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CNNfn market movers
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June 29, 1999: 2:50 p.m. ET
E-Loan leads Internet, computer firms higher while investors bank on deals
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NEW YORK (CNNfn) - The market's newest member led a host of technology and Internet shares higher Tuesday afternoon as investors continued their quest to dial up the latest online winner.
Internet financial companies proved a particularly hot commodity as investors put their faith, and their money, into E-Loan (EELN), which made its market premier on Tuesday.
Investors wasted little time signing off on a higher stock price for the online mortgage company, sending its shares up 22-7/8 to 36-7/8 just one day after E-Loan priced its offering at $14 per share.
Wit Capital Group's (WITC) market debut earlier this month also apparently still remained clear in investors' minds, as the online banker's stock continued its upward momentum, rising 5-7/8 to 32-15/16.
Internet broker National Discount Brokers (NDB) hardly needed a loan after its successful secondary offering last week, but the "strong buy" recommendation from Deutsche Bank Securities Tuesday morning certainly didn't hurt its stock, which had lagged in recent weeks. The company's shares rose 5-5/8 to 41-5/8 in mid-afternoon trading.
Likewise, National Discount's online competitor Ameritrade Holdings Corp. (AMTD) was bid 6-1/2 higher to 90 after the Wall Street Journal's "Heard on the Street" column profiled its financial assistant service.
PC deals abound
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 5-7/16 to 36-15/16 on the news.
Another leader in the personal computer business was behind Sequent Computer Systems (SQNT) surging 3-9/16 to 17-9/16. 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 amid growing optimism the firm's proprietary technology will become the PC industry standard.
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 3-3/8 to 22-5/8 after the bid while Synovus (SNV) shed 1/4 to 20-3/16.
Investors were not as willing to bank on Hudson United's deal to buy Jefferson Banks Inc. and Southern Jersey Bancorp, however. Hudson (HU) fell 3-11/16 to 31-1/4 while Jefferson (JEFF) inched forward 7/16 to 28-7/16.
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 3-7/8 to 31-5/8 on the news.
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