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CNNfn market movers
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December 10, 1998: 2:07 p.m. ET
Broadcast.com soars on Nasdaq deal; Exodus jumps amid long-term upgrade
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NEW YORK (CNNfn) - Upgrades highlighted Thursday's list of market movers, with brokerages raising their expectations for 3Com and Exodus.
3Com Corp. (COMS ) picked up about 4 percent or 1-3/4 at 45-5/8 after Morgan Stanley Dean Witter boosted the company's 12-month price target to $55 from $45. The brokerage said it sees near-term upside potential from growth in the Palm hand-held computer series.
Everen Securities raised its price targets for Exodus Communications Inc. (EXDS ), prompting that stock to rocket almost 6 percent or 2-3/4 to 52. Exodus' intermediate price target was bolstered to 60 from 42 and its long-term target to 87 from 85. Everen said the company, which provides Web site hosting services, will benefit greatly from the growth of the Internet and recommended aggressive purchase of the stock.
Shares of Swisher International Group Plc (SWR ) were smoking after the world's largest cigar company announced it will go private in a $324 million deal. Under the transaction, shareholders will receive $9.50 per share of common stock as the company merges with its wholly-owned subsidiary, SIGI Acquisition Corp. Swisher stock rallied more than 31 percent or 2-1/8 to 8-15/16.
Wallace Computer Services Inc. (WCS ) jumped almost 10 percent or 2-3/16 to 24-1/2 after the company announced that its second-quarter profit would fall in the range of 43 cents to 48 cents per basic share, and that its fiscal third- and fourth-quarter earnings will exceed year-ago figures. Wall Street analysts' had forecast earnings per share of 43 cents for the second quarter, according to First Call.
CBT Group (CBTSY ) climbed more than 34 percent or 4-1/4 to 16-11/16 after the software provider announced it will buy Knowledge Well in a $52 million stock deal. CBT will issue about 4.8 million shares in exchange for all of Knowledge Well's shares and options.
Broadcast.com (BCST ) soared nearly 7 percent or 4-21/32 to 74-13/32 after the company signed a partnership agreement with Nasdaq to provide its services for quarterly earnings conference calls. Financial terms of the agreement were not disclosed, but the pilot program is set to begin early next year.
Grow Biz International Inc. (GBIZ ) advanced after two top executives of the franchise operator offered to buy the remaining 33 percent of the stock they don't already own. Grow Biz said it formed a special committee of independent directors to review the non-binding proposal, which offers $14 a share. Shares gained almost 30 percent or 3 at 13-1/8.
On the down side, Cerprobe Corp. (CRPB ) shed 16 percent or 2-7/16 at 12-11/16 after issuing a profit warning, citing weak global demand for semiconductors. The chip maker said its fourth-quarter operating loss would fall between 3 cents and 6 cents a share on net sales of $14 million to $15 million. Wall Street analysts had forecasting profits of 16 per share.
Digital River Inc. (DRIV ) fell 10 percent or 2-9/16 to 23 after the company said it will make 3 million shares of its common stock available in a secondary offering, at $23.50 per share. More than half the shares are being offered by the company, with selling stockholders making up the difference. 
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