NEW YORK (CNNfn) - Shares of Internet search engine, Lycos Inc., jumped more than 9 percent after the company announced an agreement with Internet Venture Works to provide online distribution of companies' products and services across the Lycos Network of Web sites.
Shares of Smith Micro Software Inc. soared 65 percent after the company announced the introduction of Wireless WebDNA, which allows users to access and shop on e-commerce sites using their phones.
Also, shares of discount shoe retailer Payless ShoeSource Inc. jumped more than 17 percent after the company said it would conduct a Dutch auction for its outstanding shares, as well as on news that it raised its earnings growth target for 2000.
Today's Winners
Crayfish Co. Ltd. (CRFH: Research, Estimates) up 85-17/32 to 110-1/32.
Japanese e-mail service provider Crayfish Co. Ltd. more than tripled during its first day of trading as investors rushed to snare a piece of Asia's Internet evolution. Stock of Crayfish opened at $96 and shot up during the day.
Lycos Inc. (LCOS: Research, Estimates) up 6-7/16 to 73-9/16.
Lycos Inc., an Internet search engine, announced an agreement with Internet Venture Works (IVW), the first true Internet "accelerator," intended to accelerate the transition of brick and mortar companies to the online market. The agreement provides the potential for online distribution of portfolio companies' products and services across the Lycos Network of Web sites, giving the new start-up companies rapid access to nearly half of all U.S. Web users.
All American Semiconductor, Inc. (SEMI: Research, Estimates) up 4-7/8 to 12-3/4.
All American Semiconductor Inc., a national distributor of electronic components, announced results for the quarter and year ended Dec. 31. Net sales for the fourth quarter of 1999 were at record levels of $90 million, a 40 percent increase over sales of $65 million for the same period of 1998. Net sales for 1999 reached a new record of $330 million, an increase of $80 million, or 32 percent, over 1998 sales of $250 million.
Jackpot Enterprises Inc. (J: Research, Estimates) up 5-1/2 to 19-5/8.
Jackpot Enterprises Inc., one of Nevada's biggest slot machine operators, said it was transforming itself into an Internet investment company and setting up a $100 million Web fund. The company said in a statement that the J Net Ventures I fund was aimed at investing in Web-related business-to-business and electronic-service companies.
Watchguard Technologies Inc. (WGRD: Research, Estimates) up 13-1/2 to 80.
Warburg Dillon Read raised Watchguard Technologies Inc.'s 2001 earnings-per-share view to $0.38 from $0.15. It also raised the company's 12 months share target to $90 from $35. "The positive momentum and pace of business activity continues to increase for WatchGuard as the company benefits from rising demand for its innovative firewall/VPN product and managed security solution," a Warburg statement said. "With the wave of new distribution agreements, an important huge ISP announcement yesterday with Uunet, and the release of a new product for the small home and office market, one could argue WGRD has been sleepless in Seattle."
Smith Micro Software Inc. (SMSI: Research, Estimates) up 3-15/16 to 10-1/16.
Smith Micro Software Inc. announced the introduction of Wireless WebDNA, which taps into the emerging market for wireless Internet phones, allowing users to access and shop e-commerce sites with their phones.
City Telecom (HK) Ltd. (CTEL: Research, Estimates) up 2 to 14.
KDD, the largest international telecom carrier in Japan, and City Telecom (HK) Ltd., the second largest international carrier in Hong Kong, on Wednesday joined to kickoff Hong Kong Broadband Network Ltd.'s (HKBN) state-of-the-art broadband network, symbolizing the full launch of HKBN's services.
Payless ShoeSource Inc. (PSS: Research, Estimates) up 6-1/2 to 48-1/4.
Discount shoe retailer Payless ShoeSource Inc. said it would conduct a Dutch auction -- a self-tender of its shares -- for up to 25 percent of its 29.6 million outstanding shares and that it raised its earnings growth target for 2000. Payless, which operates 4,462 stores, said it would buy up to 7.5 million shares through the auction, which is expected to begin next week. The tender offer price range was set at $48 to $53 per share, which would bring the total value of the repurchases to $362 million to $400 million.
CVS Corp. (CVS: Research, Estimates) up 2-9/16 to 30-9/16.
CVS Corp. said on Tuesday its same-store February sales rose 7.3 percent from a year ago but were restrained by lower sales of over-the-counter cold and flu remedies. Last year's flu season was unusually harsh, with 16 percent of the U.S. population catching a flu, compared with 10.2 percent this year, a company spokesman said, citing the FAN Flu Index compiled by the federal government.
Today's Losers
Cognitronics Corp. (CGN: Research, Estimates) down 8-7/16 to 17-5/16.
Cognitronics Corp., manufacturer of voice processing systems, reported net income for the fourth quarter of 1999 equal to $.11 per diluted share, compared to $.20 per diluted share a year ago. For the quarter ended December 31, 1999, net income was $678,000, vs. $1,190,000 for the same quarter in 1998. Sales for the fourth quarter were $5.9 million in 1999 and $7.3 million in 1998. The company said the decrease in fourth-quarter 1999 sales from the comparable 1998 quarter was attributable to two large sales in 1998: a McIAS1623/IP voice information systems installation in the Mexican telecommunications network, and distributorship products in the United Kingdom.
PE Corp.-Celera Genomics Group (CRA: Research, Estimates) down 11-1/4 to 203-3/4.
PE Corp.-Celera Genomics Group (Celera Genomics), which generates and commercializes genomic information to accelerate the understanding of biological processes, said it was willing to pool data with U.S. and British researchers who are collaborating in an effort to map the human genome, and added that it wanted to make sure other companies could not cash in on its work. Scientists mapping the human genome hope to mine its secrets for information on disease, on what makes people different from one another and for clues on making drugs work better. 
-- compiled by Staff Writer Lucy Banduci from wire reports
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