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Markets & Stocks
CNNfn market movers
July 29, 1999: 3:04 p.m. ET

Some stocks defy plunge as earnings, upgrades and IPOs pull in investors
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NEW YORK (CNNfn) - As Wall Street went into free fall, some stocks managed to defy the plunge with a mix of earnings data, upgrades and market debuts keeping investors interested.
     Shares of MotorVac Technologies (MVAC)rose as investors welcomed a move into profit in the second quarter, along with a 70 percent jump in sales. Stock in the auto repair products maker was up 3/4 at 2-3/4, a jump of almost 40 percent.
    
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     Telecom equipment maker, Teltronics (TELT) also surged as it released its second quarter earnings. The Sarasota, Fla.-based company said earnings per share rose from 3 to 8 cents, which lifted its stock over 30 percent to 3-3/4.
     Net2Phone (NTOP) soared on its first day of trading. Shares in the provider of voice-enhanced Internet communications services were rocketed 6-13/16 to 21-13/16, a jump of 45 percent.
     Another debutante, pre-press technology developer Creo Products (CREOV) made an equally impressive start to trade 5-11/16 higher at 20-11/16.
     Film distributor Unapix Entertainment Inc. (UPX) was over 16 percent higher at 3-1/8 after it secured a new $40 million loan facility from GE Capital.
     Oil and gas explorer Chesapeake Energy (CHK) was one of the biggest risers on the New York Stock Exchange after a ratings upgrade from Bear Stearns. The shares were up almost 15 percent at 3-15/16, a rise of 50 cents.
     On the down side, however, one of the afternoon's biggest fallers was Reno, Nev.-based utility Sierra Pacific Resources (SRP). The stock plummeted over 30 percent, or 11-5/8, to 26-3/16, after completing its merger with Nevada Power late Wednesday.
    
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     Another stock suffering was SS&C Technologies (SSNC), a maker of financial services software, which got hit after late Wednesday reporting a second-quarter loss of 76 cents per diluted share versus earnings of 3 cents per share a year earlier.
     In a strongly worded statement, the Windsor, Conn.-based company said the losses "are significantly higher than those expected for our second quarter."
     SS&C shares fell 1-1/2, or 19 percent, to 6-3/8.
     In another earnings-related plunge, shares of Teleglobe Inc. (TGO) fell hard after the Montreal-based long-distance provider received a volley of downgrades, including those from Merrill Lynch, Credit Suisse First Boston and Deutsche Bank Alex. Brown. This came after the company said Wednesday it expects to earn less than expected for the second quarter and full year.
     Teleglobe stock dropped 5-1/16, or 19 percent, to 21-11/16.
     Troubles continued at Waste Management. The country's biggest trash hauler said Thursday second-quarter earnings will fall short of already revised forecasts, and announced that its chief financial officer and general counsel resigned. (Click here for the full story.)
     Shares of San Francisco-based Waste Management (WMI) sank 5-7/16, or 17 percent, to 26. The stock is off 43 percent in the last three months.
     Investors Thursday clamored for a piece of two companies receiving good news from the FDA.
     Shares of ChromaVision Medical Systems Inc. (CVSN) soared after the San Juan Capistrano, Calif.-based company said the FDA has approved its device to detect cancer.
     "The ACIS system from ChromaVision, which can be applied to a vast number of existing laboratory diagnostic tests, is designed to greatly enhance a physician's ability to detect disease at the cellular level utilizing color," the company said.
     ChromaVision shares pared some of their earlier gains but were still up 3-1/4, or 28 percent, at 14-1/2.
     Similarly, shares of Cohesion Technologies (CSON) rocketed after the company said Wednesday the FDA has accepted the filing of its pre-market approval application for CoStasis Surgical Hemostat, a liquid hemostat designed to stop or control surgical bleeding. Stock of the Palo Alto, Calif.-based company rose 2-1/8, or 51 percent, to 6-1/4.
     In contrast, Bionutrics Inc. (BNRX) suffered the reverse of a near-doubling in its stock price Wednesday. The biopharmaceutical company announced in the previous session that it had received a U.S. patent that broadly covers the use of tocotrienol vitamin E compounds for treating and preventing cancer. Stock in Phoenix, Ariz.-based Bionutrics fell almost 35 percent, or 1-7/16, to 2-11/16.
     As investors fled tech stocks, most of the Nasdaq's largest components took the brunt of the selling. Yahoo! Inc. (YHOO) was the hardest hit, down 5.2 percent at 135-9/16, a fall of 7-7/16. Microsoft Corp (MSFT), the second most traded tech stock, was almost 3.5 percent lower, down 3-1/8 at 86-7/8. The heaviest traded stock, Intel Corp. (INTC), was just over 1.5 percent lower at 69-1/4. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.