|
CNNfn market movers
|
 |
July 9, 1998: 1:16 p.m. ET
Internet stocks pull back as retail and direct PC makers join list of hot stocks
|
NEW YORK (CNNfn) - Internet-related stocks pulled back from early gains Thursday as computer vendors, chip makers and apparel retailers cracked their way onto the list of top movers on Wall Street.
Yahoo! (YHOO) rose 8-7/8 to 195-1/16 after the search engine provider beat analysts' second-quarter profit forecasts by 66 percent and announced a two-for-one stock split.
Rivals started the day on the upside but then began to drift. Lycos (LCOS) was off 5/8 at 76-7/8, Excite (XCIT) lost 2-3/8 to 89, and Infoseek (SEEK) fell 9/16 to 33-15/16.
Would-be Internet player Zapata (ZAP) rose 3/4 to 17-1/8.
NetGravity (NETG), which provides software for web content providers to manage their advertising, gained 3-1/4 to 25-1/4 after an analyst with First Albany's equity research unit started coverage with a buy rating.
Navarre (NAVR) climbed 4-1/16, or 50 percent, to 8-1/4 after the software maker announced a deal to supply the budding online book-selling service of Barnes & Noble (BKS) with consumer software.
Direct PC sellers also perked up, but analyst Wendy Abramowitz, of Argus Research, said there wasn't much industry news to explain the gains. Dell Computer (DELL) rose 3-1/4 to 99-5/8, in heavy trading, and rival Gateway (GTW) rose 2-5/8 to 62-3/8.
Advanced Micro Devices (AMD) drifted down 2-7/16 to 15-11/16 after the chip maker reported late Wednesday a larger-than-expected loss in the second quarter, its fourth straight quarterly loss, due to Asian market weakness. Volpe Brown also downgraded AMD stock from "buy" to "neutral."
Phototronics (PLAB) fell 4-13/16 to 17-1/16 after the maker of chip-manufacturing equipment said it would not meet fiscal third-quarter earnings and revenue forecasts due to semiconductor softness.
DuPont (DD), which is a component of the Dow Jones industrial average, weighed on that index as DuPont fell 6-1/4 to 70-7/8 after the chemical giant said second-quarter earnings will fall by up to 15 percent from a year earlier.
J. C. Penney (JCP) fell 5-1/4 to 66-3/16 after the department store chain warned earnings would be below last year's 48 cents a share as a result of "disappointing" sales, which forced the company to make more promotions and mark-downs than it first expected.
But AnnTaylor Stores (ANN) gained 1-11/16 to 23 after the women's apparel vendor said same-store sales -- stores open at least a year -- rose 9 percent in June.
Many other retailers also announced June sales results Thursday.
Well Point Health Networks (WLP) climbed 2-7/16 to 72-1/16 after announcing plans to merge with Cerulean, the parent of Blue Cross/Blue Shield of Georgia.
VISX (VISX) shares climbed 4-1/8 to 65-13/16 after the maker of laser eye surgery equipment said it agreed to a settlement with the U.S. Federal Trade Commission over an alliance with rival Summit Technology (BEAM). Summit shares climbed 17/32 to 6-15/32.
Omtool (OMTL) sank 2-15/16 to 4-9/16 after the software firm said it will break even or post a minimal profit in the second quarter due to the delayed completion of contracts. BA Robertson Stephens also downgraded the stock.
Cardima (CDRM) shares plunged 2-13/32 to 6-9/16 after soaring more than 200 percent Wednesday when it announced patent approval from the U.S. Food Drug Administration for a key product.
|
|
|
|
|
 |
|
