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Tuesday's hot stocks
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February 1, 2000: 1:01 p.m. ET
IPOs Turnstone, Sequenom start strong; shares of Sykes Enterprises tumble
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NEW YORK (CNNfn) - Two initial public offerings - a technology firm and a gene-mapping company - tripled in the first day of trading Tuesday. But stock in an information technology firm plunged after the firm postponed release of its quarterly results.
In the session's highest flyer initial public offering, Turnstone Systems, "TSTN," which makes products for the high speed digital subscriber line business, rose 59, or 203 percent, to 88, after being priced at 29.
Sequenom, "SQNM," a gene-mapping firm, jumped 51-1/4, or 197 percent, to 77-1/4, as investors flocked to what could be the latest frontier in medicine. San Diego-based Sequenom was priced at 26.
And SkillSoft, "SKIL," which provides online education resources, gained 5-5/8, or 40 percent, to 19-5/8, after being priced at 14.
Sykes Enterprises (SYKE: Research, Estimates) fell 30 percent after the information technology outsourcer said it will delay release of its fourth-quarter and annual results for seven days, because an audit "has unexpectedly not been completed to a level that is appropriate."
Investors took this as bad news, sending stock in the Tampa, Fla.-based Sykes down 8-5/16 to 19-3/8.
Applied Digital Solutions (ADSX: Research, Estimates) dropped 18 percent, after the communications services provider said it will postpone its initial public offering of subsidiary Intellesale.com.
Palm Beach, Fla.-based Applied Digital lost 1-1/2 to 7.
Read-Rite Corp. (RDRT: Research, Estimates) fell 11 percent after two influential rating agencies, Moody's and Standard & Poor's, cut the data storage products maker's debt rating.
Milpitas, Calif.-based Read-Rite lost 11/32 to 2-7/8.
NetManage Inc. (NETM: Research, Estimates) jumped 15 percent after announcing a deal with Microsoft (MSFT: Research, Estimates) to create a product allowing customers to develop server-based applications for electronic commerce.
Cupertino, Calif.-based NetManage rose 15/16 to 7-1/8.
Expedia Inc., (EXPE: Research, Estimates) the travel Web site, which is majority-owned by Microsoft, jumped 23 percent after reporting a narrower-than-expected loss of 16 cents for its fiscal second quarter.
Bellevue, Wash.-based Expedia climbed 6-3/8 to 33-5/8.
 
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