NEW YORK (CNNfn) - Internet-based computer seller Egghead.com was the league leader of Wall Street's hot stocks Monday with a staggering 29 million shares trading by mid-afternoon.
With investors looking for more hot web properties, and benefiting from recent favorable press reports, Egghead.com (EGGS) rose 3-5/8 to 25-1/16.
With roughly half that many shares trading, Intel (INTC) was up 1-3/4 to 81-1/2 after Piper Jaffray said it expects the chip maker to post a positive earnings surprise when it reports on its second quarter Tuesday.
Applied Materials (AMAT) fell 1-1/8 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.
Andrea Electronics (AND) gained 1-11/16 to 13-5/8 after announcing that International Business Machines (IBM) has agreed to sell, starting in the third quarter, Andrea's headsets and head-mounted microphones with selected IBM Aptiva personal computers.
Colt Telecom Group (COLTY) rose 8 to 187 after the British builder of fiber-optic networks said it would raise about 600 million pounds ($978 million) in new capital as it seeks to build into 26 metro areas by the year 2000.
Tele-Communications International (TINTA) gained 2-1/4 to 24-1/8 after the non-U.S. unit of cable giant TCI said its sister company, Liberty Media Group, will buy the international unit for more than $24 a share.
Building a presence for online home hunters is one craze du jour Monday.
America Online (AOL) rose 2-13/16 after the leading online service said it will pair with Intuit to launch a new mortgages area on AOL's real estate center.
Microsoft (MSFT) gained 3-1/2 to 116-11/16 after announcing it launched a free online real estate service to help consumers find homes and mortgages.
Cendant (CD), the parent of Century 21, which has a Web site that Microsoft's site will rival, was off 3-1/8 to 18-7/8 with nearly 16 million shares trading hands.
The company's shares, the most heavily traded issue on the New York Stock Exchange, fell nearly 20 percent to a 52-week low on rumors the company's financial audit could be delayed. Phone calls to the company seeking comment were not returned.
Meanwhile, Microsoft may have more to celebrate in its browser battle with Netscape Communications (NSCP), whose shares fell 1-1/4 to 35-9/16 Monday.
The advertising company AdKnowledge reported over the weekend Microsoft's share of the browser market rose nearly 10 percent to 45.6 percent, while Netscape's share fell almost 9 percent to 52.2 percent.
Computer makers were on the rise Monday, among them direct marketers Dell Computer (DELL), which gained 4 to 104-13/16 and Gateway (GTW), which rose 1-3/4 to 62-7/8.
E*Trade (EGRP) rocketed 6-1/4 to 30-1/4 after the Internet-based discount broker said late Friday Japan's SoftBank will buy a 27 percent stake in E*Trade for $400 million.
Leap Group (LEAP), well, leapt 2-13/16 to 6-1/32 Monday after the Internet advertising agency announced it has formed a marketing alliance with the Internet commerce software maker BroadVision (BVSN).
Zapata (ZAP), a food-processing company that recently expanded into Internet ventures, gained 2-9/16 to 19-3/4.
Several Internet service providers jumped Monday, including EarthLink (ELNK), rising 3-5/16 to 68-9/16. Mindspring Enterprises (MSPG) rose 4-9/16 to 96-1/4.
General Motors (GM) lost 2-3/16 to 69 after weekend talks between the company and union leaders to end a long-running strike at the giant automaker stalled.
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 3-11/16 to 21-3/8 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.