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CNNfn market movers
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September 21, 1999: 12:15 p.m. ET
Investors clamor for two drug stocks, but flee firms with earnings woes
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NEW YORK (CNNfn) - Promising product developments sent shares of two drug makers soaring Tuesday while financial disappointments tanked stock in several companies.
In the session's biggest advancer, shares of ImmunoGen Inc. (IMGN) catapulted 35 percent after the company said the Food and Drug Administration approved its drug for treating colorectal and pancreatic cancers.
Typically, investors clamor for a piece of what could be the next promising cancer drug. Tuesday was no exception, as stock in Norwood, Mass.-based ImnunoGen rose 23/32 to 2-3/4.
Similarly, Genelabs Technologies Inc. (GNLB) shares gained 28 percent after the company said trials for its drug to treat Lupus showed positive results.
Stock in Redwood City, Calif.-based Genelabs rose ¾ to 3-7/16.
But shares in Superior Consultant Holdings Corp. (SUPC), which provides technology services to the health-care industry, plummeted 47 percent after warning of lower-than-expected 1999 earnings.
Stock in Southfield, Mich.-based Superior fell 9-15/16 to 11-1/16.
Similarly, shares in GST Telecommunications Inc. (GSTX) dipped 27 percent after the company said it expects a third-quarter loss of 10 cents to 20 cents per share.
Stock in the Vancouver, Wash.-based telecom provider fell 3 to 7-15/16.
Shares in Corel Corp. (CORL) advanced 27 percent after the software maker said it earned 26 cents per share in its fiscal third quarter, doubling estimates.
Stock in Canadian-based Corel rose 1-7/8 to 8-13/16.
Shares of PurchasePro.com (PPRO), which provides business-to-business electronic commerce services, gained 8 percent after announcing an co-marketing alliance with competitor DynamicWeb Enterprises Inc. (DWEB).
Shares of Las Vegas-based PurchasePro.com, which went public last week, rose 3 to 42-3/8 in heavy trading. More than 5 million shares changed hands, making PurchasePro the seventh-most traded Nasdaq stock.
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