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CNNfn market movers
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February 16, 1999: 11:25 a.m. ET
High finance and transatlantic deals lead the winners; banks, Finet, Navistar gain
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NEW YORK (CNNfn) - Good news from several disparate financial sectors conspired to curb selling activity on Wall Street Tuesday, with both global banks and smaller firms exploring the Internet and helping to lift the market.
Shares of British banks surged in London, pushing their New York receipts higher in sympathy. Barclays (BCS) climbed 7 to 109 on the back of encouraging 1998 profits, while competitor National Westminster Bank (NW) added 16-1/8 to 133-1/2.
U.S. banks also leapt ahead, advancing not so much in sympathy with their British counterparts as due to the dollar's sudden climb and renewed strength in the bond market.
Wachovia (WB) gained 1-9/16 to 87-1/16, Wells Fargo (WFC) climbed 7/8 to 35 and Fifth Third (FITB) surged 3-15/32 to 67-7/16, while BankBoston (BKB) added 7/8 to 36-11/16.
Among smaller banks, Republic New York (RNB) jumped 1-5/16 to 43-1/8 and Regions Financial (RGBK) climbed 1-3/32 to 37-1/4.
From banks to brokers, investment giants Merrill Lynch and PaineWebber both bounced on weekend reports that they will soon offer Internet stock trading to clients. Merrill (MER) gained 7/8 to 70 and PaineWebber (PWJ) added 1/4 to 34-5/8.
However, the move only demonstrated the foresight of already-online rival Charles Schwab (SCH), which saw its shares jump 2-13/16 to 65-1/2.
While the giant brokers move onto the Net, at least one Internet discount broker, E*Trade, plans to start managing the assets of its customers, offering branded mutual and money market funds. E*Trade (EGRP) shares climbed 1-1/2 to 47-1/2 on the news, while online competitor Ameritrade (AMTD) added 4-3/16 to 94-1/2.
Even home mortgage companies look to profit from getting in on the Internet act. Finet Holdings (FNHC) shares added 23/32 to 3-5/32 as investors digested the ramifications of the company's FiNet.com Web site, launched Friday, which will offer a comprehensive array of mortgage services to Web clients.
Not just the money business
Outside the finance sector, truckmaker Navistar (NAV) soared 6-5/8 to 41-7/8 as U.S. traders leapt on the bandwagon after weekend reports that Volvo (VOLVY) may be interested in buying the company.
Biotech company Abbott Labs (ABT) also climbed on the strength of transatlantic merger possibilities, gaining 15/16 to 45-15/16, but in this case it was the U.S. company, Abbott, that may be doing the buying.
Belgian newspaper L'Echo reported Saturday that Abbott may be interested in acquiring Belgian competitor Innogenetics, which had no comment.
American Safety Razor (RAZR) rocketed 3-13/16 to 13-11/16 after announcing a firm deal to be bought by closely-held J.W. Childs Equity Partners II for $298 million.
In non-M&A news, Oxigene (OXGN) shares were punished, falling 1-1/4 to 7-3/4 after limited market potential for a cancer drug forced the biotech research firm to abandon the product.
Farm-equipment maker John Deere (DE) leapt 2-1/4 to 34-7/8 after reporting estimate-beating profits for the fiscal first quarter, while retailer Sharper Image (SHRP) surged 1-3/8 to 15-9/16 after reporting its own earnings and reaffirming its commitment to Internet sales. 
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