|
CNNfn market movers
|
 |
January 13, 1999: 11:40 a.m. ET
Internet pullback continues, while only a few stars stand out in broad slide
|
NEW YORK (CNNfn) - The sound and fury of Wednesday's Wall Street retreat made it difficult for individual stocks to stand out from the flood of selling orders, but certain companies managed to withstand the tide.
Eye research firm KeraVision (KERA) climbed 2 to 13-3/8 after winning FDA approval for a new device that promises to correct nearsightedness.
Vastly improved quarterly profits helped disk drive maker Seagate Technology (SEG) 1-11/16 higher to 40-5/8.
Medical information clearinghouse Advanced Health (ADVH) also held firm, gaining 5/8 to 2-5/8 as investors rallied to news that the company will focus its efforts on promoting electronic medical commerce.
Increased Internet connectivity also helped telephone giant SBC Communications (SBCC) add 1-2/32 to 54-26/32. The company unveiled plans late Tuesday to offer high-speed Internet access to its nearly 10 million telephone customers.
However, while lingering Internet euphoria was generous to a few companies Wednesday, the market punished the vast majority of its once-favored online darlings.
Yahoo! (YHOO) fell 15-1/4 to 386-3/4 despite reporting better-than-expected profits and announcing a 2-for-1 stock split. BT Alex. Brown analyst Shaun Andrikopoulos cut his recommendation of the company to "buy" from "strong buy."
Among other falling Internet bellwethers, Broadcast.com (BCST) plunged 38 to 185 and Amazon.com (AMZN) lost 9-1/8 to 154-1/4, while E*Trade (EGRP) slipped 6-15/16 to 94 and Lycos (LCOS) came off early lows to trade down 3 at 101-1/2.
Latin ADRs suffer
A 10-percent tumble on the Brazilian stock market drove American depositary receipts (ADRs) dramatically lower, with Latin American receipts dominating the list of early percentage losers on the New York Stock Exchange.
Of the 15 top decliners by percentage loss, 11 were Latin ADRs. Volume leaders included Brazilian telecommunications companies Telesp and Telebras, which both plunged in New York as well as Sao Paulo.
Telesp (TSP) fell 2-26/32 to 14-3/4, while Telebras (TBH) dropped 6-3/16 to 56-7/16.
Other Brazilian receipts, including Paranaense Energia (ELP), Companhia Brasileria (CBD), and Tele Nordeste (TND), were sharply lower.
Corporate news no help
Other companies suffered in the morning downturn even though they had released news that investors usually reward.
Canadian telecommunications equipment maker Northern Telecom (NT) retreated 1-7/16 to 51-9/16 despite announcing layoffs and plant closings.
Similarly, glove manufacturer Safeskin (SFSK) slid 2-7/8 to 20-7/8 after saying it will close unprofitable production facilities in Malaysia and California.
Companies issuing more traditionally investor-unfriendly news also were heavily punished.
Aetrium (ATRM), which supplies chipmakers, fell 1-3/4 to 10-3/8 after alerting Wall Street that its fourth-quarter losses will be deeper than analysts had forecast. Likewise, communications component maker Anicom (ANIC) slid 1-7/8 to 10-3/8 on a similar warning. 
|
|
|
|
|
 |
|
