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CNNfn market movers
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December 2, 1998: 2:26 p.m. ET
E-Tek blasts off in IPO, Boeing drags down Sunstrand, and dELiA*s dresses up
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NEW YORK (CNNfn) - The ongoing rebirth of the initial public offering market was causing cries of joy at fiber-optic cable maker, while oil refiners were still in the dumps on the Wednesday list of market movers.
E-Tek Dynamics (ETEK) was getting an electric jolt in its first day of trading, climbing to 27-5/16, a rise of 128 percent, after the maker of fiber-optic gear priced Tuesday night at $12 per share, above the expected range of $9 to $11 per share. Goldman Sachs is lead underwriter.
Taking a nose dive following woes at airplane maker Boeing (BA) was Sunstrand (SNS), off 5-3/16 to 49-5/8. Twelve percent of its sales are to Boeing, which uses Sunstrand electrical systems in every plane.
Boeing said late Tuesday it would cut up to 48,000 jobs - 20,000 more than first planned in June - by the year 2000. The Dow member was off 6-9/16 to 33-13/16.
Hitching a ride on the e-commerce bug, dELiA*s (DLIA) skyrocketed up 4-9/16 to 12-13/16 after the direct-mail seller of causal clothes said it would boost its online presence.
Big Tuesday gainer WavePhore (WAVO) tumbled 4-3/8 to 10-7/83/4, or 29 percent, in heavy trading after the Internet broadcasting technology developer gained 7-1/2 Tuesday in the wake of unveiling a new online shopping mall.
Also drifting back from Monday gains was GLC Ltd. (GLCCF), off 8-5/16 to 16-11/16, or 33 percent, a day after rocketing 16-35/64 in the wake of an announcement by its GalaxiWorld Ltd. unit it has opened an "advanced" online casino.
D&N Financial (DNFC) climbed 2-3/4 to 25-5/8 after the bank holding company late Tuesday unveiled a merger with fellow Michigan bank Republic Bancorp (RBNC) in a deal worth $286 million. Republic fell 1-11/6 to 14-15/16.
Slip-sliding on an oil slick
While crude-oil prices trickled lower, to new 12-year lows, big oil refiners were again under the gun.
Dow stock Chevron (CHV) dropped 1-15/16 to 80, Texaco (TX) fell 2-5/8 to 54-13/16, and Amoco (AN) shed 2-5/16 to 55-3/16. American depositary receipts of French oil company Total (TOT) dipped 4-1/2 to 51 and British Petroleum (BP) lost 3-11/16 to 86-3/16.
Relatively unscathed were would-be merger partners Exxon (XON), losing 1/2 to 71-1/8, and Mobil (MOB), up 5/8 to 84-3/8.
Good earnings fashion gains
Comverse Technology (CMVT) leapt 3-7/8 to 61-7/8 after the voice-mail service provider late Tuesday reported third-quarter earnings of 62-cents a share, a nickel better than analysts' expectations, according to earnings tracker First Call.
Piper Jaffray, BankBoston Robertson Stephens and Lehman Brothers all raised their 1999 earnings per share targets on Comverse.
Analog Devices (ADI) blasted up 2-3/8 to 23-3/8 after the chip maker reported fourth-quarter earnings of 16 cents a share, a penny above the First Call consensus estimate.
Morgan Stanley opened its coverage of the stock with "outperform" rating, and set a 12-month price target of $30 per share.
Cable Design Technologies (CDT) rose 3-1/16 to 21-1/6 after the maker of fiber-optic cable reported fiscal first-quarter earnings Tuesday of 41 cents a share, beating the consensus estimate by 4 cents.
Merrill Lynch upgraded the stock to "near-term accumulate" from a "near-term neutral," citing stronger-than-expected sales numbers.
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