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CNNfn market movers
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September 1, 1999: 12:09 p.m. ET
Promise of teeth-whitening laser helps one stock; financial woes plague others
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NEW YORK (CNNfn) - A government approval sent shares of a medical equipment maker soaring Wednesday while poor financial results -- both actual and anticipated -- sank several stocks.
In one of the session's biggest gains, shares of Premier Laser Systems Inc (PLSIA) catapulted after the company said Wednesday it received Food and Drug Administration clearance to market its new laser for teeth whitening.
Stock in Irvine, Calif.-based Premier rose 2-3/4, or 157 percent, to 4-1/2.
In contrast, shares of MMC Networks (MMCN), a computer networking equipment maker, fell after the company warned of lower fourth quarter revenue due to IBM's (IBM) planned exit from the network switch/router business.
As a result of lost business, Sunnyvale, Calif.-based MMC said fourth quarter revenues could fall 5 percent to 10 percent. The company's stock sank 5, or 16 percent, to 25-7/8. More than 9 million shares changed, making MMC the second most active Nasdaq listing.
In more negative financial news, Day Runner Inc. (DAYR), the office products maker, reported fiscal fourth quarter losses late Tuesday of $5.2 million, or 44 cents per share, compared with earnings of $4.9 million, or 39 cents per share, in the year-ago period.
Investors sold on the news, sending shares in Irvine, Calif.-based Day Runner falling 1-13/16, or 17 percent, to 9-1/16.
But shares of Big Entertainment Inc. (BIGE), soared after CBS Corp. (CBS) said it will take a 30 percent stake in Big, which owns several movie-related Internet businesses, including Hollywood.com.
In addition, Big Entertainment will receive approximately $105 million in advertising and promotion form CBS.
Shares of Boca Raton, Fla.-based Big rose 2-7/8, or 17 percent, to 20-1/4.
A potential buyout drew investors to Staff Leasing Inc. (STFF) after the payroll administration company said late Tuesday it was considering putting itself up for sale.
Stock in Bradenton, Fla.-based Staff Leasing gained 2-9/16, or 28 percent, to 11-13/16.
Finally, investors apparently took profits in Fatbrain.com (FATB). The Web site which calls itself the Internet's most comprehensive professional bookstore soared 25 percent Tuesday after unveiling what it said is a secure publishing program that allows authors to sell works online, earning '"significant" royalties on every copy sold.
But the rise didn't last. Investors Wednesday cashed out of the Sunnyvale, Calif.-based company, sending its stock down 2-11/16, or 11 percent, to 21-3/8.
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