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CNNfn market movers
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September 16, 1998: 2:39 p.m. ET
Gillette gets nicked, a few Nets ride a rising wave, while Circon takes a shot
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NEW YORK (CNNfn) - As Wall Street was putting its ear to the ground to hear about a possible interest-rate move, the Internet sector quietly got back into stride a bit and razor-maker Gillette's stock got nicked.
Merrill Lynch said Wednesday it was considering whether to lower its earnings outlook on Gillette (G), and shares of the big razor maker lost 5-7/16, or about 12 percent, to 39-9/16 as a result in heavy trading.
Then, Prudential Securities lowered its estimate for Gillette's third-quarter earnings to 38 cents from 40, and its fourth-quarter target to 39 from 41.
Net stocks get back on their horse
The Internet sector retrieved a bit of its high standing Wednesday, led by a RealNetworks (RNWK), which rose 4-9/16 to 24-3/16 after the maker of Internet-based video and audio streaming software inked a licensing deal with Intel (INTC).
Among the other Net-related stocks faring well were search engines Yahoo! (YHOO), up 5 to 89-3/8, Excite (XCIT), gaining 1-3/8 to 27-3/8, and Lycos (LCOS), rising 1-5/16 to 24-7/8.
Online bookseller Amazon.com (AMZN) rose 4 to 77 and Inktomi (INKT), a maker of search engine software, was up 3-3/4 to 62-7/8.
The French telecommunications-equipment maker Alcatel Alsthom (ALA) saw its U.S. shares drop 3 to 31-7/8 following a similar dip in Paris amid rumors Chairman Serge Tchuruk was resigning. Alcatel quickly denied that speculation.
Bush Industries (BSH) plunged 3-1/8 to 15 after the furniture maker said it expects profits to fall short of analyst expectations for its third and fourth quarters due to a restructuring plan and lower sales.
Aeroquip-Vickers (ANV) tumbled 6-7/8 to 33-7/8 after the engineered components and systems company said it expects third-quarter earnings between 80 cents and 87 cents per share, versus an analyst estimate of $1.11 a share.
The company cited a decline in its North American business, Asia's market crisis, the ill effects of exchange-rate changes, and costs stemming from a new plant start-up.
Carpenter Technology (CRS) plummeted 4-3/4 to 31-15/16 after the maker of aerospace materials said earnings in its first and second quarters would fall to 50 cents to 55 cents per share due to deferred sales to customers, declining sales of oil exploration and semiconductor products, and fewer orders from General Motors (GM) due to a recent strike there.
Analysts were expecting 68 cents a share, according to the research firm First Call.
Circon (CCON) lost 3-1/2 to 9-3/4, or 26 percent, after rival medical-products maker United States Surgical (USS) let its $220-million tender offer for Circon expire.
USS, which had led a two-year hostile effort to take over Circon, agreed in May to merge with Tyco International (TYC).
USS fell 3/4 to 41-3/4 and Tyco, which was downgraded by Morgan Stanley Dean Witter to outperform from strong buy, lost 13/16 to 55-9/16.
Stein Mart (SMRT) plunged 1-19/32 to 6-9/16 after the department-store retailer said lower-than-expected sales will lead a small third-quarter loss.
Analysts had expected a profit of 5 cents a share, according to First Call.
The stock market's recent volatility was a boon to Charles Schwab (SCH), which rose 2-1/16 to 39-1/4 Wednesday after the discount broker said it expects third-quarter profits to beat expectations due to heavy trading volume by its customers.
Providian Financial (PVN) gained for a second straight day, rising 3-7/8 to 76-13/16 after Prudential Securities upped its rating on the credit-card issuer to strong buy from accumulate.
Its shares soared 11-1/2 Tuesday after Providian unveiled a bullish forecast and a 3-for-2 stock split.
Arkansas Best (ABFS) was looking its worst, falling 2-1/4 to 5 after the freight carrier said after the bell Tuesday it expects third-quarter earnings to be 10- to 15-percent lower than last year's due to softness in the freight business, a congested rail system, and the effects of Asia's market crisis.
The company racked up a one-time gain of 4 cents per diluted share in the year-ago period due to a strike at shipping giant UPS.
Host Marriott (HMS) fell 1-1/8 to 10-1/16 after the operator of gift shops and restaurants said its third-quarter earnings will fall short of analyst expectations due to a strike at Northwest Airlines and Asia's financial crunch.
The company estimated earnings will come in at 50 cents or 51 cents a share, compared with the analysts' target of 58 cents, according to First Call. 
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