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CNNfn market movers
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June 2, 1999: 11:22 a.m. ET
Investors pay up for Payless Shoes, but shy away from Dayton Hudson, May
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NEW YORK (CNNfn) - A number of specialty retailers shot upward on Wall Street early Wednesday after analysts boosted the companies' stock ratings, while investors took analysts' comments on some big department stores to shed those shares.
Investors were buying Payless Shoesource (PSS) after Prudential analysts raised their rating on the discount shoe store chain's stock to a "strong buy" from an "accumulate." Also, apparel retailer Children's Place Retail Stores (PLCE) was up 2-3/8 at 40-3/8 after it got a boost from J.P. Morgan, which raised its rating to a "buy" from a "long-term buy."
Going in the other direction, however, was Target Stores operator Dayton Hudson (DH), which was trading down 2-1/8 at 61-7/8. Investors were selling the retailer after Credit Suisse First Boston cut its rating from a "buy" to a "hold." CSFB also issued the same rating cut for May Department Stores (MAY), which was off 13/16 at 42-1/8.
Shares of Payless Shoesource over the past three days of trading.
In other downgrades, Keebler Foods (KBL) was struggling, trading down 2 at 31-5/8 after Merrill Lynch changed its rating from a "long-term buy" to "accumulate."
One big mover in the high-tech sector Wednesday was software company Banyan Systems (BNYN), which was up 2-7/16 at 13. Banyan is the parent of online business directory service Switchboard Inc., which announced a deal with CBS Corp. (CBS) earlier Wednesday in which the broadcasting giant will buy a 35 percent stake for $135 million in hopes of boosting its Internet offerings.
As for Internet stocks, Web software company NetObjects Inc. (NETO) was trading up 1/2 at 8-7/8 after BT Alex. Brown, the lead underwriter of a its recent initial offering, initiated coverage with a "strong buy" rating.
Also heading higher was Tokio Marine and Fire Insurance Co. (TKIOY) of Japan after announcing it would join discount broker Charles Schwab Corp. in a new securities joint venture in Japan this fall. Shares in Tokio Marine were up 3-1/2 at 57-1/2 in New York.
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