|
CNNfn market movers
|
 |
April 22, 1999: 3:02 p.m. ET
Investors eager to make a deal as medical, drug and telecom firms all rise
|
NEW YORK (CNNfn) - Investors Thursday sent several medical and drug companies home with a clean bill of health and rewarded a variety of technology firms that posted better-than expected gains.
A number of medical and drug companies saw their stocks climb at a feverish pace Thursday afternoon, including Baxter International (BAX), which merely met Wall Street's first-quarter earnings expectations, but promised sales growth of 10 percent this year.
That sent the medical and drug company's stock up 6-3/8 to 67-11/16.
Pfizer Inc. (PFE) rejuvenated its stock as well, announcing a three-for-one stock split that boosted its stock 3-1/8 to 26-1/2.
In addition, Duane Read Inc. (DRD), New York City's largest drugstore chain, saw its stock climb 3-5/8 to 29-5/8 after beating Wall Streets forecast.
Hach Co. (HACH), which manufactures and sells test kits for water systems, found the right mix of ingredients for investors, who boosted its stock 7-1/2 to 18 after it announced it would merge with Danaher Corp. (DHR).
But the prognosis on other firms weren't as good. Therapeutic systems developer Vivus Inc. (VVUS) fell 7/8 to 4-1/2 despite posting earnings 8 cents above analysts' expectations and Adac Laboratories (ADAC) dropped 6-1/16 to 6-1/2 after announcing its earnings would be lowered than expected.
Several telecommunications firms had mixed results connecting with investors.
On the plus side, Winstar Communications (WCII), rose 1-5/8 to 45-3/4 after CBS Corp. (CBS) agreed to acquire a one-third stake in its online venture -- Office.com.
Exodus Communications (EXDS) pulled off a deal of its own as well, agreeing to acquire Cohesive Technology Solutions, which pushed its stock up 13-1/16 to 97-1/16.
Telephone system designer Tellabs Inc. (TLAB) didn't have a deal to boast about, but managed to dial up investors anyway with a two-for-one stock split and a promise that sales will triple to $6 billion by 2003.
And Conexant Systems Inc. (CNXT), which manufacturers computer chips for communications devices, climbed 5-5/8 to 39-5/8 after posting an unexpected profit.
Point and click
Computers proved a popular theme among investors, who were perhaps inspired by International Business Machines' (IBM) surprising profit after the bell Wednesday.
Investors flocked to CDW Computer Centers (CDWC) after the microcomputer-hardware maker announced it had beat Wall Street's projections by 5 cents a share, pushing the company's stock up 13-7/16 to 85-15/16.
When it came to analyzing those that make their living via the computer, few ventured beyond Beyond.com (BYND), which rose 6-1/16 to 33-3/16 after it swept by analysts' first-quarter predictions by a healthy 8 cents a share.
The combination of a two-for-one stock split and earnings 6 cents above predictions kept investors tuned in to Internet provider CNET Inc. (CNET), up 20-1/4 to 140.
In the financial arena, Internet bank NetB@nk (NTBK) climbed 17-1/2 to 165 after matching Wall Street's earnings expectations and announcing a 50 percent growth in its online accounts. And, online broker Internet Financial Solutions (IFSX) rose 3-5/16 to 19-1/16 on only its second day of trading.
Sinking quickly
Those not meeting earnings expectations, however, were quickly reprimanded. That group included Flir Systems (FLIR), down 4-1/8 to 12 after projecting a first-quarter loss, and Sara Lee (SLE), down 3-1/4 to 22-5/8 after estimating it will close the quarter 3 cents to 5 cents below projections.
Lattice Semiconductor (LSCC) could likewise find few takers to boost its stock after announcing it would acquire AMD's Vantis unit for $500 million in cash. Perhaps concerned about the deal's dilutive effect on earnings, investors sent Lattice's stock down 11-7/8 to 46-5/8.
|
|
|
|
|
 |
|
