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CNNfn market movers
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November 20, 1998: 11:13 a.m. ET
BEA Systems pounded, Autodesk pleases the Street and Digital River rolls along
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NEW YORK (CNNfn) - Slimmer growth forecasts pounded one software maker, while pleasing the Street worked in favor of another, putting their stocks onto Friday's list of market movers.
Getting a severe dressing-down was BEA Systems (BEAS) plunging 13-1/16 to 13-5/16, or nearly 50 percent, even though the company, whose Tuxedo product helps customers manage their transactions and communications, beat analyst expectations by a penny in the third quarter.
However, in a conference call with the financial community, executives pared revenue growth targets, citing weak global markets and clients' retrenchments, analysts said.
Goldman Sachs, Piper Jaffray and CS First Boston all lowered their ratings on BEA stock.
But on the upside, AutoDesk (ADSK) rose 5-1/16 to 36-1/16 after the computer-aided-design software maker Thursday posted third-quarter earnings of 44 cents per diluted share, in line with analysts' expectations as reported by First Call.
Rolling along was Digital River (DRIV), shooting up 2-15/16 to 21-3/16 after the online computer vendor Anything Internet said it will sell the software distributor's products on its web site.
Getting a shot from a brokerage was Sepracor (SEPR), up 4-1/2 to 79-1/2 after Merrill Lynch began coverage of the company -- which tries to improve existing drugs -- with a "short-term accumulate" and a "long-term buy" rating.
Cendant (CD) edged up 1-1/16 to 15-1/2, after the direct-marketing and franchise giant agreed to sell its consumer software unit to the French media and travel company Havas S.A. for $800 million, plus contingent payments of up to $200 million next year.
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