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CNNfn market movers
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November 6, 1998: 2:05 p.m. ET
FDA gives an injection to drug, device makers, Net stocks up, EduTrek's down
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NEW YORK (CNNfn) - Drug makers got upbeat injections Friday from U.S. regulators, vaulting their stocks to the day's list of market movers.
Guidant (GDT) gained 4-3/8 to 82-7/8 after the U.S. Food and Drug Administration granted early approval to its MultiLink Duet stent, which is used to prop open coronary arteries. The ahead-of-schedule approval will allow Guidant to reap benefits in the current quarter and should help stem a decline in the company market share, analysts said.
Anesta (NSTA) gained 1-3/4 to 22-3/4 after its Actiq drug, the first medication to treat sudden flare-ups of cancer pain, was approved by the FDA.
And Possis Medical (POSS) was up for a second day, gaining 2-9/16 to 11-3/16 after the maker of cardiovascular devices said Thursday the FDA granted expedited review status for marketing its device used to remove blood clots in coronary arteries and bypass grafts.
W.R. Berkeley (BKLY) slipped 3-5/8 to 34-3/8 after the property casualty insurer is hiring Morgan Stanley Dean Witter to find "strategic opportunities" for its regional insurance companies.
That came as the company reported a sharp decline in quarterly earnings last month.
Barnes & Noble (BKS) rose 2-7/8 to 33-3/4 after the bookstore chain said it would buy the privately trade-book wholesaler and specialty magazine distributor Ingram Book Group for $600 million in cash and stock.
That comes a day after Barnes & Noble named Jonathan Bulkeley as chief executive of its barnesandnoble.com online venture with Germany's Bertelsmann.
Rival Amazon.com (AMZN), the online bookseller, lost 2-3/4 to 125-3/4.
Gaining elsewhere in the 'Net sector were the Internet service providers EarthLink Network (ELNK) up 5-1/16 to 48-1/2 and MindSpring Enterprises (MSPG) rose 4-3/16 to 45-1/2.
Search engine maker Inktomi (INKT) rocketed up 12 to 101-3/4 and online broker E-Trade Group (EGRP) gained 2-5/8 to 23-5/8.
Vision Twenty-One (EYES) lost 2 to 5-1/8 after the eye-care company reported a third-quarter loss of 3 cents per share and said it plans to take an undisclosed charge in the fourth quarter.
Suiza Foods (SZA) rumbled up 3-9/16 to 37-1/2 after the dairy products maker posted operating profits of 76 cents a share, a penny better than the analyst estimates, for the third quarter and said it will participate in industry consolidation.
Project Software & Development (PSDI) shot up 8-1/16 to 29-1/2 after the maker of enterprise software posted a profit of 48 cents a share in its fiscal fourth quarter, versus the analysts' estimate for 41 cents.
BancBoston Robertson Stephens raised its rating on the company to long-term buy from attractive Friday.
Teltrend (TLTN) gained 4-7/16 to 19-11/16 after the maker of electronic equipment for the local telephone loop said it would buy back up to $8 million of company stock.
Teltrend also said it expects fiscal first-quarter profit to come in at 40 to 42 cents a share, well ahead of analysts' consensus target for 35 cents, as reported by First Call.
Tarrant Apparel Group (TAGS) was up 2-15/16 to 22-13/16 after the clothing vendor reported third-quarter earnings of 49 cents per share, in line with analysts' estimates.
Recoton (RCOT) plummeted 3-5/16 to 19-7/16 after the consumer electronics vendor posted a third-quarter profit of 30 cents a share, down from the previous year and below the analysts' targets for 53 cents.
EduTrek International (EDUT) plunged 2-13/16 to 6-3/16 after the provider of higher education, operator of the American College, was cut by CS First Boston to a buy from strong buy. 
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