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Wall Street's daily picks
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May 3, 1999: 2:41 p.m. ET
Circus Circus breaks the upgrade bank, but Integrated Health isn't so lucky
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NEW YORK (CNNfn) - Wall Street analysts revised their ratings of the following companies, according to remarks issued Monday by estimate-tracker First Call Corp.
Downgrades ruled the day, with Integrated Health Services (IHS) getting the worst of it after the health-services provider reported late Friday that changes in the Medicare system caused first-quarter revenue to fall nearly 20 percent. As a result, the company lost 13 cents per share in the quarter, a sharp disappointment from consensus estimates of 6 cents.
On Monday, BT Alex. Brown lowered its rating of the stock to "market perform" from "buy," while Schroder & Co. knocked its recommendation to "perform in line" from "outperform."
Investors kept a more optimistic outlook, pushing shares up 3/16 to 5.
Another company falling short of Wall Street expectations was Tier Technologies (TIER), which provides corporate and government clients with information technology services. The company said late Thursday that increasing reinvestment of profits in the fiscal second quarter caused corporate earnings to decline to 5 cents per share, far below the 16 cents analysts had expected.
Adams Harkness downgraded the stock to "perform" from "strong buy" Monday, but shares defied the scolding, edging up 1/8 to 6-1/8. The stock fell 1-15/16, nearly 25 percent, Friday.
Real estate investment trust Impac Commercial Holdings (ICH) saw PaineWebber downgrade its stock to "attractive" from "buy" thanks to an unexpected fiscal fourth-quarter operating loss. The REIT lost 3 cents per share in the quarter due to weakness in its mortgage business, falling short of the 15 cent profit Wall Street had looked for.
Impac shares slipped 1/8 to 4-15/16 Monday.
Hotelier Circus Circus (CIR) made its own luck, earning a "buy" rating from Merrill Lynch after announcing that first-quarter profits could come in at 42 cents per share, far above forecasts.
Merrill Lynch had previously rated the casino operator "accumulate," while shareholders voted with their feet to lift shares 4-5/8, nearly 22 percent, to 25-11/16. 
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