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CNNfn market movers
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September 8, 1998: 11:28 a.m. ET
As Dow wave rises, some drift asea: Concentra Managed Care, Baby Bells
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NEW YORK (CNNfn) - They say a rising tide lifts all boats, and a market swell sparked by Fed Chairman Alan Greenspan Friday was enough to lift more than just a few.
But while the Dow Jones industrial average gained more than 300 points Tuesday morning there were a few companies whose negative news deprived them of a surf board.
Concentra Managed Care (CCMC) plummeted 5-13/16, or 47 percent, to 6-3/8 after the managed care services provider said it expects lower-than-expected earnings in its third quarter due to a fall in revenues.
Heilig-Myers (HMY) was fraying, down 1-11/16 to 9-3/16, after the furniture chain reported a 2.1 percent decline in August sales in stores open at least a year and said it expects to post lower earnings in the third quarter.
Newmont Mining (NEM) was headed underground, losing 1-5/8 to 18-3/8 after the gold miner said it would stop exploration in the Philippines due to conflicting laws there.
On the upside, Coca-Cola (KO) climbed 1-7/8 to 64 in the overall market surge even though Morgan Stanley Dean Witter cut its earnings per share targets for the soft drink giant because of a strong dollar.
AES (AES) soared 5-/18 to 29-3/8 after Morgan Stanley opened its coverage of the electric utility operator with a strong buy.
Boeing (BA) gained 2 to 35-15/16 after the aerospace giant announced at an air show in Britain that it has landed two deals for its next-generation 737's.
Baby Bells are one dark spot
But the Baby Bells rang up losses after the U.S. Court of Appeals of the Fifth Circuit late Friday overturned a lower-court ruling, saying the regional phone companies must convince regulators they have opened their markets before they can get into long-distance.
Among those headed lower were three Baby Bells that had asked the court to rule parts of the landmark 1996 Telecommunications Act were unconstitutional.
SBC Communications (SBC) fell 13/16 to 36-3/4, would-be merger partner Ameritech (AIT) was down 1-3/16 to 45-13/16, and U.S. West (USW) was off 9/16 to 48-13/16.
The other two remaining Baby Bells also slipped: BellSouth (BLS) dropped 1-1/8 to 65-7/16 and Bell Atlantic (BEL) was off 1/16 to 42-1/16.
Networking systems provider Ascend Communications (ASND) got a lift from one Baby Bell, soaring up 5-5/16 to 44-1/16 after Bell Atlantic extended its contract with Ascend to act as its key supplier for its high-speed data network.
Fellow communications equipment maker Lucent Technologies (LU) shot up 4-5/16 to 79-9/16 after Alex. Brown raised its rating of the company to buy from market perform. 
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