The Motley Fool's Market Movers (Downs)
The Motley Fool - August 28, 1998 12:27
August 28, 1998/FOOLWIRE/ -- PC maker and marketer Gateway (NYSE: GTW)
slid $3 1/8 to $52 1/4 after cutting prices of its Solo line of notebook
computers by as much as 6%. Elsewhere, other box and computing products
makers were down as well. Compaq (NYSE: CPQ) lost $2 5/16 to $30 3/16 and
Dell Computer (Nasdaq: DELL) slipped $8 5/16 to $116 3/4.
Gold mining company Barrick Gold Corp. (NYSE: ABX) was drilled $1 3/16 to
$13 3/16 after the price of gold sank to a 19-year low on concerns Russia
might flood the market by selling some of its gold reserves to bolster its
sagging economy. Fellow miner Placer Dome (NYSE: PDG) also fell $11/16 to $8
11/16.
Internet conglomerate America Online (NYSE: AOL) fell $8 1/2 to $96 1/2
despite reporting yesterday that the worldwide membership of its namesake
online service passed the 13 million customers mark. Other Internet-related
stocks also traded lower this morning. Yahoo! (Nasdaq: YHOO) sank $7 9/16 to
$83 1/2, Lycos (Nasdaq: LCOS) slumped $5 5/8 to $28 5/8, Amazon.com (Nasdaq:
AMZN) slid $13 1/4 to $105 3/4, Infoseek (Nasdaq: SEEK) declined $3 to $20
3/4, and MindSpring Enterprises (Nasdaq: MSPG) slipped $4 13/16 to $29
15/16.
Forage and turf seed developer AgriBioTech (Nasdaq: ABTX) was mowed down for
another $1 15/32 loss to $8 9/32 on continuing fallout from market rumors
earlier this week suggesting the company would restate its earnings figures.
The company has denied the rumors, calling them "lies placed on the Internet
by short sellers."
Financial planning software firm Intuit (Nasdaq: INTU) lost $4 1/2 to $40
3/4 despite reporting fiscal Q4 EPS of $0.03 versus a $0.19 loss a year ago,
beating the First Call mean estimate by $0.02. Net revenue rose 48%
year-over-year in the quarter to $117.3 million.
Discount shoe retailer Payless Shoesource (NYSE: PSS) tripped $2 3/4 to $45
11/16 after Morgan Stanley Dean Witter downgraded the stock to "neutral"
from "outperform."
Vitamin and sports nutrition products retailer General Nutrition Companies
(Nasdaq: GNCI) deflated $2 13/16 to $14 1/2 after BancAmerica Robertson
Stephens lowered its long-term rating to "attractive" from "accumulate."
Ethernet local area network (LAN) switches and hubs maker MRV Communications
(Nasdaq: MRVC) slid $7 13/16 to $6 9/16 after saying that weak demand and
delayed product launches will result in lower-than-expected revenues and
earnings, sequentially lower gross margins, and higher operating expenses in
fiscal Q3. Revenues are expected to come in 10% to 15% below the $65.7
million reported last year.
Biotechnology firm EntreMed (Nasdaq: ENMD) gave back $2 1/4 to $18 1/2 after
rising 13% yesterday on word that it had received a "composition of matter"
patent for its angiostatin protein, which has shown some cancer-killing
traits in recent studies.
Coffeehouse operator and Frappuccino marketer Starbucks Corp. (Nasdaq: SBUX)
fell $3 1/4 to $30 15/16 this morning. Yesterday, the company reported a 3%
year-over-year rise in August same-store sales and a 26% rise in net sales
to $108 million during the month.
Camel cigarettes and Oreo cookies maker RJR Nabisco Holdings Corp. (NYSE:
RN) slumped $15/16 to $22 1/16 despite being chosen to replace MCI
Communications (Nasdaq: MCIC) on the Standard & Poor's 500 Index.
Cadence Design Systems (NYSE: CDN) slipped $1/4 to $23 3/4 after announcing
it will buy Lucent Technologies' (NYSE: LU) Bell Labs Design Automation
Group and provide electronic design automation services to Lucent for three
years. Terms of the agreement weren't revealed, but Lucent will purchase
software products and services from Cadence. Lucent dropped $3 3/8 to $79
5/16.
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