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CNNfn market movers
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September 4, 1998: 2:01 p.m. ET
Oil refiners gush up; drug firms mixed, Cambridge Tech takes a hit
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NEW YORK (CNNfn) - Oil companies struck "black" gold, a few drug vendors took a shot, and fears that the millennium computer bug could bite into revenue gains at a software consultant vaulted them to the head of the list of Friday's hot stocks.
Cambridge Technology Partners (CATP) sank 7, or 20 percent, to 28 with more than 8 million shares trading amid uncertainty about whether the Year 2000 computer glitch will reduce revenues at the software consulting firm, which specializes in client/server and Internet applications.
Adams Harkness said Friday it cut its rating on Cambridge to "attractive" from "buy" resulting from expectations annual sales growth may fall from about 50 percent a year, to about 43-44 percent a year. The stock traded higher than 58 in early July.
Omnipoint (OMPT) fell 1-5/16 to 9-13/16 after the digital telecommunications equipment maker said late Thursday its chief financial officer had resigned to join another company. On Friday, CS First Boston said it lowered its rating on Omnipoint to hold from buy.
A mixed picture on drugs
Interneuron Pharmaceuticals (IPIC) gained 9/16 to 3-1/4 after the maker of Redux, part of the anti-obesity drug mixture known as fen-phen, said it has agreed to set up a $15 million fund to settle claims against the company. The drug was pulled from the market in September 1997 amid allegations the drug cocktail led to heart and lung problems.
Fellow drug maker Pfizer (PFE) took a downer, falling 4-15/16 to 94-15/16 after Morgan Stanley Dean Witter downgraded the stock of the Viagra maker to neutral from outperform.
Cardinal American Health (CAH) slipped 3-3/8 to 82-15/16 a day after a U.S. prosecutor in Boston said a civil complaint had been filed against the drug wholesaler alleging it unlawfully filled orders for drugs that had a high potential for abuse.
Cardinal said after the bell Thursday it believed that no violation of the Controlled Substances Act had occurred, and the company intends to defend its position.
Europe spillover lifts U.S. oil stocks
A strong showing among oil companies in European trading spilled across the Atlantic, and sent both those firms' U.S. shares and the stocks of big American refiners higher. Those gains came following a sharp rise in recently-battered oil prices on Thursday.
Among the European companies spurting higher were two French oil titans, Total (TOT) whose U.S. shares gained 3-1/2 to 55 and Elf Aquitaine Group (ELF), climbing 4-5/16 to 58-1/2.
The Anglo-Dutch venture Royal Dutch Petroleum (RD) gained 2-5/8 to 48-1/16.
Stateside, among the winners were Dow stock Chevron (CHV), gaining 2-7/8 to 78-9/16, Atlantic Richfield (ARC), up 1-7/8 to 60-7/8, Amoco (AN) - which is being bought by BP - gaining 1-5/16 to 47-13/16 and Mobil (MOB) rising 2-1/16 to 73-1/4.
Meanwhile, the oil and gas exploration company Bellwether Exploration (BELW) gained 3/4 to 5-5/8 after announcing a stock buyback of up to $5 million, and that it would be paid for with internal cash so as to not hurt its bottom line. 
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