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The check engine light flashing is basically telling you something is wrong with the engine. In my experience, it flashed when I was getting a misfire.
Could be a ghost code but you should get the codes checked anyway...you can go to an auto parts store or you can do it yourself as well. Both options being free.
Most likely, the stutter is from a bad coil(s). '99s are infamous for having the coil packs go out, causing misfiring. (4th gens are distributorless and each cylinder has its own individual coil pack to charge the spark plugs)
Since you just got the car, have you also done a full tune-up? Spark plugs, fuel filter, air filter...etc.
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HIS: '07 Mazda CX-7 Touring...20% tint all around
HERS: '06 Mazda 3s...tint/CAI/Mazda3 pedals
GONE: '99 Maxima...i/h/e/eibachs/b&m/17s
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