CNNfn market movers
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November 24, 1998: 11:30 a.m. ET
Raining on Pacific Sunwear, Semtech chipper, Cyberian Outpost looking cool
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NEW YORK (CNNfn) - Rain fell on a shortened Wall Street earnings parade Tuesday, and one company that banks on good weather was getting drenched.
Pacific Sunwear of California (PSUN), plunged 6-5/16 to 18, or about 25 percent, after the casual-clothing vendor posted third-quarter earnings of 38 cents per diluted share. Analysts expected earnings of between 48 and 50 cents, according to First Call.
On the upside was Semtech (SMTC), rising 3-1/2 to 32-3/4 after the chip maker reported after the bell Monday third-quarter earnings of 23 cents per share, versus the analyst estimate of 18 cents.
AmeriPath (PATH) dropped 4-5/8 to 4-15/32 after the physician practice management company announced late Monday it received a request for a refund of $2.95 million from Medicare Program Safeguards.
The company said in a statement that it "vigorously disputes" the findings, which came after a review of its billing practices in 1996.
Donaldson, Lufkin & Jenrette and Hambrecht & Quist downgraded the stock Tuesday.
Goldman Sachs' change of view bit into two big bio-technology players. Amgen (AMGN) sank 3-7/16 to 75-9/16 and Biogen (BGEN) dropped 3-1/8 to 79-1/2 after the brokerage cut its rating on each to "market perform" and took them off Goldman's recommended list.
Staff Leasing (STFF) tumbled 3-13/16 to 9-1/16, or nearly 30 percent, after the largest U.S. temporary-help company lowered its 1999 earnings estimates to $1.02 a share, while analysts expected $1.13.
One highlight in the Internet sector, which overall was slumping, was Cyberian Outpost (COOL), shooting up 9-3/4 to 34-3/4, adding to a 10-5/8-point gain on Monday after the online retailer joined eight counterparts to unveil plans for a one-stop shopping web site.
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