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CNNfn market movers
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June 18, 1999: 11:58 a.m. ET
Industrial machines head to top of Wall Street while some ponder Kmart sale
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NEW YORK (CNNfn) - Investors gassed up their heavy machinery and automobile-related stocks in preparation for the weekend Friday morning, but took time to shop selected retail issues for possible sales before heading out of town.
Industrial machinery stocks joined certain auto-related shares in rumbling their way through an otherwise lethargic Wall Street Friday morning strengthened by a merger and one the high recommendation of one analyst.
Durakon Industries was among the first to traverse Wall Street's bumpy terrain, after the maker of pickup truck bed liners agreed to a $16 per share buyout from LittleJohn & Co. That sent Durakon (DRKN) up 3-1/2 to 15-9/16 in early trading.
Meanwhile, construction and agricultural equipment machinery manufacturers Deere & Co. and Argo Co. plowed over investors after J.P. Morgan upgraded both companies to "buy" ratings. Argo (AG) rose 7/8 to 11-1/2 while Deere & Co. (DE) climbed 1-15/16 to 40-1/2.
When not retooling their machinery shares, investors took a long look at what Kmart Corp. had to offer after Business Week reported the discount retailer could be a takeover target for a grocery chain.
Kmart (KM) officials declined to comment on the story, but sources familiar with the company said Kmart President and CEO Floyd Hall has been mulling such a strategy for about a year now. The company's shares rose 1-5/8 to 16-13/16 in morning trading.
Micromuse Inc., a consultant specializing in information management problems, was clearly the solution investors seeking profits were looking for after Credit Suisse First Boston nearly doubled its target price for the company to $70 a share. Investors wasted little time heading in that direction, boosting Micromuse (MUSE) shares 5-14 to 49-5/8.
And what better place to look for profits than among those companies involved in electronic banking transactions?
Two companies in particular stood out early Friday, including Nova (NIS)Corp., the provider of credit and debit card transaction software. Nova said it sees fiscal 2000 earnings falling short of expectations, although fiscal 1999 earnings should be in line with projections. Investors clearly preferred the short-term view, raising the company's stock 2-3/16 to 23-7/16.
Concord EFS Inc. (CEFT), a provider of electronic transaction authorization, clearly enjoyed its first day on the market, trading at 36-9/16 after pricing its initial public offering at 32-1/4 late Thursday.
Select technology shares rise
Despite a down morning overall for technology shares, some stocks had no problem connecting with investors.
Computer software manufacturer Adobe Systems (ADBE) gained 5-7/16 to 79-5/16 early after beating analysts' earnings expectations by a nickel.
And priceline.com (PCLN) added 4-9/16 to 93-1/2 after naming Daniel H. Schulman, 41, the former president of AT&T's Consumer Markets Division as its new president and chief operating officer.
But investors found trading in DA Consulting Group Inc. (DACG), which trains employees to use complex business software, a little more difficult to grasp, sending the company's shares down 3 to 5-3/4 after the firm said its second-quarter earnings will be 2 cents below expectations.
Likewise, Cotelligent Inc. (CGZ) wasn't feeling very wise after Prudential cut its rating on the company's stock, sending its shares down 1-3/4 to 6-3/4. 
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