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Daily research roundup
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August 6, 1999: 5:54 p.m. ET
Earnings woes lead to downgrades; Goldman smiles on Yahoo!
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NEW YORK (CNNfn) - Sterling Commerce led the league in stock downgrades Friday, garnering three negative revisions after the maker of electronic commerce software posted an earnings disappointment.
JP Morgan, Credit Suisse First Boston and Advest Inc. all removed their "buy" ratings from the Dallas-based company.
This came after Sterling (SE) late Thursday posted third-quarter earnings below expectations and warned that its fiscal fourth-quarter earnings and full-year 1999 profits would miss targets.
Sterling shares fell Friday 2-5/16, or 10 percent, to 21-15/16.
Guitar Center (GTRC), a retailer of guitars, amplifiers, drums, keyboards and pro audio equipment, received a pair of downgrades Friday.
This came after the company late Thursday reported a net loss for the quarter of $149,000, or 1 cent per diluted share, compared to net income of $2.3 million, or 10 cents per diluted share, in the second quarter of 1998.
Dain Rauscher Wessels downgraded the Agoura Hills, Calif.-based company to "buy aggressive" from "strong buy aggressive." Stephens Inc., meanwhile, lowered its rating to "neutral" from "buy."
Guitar Center stock fell 1-5/16, or 12 percent, to 9-3/4.
In Friday's only notable upgrade, Goldman Sachs (GS) changed its rating on Yahoo! (YHOO) to "recommended list" from "market outperform."
But the nod from the powerful investment house wasn't enough to lift Yahoo!'s stock.
Stock in the Internet portal slipped 1-7/16, or 1.12 percent, to 126-15/16.
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