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CNNfn market movers
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November 16, 1998: 2:39 p.m. ET
High-flying IPOs and AvTel tumble, oil service firms spring a tiny leak
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NEW YORK (CNNfn) - Investors who beamed during last week's blockbuster run in two Internet-related initial public offerings wanted to take their winnings and run Monday.
Theglobe.com (TGLO) slid 14-1/4 to 49-1/4 in the wake of its 606 percent first-day run-up Friday, after the Web page provider was priced at $9 a share.
And EarthWeb (EWBX), the provider of online information for technology professionals that rocketed 379 percent last week, sifted down 4-3/8 to 62-5/8.
Moving higher were both American Tower(AMT), up 2-5/8 to 21-5/8, and OmniAmerica (XMIT), up 5-3/8 to 22-7/8, after the builders of TV, radio and cell-phone towers agreed to a stock-swap merger valued at $350 million.
BT Alex. Brown raised American Tower to "strong buy" from "buy"
Micron Technology (MU) lost 1-3/4 to 42-3/4 after Gruntal lower its rating on the memory chip maker to a "buy" from a "strong buy."
HBO & Company (HBOC) dropped 1-1/4 to 21-5/8 after BT Alex Brown lowered its rating to "buy" from "strong buy." The health care information said Friday its chief financial officer has resigned.
Testing the benefits of a web image was Tel-Save Holdings (TALK), up 1-7/8 to 12-5/8 after the long-distance phone service reseller renamed itself as Tel-Save.com.
Tel-Save also tapped Gabriel Battista, the former CEO of the Internet domain-name provider Network Solutions (NSOL), as its new chief executive officer and chairman.
Alteon (ALTN) plunged 2-9/16 to 1-1/4 after the diabetes drug maker said a five-year Phase III trial of its pimagedine did not provide a basis on which to file a new drug application with the U.S. Food & Drug Administration.
Getting charged up was Exide (EX), gaining 2-3/4 to 17-1/4, after the battery maker named former Chrysler Vice Chairman Robert Lutz as its top executive. PaineWebber also raised its rating on the company to "buy" from "neutral."
After soaring more than 1,200 percent last Thursday, AvTel Communications (AVCO) plunged 20-13/16 to 10-3/16, sinking as low as 3. Trading in the telecommunications company reopened after what it said were misleading wire reports about a new service it's offering in Santa Barbara, Calif.
The company's shares had been halted in Nasdaq trading Friday.
Infonautics (INFO) was building on last week's gains, up 7/8 to 6-1/2 even though the provider of company information online is awaiting a response from the Nasdaq stock market about its possible delisting.
The exchange last month told the company it no longer met its minimum asset requirements for a continued listing.
The stock has ridden a wave of interest in Internet-related issues and the company CEO told CNNfn a new product is enjoying strong sales.
Diffusion of Iraq tensions hits markets
It was bad news for stocks that are subject to the movement in oil prices after the U.S. and Iraq pulled back from the brink of armed conflict.
The NYMEX crude oil futures contract for December delivery fell 54 cents to $13.03 a barrel Monday afternoon.
Among the losers were the Dow industrials stocks Exxon (XON), off 1-9/16 to 71-5/16, and Chevron (CHV) shedding 1/2 to 82-1/2.
Also lower were Mobil (MOB), down 1-3/8 to 72-1/16, and Texaco (TX), dropping 1-5/8 to 59.
Even harder hit were several oil service and equipment providers: Schlumberger (SLB) off 1-3/4 to 50-1/16, Smith International (SII), falling 2-1/4 to 31-1/4, Transocean Offshore (RIG), down 15/16 to 30-7/8, Baker Hughes(BHI) losing 13/16 to 20-1/2, and Halliburton (HAL) tumbling 1-1/16 to 31-1/4. 
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