NEW YORK (CNNfn) - A series of downgrades sent shares in two online brokers falling Friday while several companies' stocks soared on takeover news.
And the ride isn't over for Bamboo.com (BAMB). After gaining 151 percent in its debut Thursday, stock in the company, which provides real estate services over the Web, climbed by double digits Friday.
Shares of Palo Alto, Calif.-based Bamboo.com rose 6-1/2, or 37 percent, to 24-1/16. Nearly 8 million shares changed hands, making Bamboo.com the fourth-most heavily traded Nasdaq stock.
Online brokers have been particularly sensitive to downgrades. That trend continued Friday when shares of Ameritrade (AMTD) and E*Trade (EGRP) fell after Lehman Brothers downgraded both companies to "outperform" from "buy."
Shares of Menlo Park, Calif.-based E*Trade lost 2, or 7 percent, to 25-3/4. Stock of Omaha, Neb.-based Ameritrade dropped 1-7/16, or 6 percent, to 21-5/16.
Shares of Cogeneration Corp. (CGCA), meanwhile, gained on takeover news. The company said Friday it is being bought by fellow power provider Calpine Corp. (CPN) for $25 per share, a healthy premium over Thursday's 16-13/16 closing price.
Stock in Minneapolis-based Cogeneration rose 6-3/4, or 40 percent, to 23-9/16.
And shares of Destia Communications Inc. (DEST) climbed after the company said fellow telecommunications provider Viatel Inc. (VYTL) will buy it for at $18.63 a share, well above Thursday's closing price of 13-15/16.
Paramus, N.J.-based Destia gained 2-11/16, or 19 percent, to 16-5/8.
But a series of financial problems hurt several companies' shares.
Stock in Dave & Buster's Inc. (DAB) fell after the restaurant chain said its second-quarter results will be below expectations due to lower-than-anticipated revenue.
In swift fashion, four investment banks downgraded the company.
Stock in Dallas-based Dave & Buster's tanked 10-15/16, or 44 percent, to 13-15/16.
Finally, shares of Ross Systems Inc. (ROSS) fell after the Atlanta-based software maker said it lost $5.6 million, or 25 cents a share, in its fiscal fourth quarter.
Ross stock fell 7/8, or 27 percent, to 2-5/16.
|