NEW YORK (CNNfn) - Shares of Lucent Technologies jumped 18 percent after the company said it is spinning off three slower-growing businesses, forming an $8 billion independent company.
Shares of Xybernaut Corp., which researches and develops mobile computer systems, shot up almost 60 percent after the company said it has received a U.S. patent for a "transferable core," which the company believes will radically change mobile computing.
3Com Corp.'s Palm Inc. unit made more news as it announced a deal with Siebel Systems to sell handheld e-Business systems.
Shares of Galileo Technology Inc., a semiconductor company, dipped almost 20 percent after Deutsche Bank Alex. Brown cut its rating to market perform from buy. S.G. Cowen downgraded it to neutral from buy. The firm cites excess inventories and shortage of critical components for the cut.
Today's Winners
Lucent Technologies Inc. (LU: Research, Estimates), up 10-11/16 to 70-3/16.
The company is spinning off three slower-growing businesses, forming an $8 billion independent company, as it moves to focus on its fastest-growing operations following a recent earnings letdown. Lucent, maker of telecommunications equipment, said the spin-off includes its switchboard, or PBX, operations; Systimax, which makes cabling systems for corporate campuses; and its local-area network, or LAN-based, data business.
3Com Corp. (COMS: Research, Estimates), up 10 to 108.
Palm Inc., a 3Com unit, and Siebel Systems Inc. agreed to jointly market and sell handheld e-business systems. Siebel Systems will integrate its eBusiness solution with the Palm Address Book, Calendar and To-Do applications that allow users to synchronize data between Siebel and Palm applications. This solution will be available in Siebel 2000, scheduled for release this spring.
Onvia.com Inc. (ONVI: Research, Estimates) up 40 to 61.
Shares of Onvia.com Inc. soared 162 percent, or 34, to 55 in their initial public offering on the Nasdaq. The company operates an online marketplace where small companies buy and sell goods and services. Onvia.com offered eight million shares in its IPO, which was lead by underwriter Credit Suisse First Boston.
MatrixOne Inc. (MONE: Research, Estimates) up 47-1/8 to 72-1/8.
Shares for MatrixOne Inc. rose more than 165 percent after the company's $125 million initial public offering as investors clamored for a piece of the Internet business collaboration provider. MatrixOne provides software designed to supply companies with greater and tighter integration among engineering, manufacturing, sales and customer-service departments.
Xybernaut Corporation (XYBR: Research, Estimates) up 8-7/16 to 22-1/4.
The company engaged said it has received a U.S. patent for a "transferable core," which the company believes will radically change mobile computing. The "transferable core" which will be smaller than a PDA, contains the "brains" of a PC -- processor, memory and storage and I/O circuitry -- everything but the power supply and display. When plugged into what the company calls an enclosure, which can be a desktop, laptop or a cell phone, to the dashboard of a car, the core unit becomes a true personal computer.
Chiron Corp. (CHIR: Research, Estimates) up 12-7/8 to 62-7/8.
Chiron shares shot higher Wednesday after the company won two new vaccine-related patents and a Wall Street analyst forecast accelerating growth for the biotechnology firm.
Qwest Communications (Q: Research, Estimates) up 9-1/2 to 55-3/4.
Deutsche Telekom is in talks to acquire long-distance provider Qwest Communications, USA Today reported, citing people close to the companies. The newspaper said Deutsche Telekom has held talks with several local and long-distance telecommunications companies but has now set its sights on Qwest, which is expected to complete a $36 billion merger with US West later this year.
Advanced Lighting Technologies Inc. (ADLT: Research, Estimates), up 6-1/2 to 13.
Advanced Lighting Technologies announced the creation of a fiber optic
Telecommunications business unit to develop and manufacture passive, optical telecommunications devices and components. Current products include WDM (wavelength division multiplexing) filters; highly reflective films for DWDM (dense wavelength division multiplexing) applications; and optical fiber assemblies and micro-optics that reduce insertion losses in DWDM, metro, and optical switching systems.
ClickAction Inc. (CLAC: Research, Estimates), up 13 to 55-1/4.
The e-marketing application service provider, announced a relationship with BroadVision Inc. to integrate its e-mail relationship management (ERM) technology with BroadVision One-To-One(TM) B2C and B2B applications. As part of the arrangement, BroadVision will take an equity stake in ClickAction.
TriPath Imaging Inc. (TPTH: Research, Estimates), up 2-1/4 to 11-1/4.
TriPath Imaging Inc., developer of products that improve cervical cancer screening, announced it had entered into a preferred provider agreement for automated screening of conventional Pap tests with Quest Diagnostics Incorporated, provider of clinical testing, information and services. The new, multi-year supply agreement supersedes the previous contract that had been developed by the predecessor companies of Quest Diagnostics and TriPath and is effective retroactively to Jan. 1, 2000.
Ames Department Stores Inc. (AMES: Research, Estimates), up 4-7/8 to 19.
Ames Department Stores Inc. said that although its year-end financial statements won't be released until March 16, it expects its earnings for fiscal 2000, ended Jan. 29, will be in line with street estimates and EBITDA margins will be better than expected. Gross margins and SG&A rates will meet or exceed expectations. It also stated that year-end inventories will be in line with projections and year-end borrowings will be on target.
Priceline.com Inc. (PCLN: Research, Estimates), up 8-1/16 to 64.
Priceline.com said it will expand its services to Australia and New Zealand. The new firm will be called MyPrice and will be headed by two former top executives of Australia's biggest telecommunications company, Telstra Corp. Ltd. Frank Blount, former CEO of Telstra, will be chairman of MyPrice, and Peter Shore, Telstra's former group managing director of commercial and consumer operations, will be chief executive of the new firm.
Today's Losers
Royal Caribbean Cruises Ltd. (RCL: Research, Estimates) down 5-5/8 to 29-3/4.
Royal Caribbean was one of six cruise ship companies cited Tuesday for emitting illegal amounts of smoke in scenic areas of Alaska where they conduct tours, the U.S. Environmental Protection Agency said.
Galileo Technology Ltd. (GALT: Research, Estimates), down 3-7/16 to 15-93/4.
Deutsche Bank Alex. Brown cut the semiconductor company's rating to market perform from buy. S.G. Cowen downgraded it to neutral from buy. The firm cites excess inventories and shortage of critical components for the cut.
PAREXEL International Corp. (PRXL: Research, Estimates), down 4-15/16 to 8-11/16.
PAREXEL International Corp., a contract research and medical marketing services organization, said Novartis, a key client, has reduced the amount of work currently outsourced to the PAREXEL Clinical Research Services (CRS) business unit, due to Novartis' reprioritization of its research pipeline. As a result, PAREXEL reported that CRS revenue would fall materially short of expectations commencing in the third quarter ending March 31.
Micronetics Wireless (NOIZ: Research, Estimates), down 6-13/16 to 25-1/2.
Micronetics Wireless, a manufacturer of specialized radio frequency components, hit a 52-week high of $48.75 Tuesday, continuing its run following news from Monday that it will unveil a new product that tests for sources of signal distortion in wireless communications. The equipment is smaller and cheaper than those currently available on the market. Shares of the company are up over 300% in the last five days of trading. 
-- compiled by Staff Writer Lucy Banduci from wire reports
|
