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CNNfn market movers
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April 9, 1999: 3:09 p.m. ET
Extreme Networks has extreme first day; as does USInternetworking
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NEW YORK (CNNfn) - IPO madness showed no sign of slowing down Friday, with investors lapping up shares of new companies.
Extreme Networks Inc. (EXTR) took it to the extreme on its first trading day. The software provider priced 7 million shares at $17 each on Thursday and by Friday afternoon it had jumped 53-5/8 to 54-7/8.
USInternetworking Inc. (USIX) also had a powerful first day. The software company had priced 6 million shares at $21 each on Thursday at the market close and by Friday afternoon, shares had skyrocketed 29-5/8 to 50-5/8.
MGC Communications Inc. (MGCX) was communicating with investors up 6-1/2 to 44. The company was still riding high from Thursday when a Barings Furman Selz analyst raised his price target for the company from $27 to $90.
e.spire Communications (ESPI) was still reaching investors. Shares were up 2-11/16 to 15-1/4 after First Union Capital Markets' Frank Murphy said in Business Week's "Inside Wall Street" column that the telecom's shares were undervalued and the company is a potential takeover candidate.
And the Gap Inc. (GPS) was showing some deep pockets, rising 2-7/8 to 75-5/8, on the strength of strong same-store sales for March.
Thank God its Friday
Among those getting hit where it hurts on Friday was Sun Healthcare Group Inc. (SHG). The healthcare provider announced it was cutting 10,000 jobs, freezing wages, selling certain items and trimming debt. The company's stock was down 1/8 to 13/16.
Cerner Corp. (CERN), a healthcare information-management company, was in a poor state of health, dropping 2-15/16 to 12-1/8 on word that first-quarter estimates would fall below analysts' estimates.
EndoSonics Corp. (ESON) was also taking it hard, falling 2-3/16 to 5-1/16 after the medical-device maker said it expects first quarter net income of 5 cents per share. Analysts had called for 7 cents per share.
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