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CNNfn market movers
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March 18, 1999: 2:36 p.m. ET
Egghead.com leads Internet surge, but Network Associates, General Cable slip
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NEW YORK (CNNfn) - Wall Street's slow upward struggle was a study in tightly balanced conflicting forces Thursday, with those stocks breaking out of the deadlock revealing the market's intense, frustrated energy.
In the downside camp, radio component maker RF Monolithics (RFMI) suffered, plunging 3-5/16 to 7-3/16 after the company reported lower second-quarter profit and warned of modest to flat sales growth to come.
A similar warning of sharply lower profit ahead caused General Cable (GCN) shares to fall 2-11/16 to 10-1/16, spurring at least two analysts to moderate their previously enthusiastic recommendations of the stock.
CKE Restaurants (CKR), operator of such chains as Hardee's, tumbled 4-9/16 to 19-3/16 as investors shunned fourth-quarter profits that fell a penny short of Wall Street's mark.
Among companies suffering the wrath of market analysts, Superior Telecom (SUT) fell 2-7/16 to 18-1/4 after ING Baring Furman Selz trimmed its "strong buy" rating to a plain "buy," while Microchip Technology (MCHP) shed 1-9/16 to 34-1/2 after Needham lowered its "buy" rating to "hold."
Network Associates (NETA) plunged 7-5/8 to 33-1/2 on a rating cut from BancBoston, which lowered its recommendation to "buy" from "strong buy." Analysts said investors were spooked by reports over the way the company accounts for acquisitions, but largely discounted the news themselves.
On the winning team
Still, there seemed to be at least one winner for every loser on Wall Street. Internet computer retailer Egghead.com (EGGS) was one of the most notable triumphs, soaring 3-3/4 to 20-11/16 on a "strong buy" rating from influential technology research firm Piper Jaffray.
High-tech venture capitalists Safeguard Scientifics (SFE) leapt 16-9/16 to 70-7/8, extending its recent surge amid renewed enthusiasm for the Internet sector, while DoubleClick (DCLK) climbed 15-3/16 to 161 after its $200 million convertible debt offering spurred hopes of aggressive acquisitions ahead.
Off the Internet, shares of Advanced Lighting (ADLT) jumped 3-1/8 to 10-1/2 on the buzz that General Electric (GE) is increasing its stake in the company to the tune of $25 million.
Medical device maker Boston Scientific (BSX) climbed 4-13/16 to 38-13/16 on a "buy" nod from CS First Boston. Analysts said the stock also was leaping in response to the company's new president and CEO, James Tobin, who formerly held both of those titles at Biogen (BGEN).
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