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CNNfn market movers
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July 22, 1999: 2:33 p.m. ET
Restatement helps Kimberly-Clark; Xerox, Budget Rental hurt by results
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NEW YORK (CNNfn) - Earnings reports -- either restated from the past, reported in the present, or anticipated in the future - weighed heavily on some stocks Thursday.
Global paper products market leader Kimberly-Clark (KMB) added almost 5 percent after restating its earnings for the last five years after an SEC review, adding around 20 cents a share to earnings. The stock gained 2-1/2 to 59-1/2.
However, copier manufacturer Xerox (XRX) failed to replicate Kimberly-Clark's success and dipped almost 7 percent after its 2.5 percent sales rise in the second quarter left analysts disappointed. The shares lost 5-1/8 to 50-1/4.
Budget Rental (BD), the third-largest auto rental business, shed more than 15 percent after announcing that third-quarter profits would take a 40 to 50 cent hit due to problems in its truck rental business. The stock lost 2-7/16 at 10.
Cincinnati Bell (CSN) rebounded 1-5/16 to 21-1/8 after Tuesday's 15 percent slump. The stock was marked down following the $3.2 billion acquisition of IXC Communications (IXC), which added another 2-3/8 at 42-1/8.
Booming North American car sales helped independent auto finance market leader Arcadia Financial (AAC) advance after announcing that its delayed second-quarter earnings, due next week, would be between 35 and 40 cents a diluted share. Analysts surveyed by First Call had forecast earnings of 22 cents a share. The stock gained around 11 percent, adding 27/32 at 9-5/32
On the Nasdaq, Microware Systems (MWAR) led the gainers after BellSouth opted to use the firm's set-top box decoder software for its cable customers. The stock leapt more than 60 percent, rising 1 to 2-15/16. Microware will produce more than 100,000 decoders for the Baby Bell.
Asymetrix Learning (ASYM) gained 24 percent after signing up network provider Go2Net (GNET) to distribute its click2learn online education products in a three-year deal. The stock advanced 1-3/4 to 9-1/16.
Data Race (RACE), a Texas-based producer of remote access computer equipment, climbed 17 percent in volatile trading after three unnamed investment firms took a $6 million slice of the firm. The stock added ½ at 3-3/8.
Nasdaq losers were topped by International Data Systems (ITDS), which plunged 5-3/8, or more than 30 percent, to 10-5/16. The billing system provider said it would take a $313.9 million charge following its purchase of Intellicom, prompting a rash of downgrades.
Software provider Compuware (CPWR) was off almost 20 percent in heavy selling after a raft of downgrades from CSFB among others. The firm beat second-quarter earnings estimates by 3 cents at 24 cents a share, only to see its stock shed 6-1/2 at 27-1/8.
Semiconductor equipment maker SpeedFAM IPEC (SFAM) was also hit after Banc of America Securities downgraded the stock from buy to hold, sending the stock down almost 30 percent as it shed 4-1/4 at 10-7/8.
Nokia (NOK), the Finnish-based cellular phone maker listed on the NYSE, suffered a similar fate despite reporting second quarter profits of $581 million, in line with expectations. Analysts said the firm should have taken more advantage of problems at Swedish rival Ericsson, which recently shed its chief executive. Nokia's American Depositary Shares were down 7-1/8 to 87-1/2.
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