CNNfn market movers
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August 31, 1998: 11:20 a.m. ET
Northwest droops and high-flying Net stocks come in for a rough landing
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NEW YORK (CNNfn) - Yahoo! certainly wasn't the cry from Wall Street Monday as an early rise in stocks dissipated quickly and the Internet sector's standouts suffered powerful blows.
And Northwest Airlines (NWAC) lost 2-1/8 to 28-1/16 as a pilots strike that started over the weekend moved into its first business day with few signs of a quick resolution in sight.
'Net stocks catch a bad wave
After moving slightly higher in pre-market trading, Internet stocks fell early Monday as investors saw any blip upward as a chance to sell the inflated stocks.
America Online (AOL), which announced Monday a marketing agreement with PC giant Hewlett Packard (HWP), shed 6-1/4 to 90, while the high-flying Internet service provider MindSpring Enterprises (MSPG) dropped 3-9/16 to 27-3/16.
The Internet search engines were all sharply lower, with Yahoo! (YHOO) falling 7-7/16 to 75-5/8, Excite (XCIT) off 3-1/16 to 27-1/2, Infoseek (SEEK) down 1-5/8 to 19-9/16 and Lycos (LCOS) dumping 3-1/4 to 45-3/4.
Online bookseller Amazon.com (AMZN) sank 11-1/8 to 94-3/4, search engine maker Inktomi (INKT) plunged 7-5/16 to 52-3/4, and web investor CMG Information Services (CMGI) lost 6-3/4 to 43-1/4.
But Zapata (ZAP) rose 5/8 to 12-5/8 after the one-time fish oil company and now a budding Internet player said Monday it has tapped Salomon Smith Barney to evaluate financial and strategic alternatives to boost its share value.
Breakin' up is hard
on investors
Matrix Capital (MTXC) plunged 5-3/4 to 8-3/4, or 40 percent, after mortgage merchant banking company Fidelity National Financial (FNF) scrapped its plans to buy the real estate services company because the regulatory hurdles were too 'burdensome,' the companies said.
On the ratings front, Biogen (BGEN) gained 1/2 to 50-3/4 after PaineWebber started its coverage of the drug maker with an attractive rating.
Tellabs (TLAB) tumbled 3-1/4 to 45-3/4 after Lehman Brothers cut its earnings targets on the telecommunications equipment maker for fiscal 1999 to $2.25 a share from $2.45. Would-be merger partner Ciena (CIEN) lost 4-3/8 to 30-15/16.
In a vote of confidence for its own stock, Viacom (VIA) rose 1-3/16 to 55-1/16 after the media firm announced it would buy back as much as $1.75 billion of one or more classes of its shares.
Brylane (BRYL) bounced 1-13/16 to 26-13/16 after the catalog-based retailer said it would buy up to $40 million of its own stock, depending on market conditions.
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