|
CNNfn market movers
|
 |
April 7, 1999: 3:19 p.m. ET
PairGain gains on bogus story, Infospace soars for real; FVC is DOA
|
NEW YORK (CNNfn) - A bogus acquisition story took one company for a whirlwind ride on Wall Street Wednesday before reality brought it back down.
PairGain Technologies Inc. (PAIR) saw its stock shoot up as much as 31 percent on the strength of a bogus report on the Internet that the phone-equipment maker was going to be acquired by Israel's ECI Telecom. Both companies denied the story and the stock gradually returned to earth, up 29/32 at 9-13/32.
But there was plenty of real news to keep investors busy.
Take Infospace.com (INSP), for example. A lot of investors did after the Internet content provider announced a 2-for-1 stock split. The company was up 19-7/8, roughly 22 percent, to 109-1/2.
@Home Corp. (ATHM) was definitely in the house, racking up 7-7/8 to 170, after announcing plans to develop cable Internet services in Japan.
Charles Schwab Corp. (SCH) was a hot issue Wednesday, rising 8-3/8 to 115-5/8 following reports that the largest online broker could split its shares again after its annual shareholders meeting next month.
Spyglass Inc. (SPYG) watched its stock rise 5-13/16 to 14-11/16, an eye-opening 65 percent, after announcing a three-year, $20 million contract with Microsoft Corp. (MSFT).
And Seagram Co. (VO) was drinking in the sight of its stock rising 3-3/8 to 58-5/16 after its Universal Music and Bertelsmann's BMG agreed Wednesday to a joint venture to sell their music products and promote their artists on the Internet.
Going down
FVC.Com Inc. (FVCX) had a tough time, dropping 10-1/2 or a stunning 60 percent, to 6-7/8 after the video-conferencing products maker said it will report a first quarter loss of 20 cents to 22 cents per share.
Engineering Animation Inc. (EAII) couldn't engineer a way out of the hole it fell into Wednesday. The computer imaging company's stock dropped 19-15/16, or about 50 percent, to 20, after announcing that its first quarter earnings would fall below estimates.
Network Associates Inc. (NETA) fell dramatically after the security software maker said first quarter profit would slip below estimates. The company was down 5-13/16 to 16-1/8.
AboveNet Communications Inc. (ABOV) couldn't rise above its secondary public offering of 4 million shares of common stock. The Internet service company's stock dropped 9-1/4 to 113-3/4.
And the luck of the Irish wasn't with Saville Systems PLC (SALVY). The Irish company warned of an earnings shortfall and its American depositary receipts dropped in response, falling 4-1/16 to 6. BT Alex. Brown lowered its rating on shares of Saville to "buy" from "strong buy." 
|
|
|
|
|
 |
|
