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UPS AND DOWNS
Scientific-Atlanta, Lucent, Quest Software, Stewart Enterprises, Family Golf Centers, and other market movers... August 13, 1999
UPSBroadband transmission systems and interactive digital set-top box maker Scientific-Atlanta (NYSE: SFA) jumped $7 5//16 to $47 1/8 after posting fiscal Q4 EPS of $0.33 (excluding a gain), beating the First Call mean estimate by a nickel. Rival General Instrument (NYSE: GIC) rode the company's coattails $5 1/4 higher to $48 3/16. For more details, see today's Breakfast With the Fool.
Telecommunications equipment maker Lucent Technologies (NYSE: LU) added $2 1/16 to $65 13/16 after agreeing to buy privately held Internet Protocol (IP)-based virtual private network (VPN) router maker Xedia Corp. for $246 million in stock.
Online electronic information gathering and distribution software firm Quest Software (Nasdaq: QSFT) voyaged $33 higher to $47 after selling 4.4 million shares in an initial public offering at a price of $14 per share. Fellow e-business software company and Friday IPO Active Software (Nasdaq: ASWX) picked up $3 to $14 in its first day of trading.
Hotel and casino operator Mirage Resorts (NYSE: MIR) rolled $1 11/16 higher to $14 13/16 following a Banc of America Securities upgrade to "buy" from "market perform."
Programmable logic devices maker Xilinx Inc. (Nasdaq: XLNX) moved up $6 3/16 to $73 9/16 after Merrill Lynch newbie analyst Eric Rothdeutsch started coverage of the firm with a "buy" rating. Xilinx rival Altera (Nasdaq: ALTR) gained $3 to $42 5/8 after receiving an initial "accumulate" rating.
Pokemon and Nintendo game licensee 4Kids Entertainment (Nasdaq: KIDE) skipped its way $8 3/8 higher to $50 1/4 after reporting Q2 EPS of $0.31, up from last year's $0.02. The company also announced plans to split its stock two-for-one.
Fibre Channel storage area networking (SAN) switches supplier Brocade Communications Systems (Nasdaq: BRCD) climbed $22 5/8 to $152 1/4 after posting fiscal Q3 EPS of $0.06, topping the First Call mean estimate by $0.02. Revenues soared 339% year-over-year to $20.1 million.
DOWNSFuneral home and cemeteries operator Stewart Enterprises (Nasdaq: STEI) was buried for a $3 7/8 loss to $6 3/16 after warning that intense competition from low-cost mortuaries and changing customer preferences will result in Q3 EPS $0.02 to $0.04 below the First Call mean estimate of $0.29. EPS in Q4 is expected to fall $0.06 to $0.08 shy of the estimate of $0.25 as well.
In sympathy, fellow funeral services company Carriage Services (NYSE: CSV) was run over for a $3 9/16 loss to $11 7/16 after Merrill Lynch and Raymond James both lowered their ratings on the stock.
Golfing centers operator Family Golf Centers (Nasdaq: FGCI) plunged $2 21/32 to $1 3/16 after reporting a Q2 loss of $0.06 per share, just a bit shy of the First Call mean earnings estimate of $0.28 per share. The company also said that it may have to file for bankruptcy protection if it cannot renegotiate its debt covenants.
Interactive Web-enabled medical systems maker Sabratek Corp. (Nasdaq: SBTK) sank $4 1/32 to $6 31/32 after spooking the market by saying it is delaying the release of its Q2 earnings results until a review by its independent auditor is completed.
Development stage biotechnology company Pharmacyclics (Nasdaq: PCYC) was thrown for a $2 1/8 loss to $26 3/4 after reporting a fiscal Q4 loss of $0.46 per share, worse than last year's loss of $0.31 per share and below the Zacks mean estimate of a loss of $0.38 per share. The company also filed a registration statement with the SEC to sell 1.75 million primary shares to the public.