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CNNfn market movers
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September 30, 1999: 1:44 p.m. ET
TV device maker's IPO soars; FDA approval helps laser maker
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NEW YORK (CNNfn) - An initial public offering for a company that makes a TV viewing aide soared Thursday, while investors in a medical laser maker's stock beamed after the company cleared a government hurdle.
Shares of TiVo (TIVO), which makes a device for personalizing television programming, rose 122 percent to 35-9/16 from its offering price of $16 each.
IPO investors -- better known for their attraction to Internet upstarts -- were apparently enamored by Sunnyvale, Calif.-based TiVo's technology allowing consumers to pause, rewind, and play back live television broadcasts in slow motion.
In another IPO high-flyer, stock in Radware Ltd. (RDRW), which makes devices to manage Internet traffic, advanced 10-27/32, or 60 percent, above its initial price to 28-27/32.
Radware's success comes a week after competitor Alteon Web Systems (ATON) posted strong gains in its debut. Those gains continued Thursday as shares in San Jose, Calif-based Alteon rose 13-1/16, or 17 percent, to 90-3/16.
An IPO with a more modest advance was Loislaw.com Inc (LOIS), a Web site for lawyers, which was 7/16, or 3 percent, above its initial pricing at 14-7/16.
Among more established firms, stock in Premier Laser Systems Inc. (PLSIA) rose 16 percent after the Food and Drug Administration approved its new laser for use by dentists to clean and disinfect soft tissue. This comes exactly 30 days after the company got the FDA nod to market another laser.
Stock in Irvine, Calif.-based Premier climbed 7/16 to 3-3/16.
Shares of Flycast Communications Corp. (FCST) rose 21 percent after the San Francisco-based advertising agency said it was being acquired by Internet investment firm CMGI (CMGI) in a stock swap worth $559 million. Flycast gained 7-13/16 to 45-13/16.
But stock in the trucking company U.S. Xpress Enterprises Inc. (XPRSA) fell 45 percent after it warned that revenue and earnings in the third quarter will be below expectations.
Shares of Chattanooga, Tenn.-based U.S. Xpress jack-knifed 3-3/16 to 5-13/16.
Despite posting a 15 percent increase in fiscal third-quarter net income that matched Wall Street expectations, shares of No. 2 U.S. grocer Safeway Inc. (SWY) fell 13 percent in heavy trading Thursday.
Pleasanton, Calif.-based Safeway tumbled 5-6/16 to 36-11/16. Nearly 11 million shares changed hands, making Safeway the most active issue on the New York Stock Exchange.
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