graphic
Markets & Stocks
CNNfn market movers
October 1, 1998: 11:28 a.m. ET

Harbinger has bad tidings, Bell gets wrung and Richey cashes in on buyout
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Jittery nerves causing a rumble on Wall Street got an extra jolt from a software maker that forecast earnings troubles, but a pair of high-tech mergers lifted two others.
     Harbinger (HRBC) had negative tidings, dropping 2-1/2 to 4-3/4 after the software maker said it expects third-quarter operating earnings of between 4 and 8 cents per share, versus a consensus analysts' estimate, as reported by First Call, of 11 cents.
     Kennemetal (KMT) fell 3-5/16 to 23-5/8 after the construction equipment maker said the General Motors strike, weakness in the oil and gas industry and production cuts at some customers will cause it to fall short of analyst estimates in its fiscal first quarter.
     Kennemetal said it sees profit of 20 to 25 cents per share, versus a First Call estimate of 53 cents per share, and said it will cut costs by 5 percent starting Oct. 31.
     This in from Reuters Group: the information giant's U.S. shares (RTRSY) slipped 5-1/2 to 44-1/4 the company said it may suffer from cost-cutting by bank customers amid the global market turmoil.
     USA Networks (USAI) tacked on 1-1/6 to 20-1/2 after the cable network's Ticketmaster Online-CitySearch unit late Wednesday filed an initial public offering with the Securities & Exchange Commission for $92 million of class-B common stock.
    
Buyouts pepper computer sector

     On the buyout front, Richey Electronics (RCHY) soared 3 to 9-7/8 after the computer products vendor, Arrow Electronics (ARW), said it will buy the electronics distribution unit of Bell Industries (BI) for $10.50 a share.
     For its own part, Bell announced a huge decline in third-quarter earnings to come and a major restructuring program. Its shares were down 2-9/16 to 9-3/8 as a result.
     Elsewhere in the high-tech area, Carnegie Group(CGIX) shot up 1-13/16 to 4-7/16 after the British software maker Logica agreed to buy the call-center software maker for $35 million. Back to top

  RELATED STORIES

CNNfn tech stock report - Sept. 30, 1998

CNNfn market movers - Sept. 30, 1998

  RELATED SITES

View the latest market update via Netshow

See how your mutual funds are doing

Learn online trading in Final Bell

Need investing advice? Try Quicken.com on fn


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.