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Hot stocks: Rough wave
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April 4, 2001: 5:17 p.m. ET
Metawave falters on sales shortfall while American General gets second suitor
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NEW YORK (CNNfn) - Metawave Communications fell more than 50 percent Wednesday after the maker of wireless antenna systems said sales in the recently ended quarter will miss expectations. But American General rallied after American International Group made a $23 billion bid for the insurer, its second takeover offer this year.
Lucent Technology shares fell, even after denying marketplace rumors that the troubled telecom equipment maker would file for bankruptcy protection.
Wednesday's losers
Metawave Communications (MTWV: down $3.38 to $2.50, Research, Estimates). The company, which provides wireless antenna systems, late Tuesday lowered its first-quarter revenue expectations to between $11 million and $12 million, citing a weaker economy and slower capital spending. USB Piper Jaffray downgraded the company to "buy" from "strong buy."
Lucent Technologies (LU: down $1.10 to $6.75, Research, Estimates). The communications equipment maker vehemently denied marketplace rumors that it will file for bankruptcy protection. It also said it expects to lay off 1,000 workers, double the amount of cuts previously announced. Volume exceeded 55 million shares, making Lucent the most active New York Stock Exchange issue.
Agere Systems (AGR.A: down $0.17 to $4.77, Research, Estimates). Shares of the microelectronics firm, which Lucent Technologies (LU: down $1.10 to $6.75, Research, Estimates) spun off in an IPO last week, continued to fall below their offering price of $6.
Crayfish (CRFH: down $2.69 to $5.69, Research, Estimates). The company, which provides e-mail and other Internet-related services, announced the resignation of five corporate auditors, with out elaborating/
Onyx Software (ONXS: down $2.25 to $3.00, Research, Estimates). The maker of customer relationship management software warned late Tuesday that its financial results for the first quarter will fall short of estimates due to a pullback in anticipated purchases from customers.
Knight Trading Group (NITE: down $1.00 to $11.88, Research, Estimates). The Nasdaq share dealer forecast lower-than-expected first-quarter profit, citing market conditions and the effect of falling stock markets.
DMC Stratex Networks (STXN: down $1.29 to $4.77, Research, Estimates). The wireless telecommunications company warned its fiscal fourth-quarter earnings would fall far short of analysts' estimates, largely because of reductions in sales to wireless local phone companies.
Foster Wheeler (FWC: down $2.28 to $11.62, Research, Estimates). Credit Suisse First Boston downgraded the construction services company to "hold" from "buy."
Wednesday's winners
American General (AGC: up $5.20 to $42.00, Research, Estimates). Insurer American International Group (AIG: down $3.37 to $76.84, Research, Estimates) has made an unsolicited bid to buy the financial services company for about $23 billion.
BroadVision (BVSN: down $0.03 to $2.94, Research, Estimates) Investors bought shares of the e-commerce software maker, which fell sharply Tuesday, after saying its first-quarter revenue would miss Wall Street forecasts and it will post a loss. Analysts expected a small profit.
Cell Therapeutics (CTIC: up $0.69 to $15.69, Research, Estimates). The drugmaker said its Trisenox has been granted extended patent protection by the European Commission for treatment of two leukemia variants.
Commerce One (CMRC: up $0.39 to $6.00, Research, Estimates). The gains came even as the e-commerce software provider warned its first-quarter loss will be wider than expected as customers delay information technology purchases and lengthen the sales cycle.
SAP AG (SAP: up $0.87 to $25.26, Research, Estimates). Salomon Smith Barney upgraded the German software maker to "neutral" from "underperform."
-- from staff and wire reports 
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