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CNNfn market movers
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December 1, 1998: 2:29 p.m. ET
Wavephore crests, but Pacific Sunwear doesn't shine, as Net issues bounce back
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NEW YORK (CNNfn) - A midday rebound bounced Internet stocks off their lows, while one online innovator was riding the cyber-wave Tuesday onto the day's list of market movers.
Wavephore (WAVO) was cresting, up 5-7/8 to 13-1/16, or more than 75 percent, after the maker of wireless and Internet broadcasting systems unveiled a new online shopping mall delivering information and entertainment to computers via TV signals.
The company also said it would enter an accord with Wave Systems (WAVX) which develops traffic-monitoring equipment, to form an Internet pay-per-view system.
At least one retailer swelters
Getting burned again was Pacific Sunwear (PSUN), off 1-15/32 to 13-11/32, at a new 52-week low, after the summer clothes seller said late Monday sales at its stores open at least a year -- known as same-store sales -- fell 1.6 percent last month, even though overall sales rose 25 percent.
Unable to soothe the pain was a company announcement it would buy back 1 million shares. Pacific Sunwear plunged on Nov. 24, after reporting disappointing earnings.
Mossimo (MGX) gained 1-7/8 to 4-7/8 after the clothing retailer tapped former Tommy Hilfiger (TOM) Chairman and Chief Executive Officer Edwin Lewis as its new president and CEO.
But getting a jolt on monthly sales data was java giant Starbucks (SBUX), which climbed 3-5/8 to 49-3/4 after announcing same-store sales rose 6 percent last month.
Lehman Brothers upped its 9- to 12-month price target on Starbucks to 67, up from 52.
Dow component Sears Roebuck (S) lost 2-1/8 to 45-5/16 after Bear Stearns downgraded the department store chain to "attractive" from "buy," citing lackluster same-store sales last month.
And Tandy (TAN) dived 4-5/16 to 40-3/4, or nearly 10 percent, on similar speculation of weak computer sales in November. Salomon Smith Barney analyst David Strasser said the company was hurt by price cuts at competitors Tandy didn't match.
Deal not an upper for drug stocks
Mixing drugs and agrochemicals had a decidedly unfavorable effect for stocks of the French drug maker Rhone-Poulenc (RP) and Germany counterpart Hoechst (HOE).
American depositary receipts of Rhone-Poulenc lost 2-3/4 to 47-1/4 and those of Hoechst dropped 1-1/8 to 40-7/8 after the two confirmed they will merge their pharmaceutical and farm chemicals units on the way to a full merger in three years.
And life-sciences powerhouse Monsanto (MTC), which recently called off its merger plans with American Home Products (AHP), dipped 1-1/16 to 44-1/4, as a U.S. Food and Drug Administration panel reviews Celebrex, its new treatment for arthritis.
But as that decision is awaited - and many analysts expect approval - one top official on the panel said Tuesday that Celebrex does not meet all the usual criteria for pain management and in some cases didn't perform better than a placebo.
American Home was off 11/32 to 53-1/32.
Nets smile after morning shave
The Internet sector was soft but was reviving off early lows that were a spill-over from a sharp drop Monday.
Among those pulled lower - but still up from early lows - were the online auctioneer Onsale (ONSL), down 3 to 58-1/2, and advertising advisor DoubleClick (DCLK), off 2 to 38-1/2. 
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