL) dropped 5-3/4 to 99-1/4 after Banyan Systems (BNYN) said it will not renew its White Pages contract with the online service giant at the end of November. Banyan fell 1-3/4 to 2-5/8.
Others in the Internet sector were reeling Friday, including Broadcast.com (BCST), off 6-1/2 to 44-1/2, MindSpring Enterprises (MSPG), down 4-1/2 to 30-1/4, GeoCities (GCTY), losing 3-7/8 to 23-1/4, and Inktomi (INKT), shedding 9-9/32 to 62-1/2.
The big search engines also were lower. Yahoo! (YHOO) dropped 6-3/8 to 84-11/16, Excite (XCIT) fell 4-5/16 to 30-1/8, Lycos shed 4-3/8 to 29-7/8, and Infoseek (SEEK) was down 2-1/4 to 21-1/2.
After Chrysler (C) tanked Thursday, Merrill Lynch reminded investors the number-three U.S. automaker still has an extra shock absorber in its pocket: a huge merger with Germany's Daimler-Benz.
Merrill upgraded Chrysler to intermediate buy from intermediate accumulate. After its 7-3/8 plunge Thursday, Chrysler shares were up 2-11/16 to 49-15/16 Friday.
AccuStaff (ASI) surged 2-5/16 to 18-5/16 after Dutch rival Randstad Holding said it will buy AccuStaff's temporary staffing unit for $850 million cash. Accustaff had planned to take the division public.
Computer Learning Centers (CLCX) discovered learning doesn't always translate into earnings and dropped 7-7/8, or nearly 59 percent, to 5-1/2 after the operator of computer schools said it will post second-quarter earnings of 4 to 5 cents per share, more than a dime below analysts' estimates, as reported by First Call.
MRV Communications (MRVC) fell 7-5/16 to 7-1/16 after the telecommunications equipment maker said third-quarter profits, based on a 10- to 15-percent drop in revenues, would fall below expectations due to European market weakness.
DSC Communications (DIGI) gained 2-7/8 to 25-1/4 after shareholders of the telecom equipment maker late Thursday agreed to the $3.4 billion buyout offer from Alcatel Alsthom (ALA). France's Alcatel, which recently went public in the United States, was up 2-3/8 to 32-11/16 as well.
Enterprise software maker J.D. Edwards (JDEC) got two votes of confidence Friday and gained 2-3/16 to 38-1/8 Prudential Securities reportedly started coverage of the company with an accumulate rating, while Morgan Stanley Dean Witter upgraded its shares to strong buy from outperform. 
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