CNNfn market movers
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July 13, 1998: 11:01 a.m. ET
Internet-related stocks again top the list of big swingers on Wall St. Monday
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NEW YORK (CNNfn) - A handful of Internet-related stocks -- but not those high-flying search engines -- topped the list of major market movers on Wall Street Monday.
E*Trade (EGRP) rocketed 5-11/16 to 30-3/16 after the Internet-based discount broker said late Friday Japan's SoftBank will buy a 27 percent stake in E*Trade for $400 million.
Online computer vendor Egghead.com (EGGS) resumed its climb of Friday, gaining 6-7/8 to 28-5/16, while Zapata (ZAP), the food-processing company that recently expanded into Internet ventures, gained 2-13/16 to 20.
Applied Materials (AMAT) fell 7/8 to 28-5/8 after the chip maker warned it won't meet its earnings expectations in its fiscal third quarter as its customers delay orders, cut spending, and reschedule deliveries.
General Motors (GM) lost 1-1/2 to 69-11/16 after weekend talks between the company and union leaders to end a long-running strike at the giant automaker stalled.
Meanwhile, rival Chrysler (C) gained 7/16 to 56-5/8 after the nation's No. 3 automaker beat Wall Street's earnings expectations in the second quarter and closed the books on a record first half year in sales.
ZymeTx (ZMTX) rose 3/16 to 7, and hit as high as 8-1/8 Monday, after the viral disease management company said early Monday it has signed a deal to offer a new method of treatment for HIV in Oklahoma.
Gull Laboratories (GUL) plunged 1-1/4 to 3-3/16 after the medical products maker said it will report a "substantial loss" in the quarter ended June 30, due partly to lower product prices in Europe, revenue shortfalls, and two severance packages. The company said it is exploring a merger that values Gull at $3 a share.
Digi International (DGII) lost 4-1/8 to 20-15/16 after the provider of data communications software and hardware said it expects to beat analysts' estimates for its fiscal third quarter but said its fourth-quarter earnings won't rise much above those of the third quarter.
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