CNNfn market movers
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June 29, 1999: 11:24 a.m. ET
A variety of deals leaves Internet shares, PC makers sizzling early
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NEW YORK (CNNfn) - Internet shares, particularly online financial issues, proved a lucrative sector to stow investments Tuesday morning, but a plan to recapitalize Big Flower Holdings didn't smell quite right to traders.
Fresh off a secondary offering late last week that had helped depress its shares, investors restored their confidence in National Discount Brokers (NDB) after Deutsche Bank Securities upgraded the online broker to a "strong buy" rating. The company's shares were up 5 to 41.
Online investment banker Wit Capital Group (WITC), fresh off its market debut earlier this month, continued to have success getting investors to lay their cash on the table, climbing 5-5/8 to 32-11/16.
Elsewhere on the Internet, pcOrder.com, a technology provider for companies looking to bolster computer sales and purchases, found orders lined up for its shares after Compaq Computer Corp. (CPQ) inked a deal to place the firm's technology on its machines. pcOrder.com (PCOR) rose 4-3/32 to 35-19/32 on the news.
Another leader in the personal computer business was behind Sequent Computer Systems (SQNT) surging 3-5/8 to 17-5/8 -- published reports said IBM (IBM) was in negotiations to buy the Beaverton, Ore.-based computer system manufacturer.
And Rambus Inc. (RMBS), a provider of PC compatibility technology, continued its yo-yo trading of late, ramming forward 4-1/2 to 95 to regain ground it lost last week.
For those venturing outside the Internet sector, there was much merit to raising the value of Merit Holding Corp.'s stock after the holding company for two Georgia banks received an upwardly revised merger offer from Synovus Financial Corp.
Merit Holding (MRET) shares rose 3-1/8 to 22-3/8 after the bid while Synovus (SNV) shed 1/4 to 20-3/16.
But there was no joy in holding Big Flower Holdings Inc. (BGF) after the company announced a $1.9 million deal with Thomas H. Lee Co. to recapitalize. The stock fell 3-1/2 to 32 on the news.
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