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CNNfn market movers
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November 25, 1998: 11:24 a.m. ET
Onsale rings up the registers, AMD higher on upgrade, Sun brightens
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NEW YORK (CNNfn) - A flurry of analyst moves gave momentum to a rather quiet Wednesday on Wall Street, with a bellwether chip company making the grade onto the day's list of market movers.
Advanced Micro Devices (AMD) rolled upward by 2-3/4 to 28-3/8 after Merrill Lynch said it raised its rating on the chip maker to an "attractive" from a "neutral" rating.
Newbridge Networks (NN) shot up 2-15/16 to 28-1/16 after the Toronto-based network and telecommunications services provider late Tuesday posted a drop in profit in its second quarter, but still matched analyst expectations.
The company Wednesday announced a new contract to build a broadband network for China Post.
Merrill Lynch upgraded the stock to "accumulate" from a "near-term neutral."
A day after getting rolled into a deal to merge online titan America Online (AOL) and Netscape Communications (NSCP), Java software maker Sun Microsystems (SUNW) rose 1-15/16 to 74-7/8.
That came after Merrill Lynch upped its 12-month price target to $86 from $80 on the stock. And AOL rose 1-1/2 to 92-7/8 after Lehman Brothers raised its price target on that stock from $75 a share to $110.
Nets swing wildly again
The Internet frenzy continued for several stocks, and several "e-tailers" got bolstered as the holiday season approaches.
Onsale (ONSL) shot up 11-3/16 to 55-1/16, or more than 25 percent, after the online auctioneer said Tuesday it will create a holiday shopping store on its site to let consumers make immediate purchases. The stock rose 14-7/8 on Tuesday.
Also climbing were online PC software and hardware vendor Egghead.com (EGGS) tacking on 3-5/8 to 21-7/8, after gaining 4-3/8 on Tuesday, and online auction house eBay (EBAY), rising 12-1/2 to 209-5/16.
Elsewhere, Cyberian Outpost (COOL) gained 4-1/2 to 42-1/8 and Cybershop International (CYSP) was up 3 to 18-13/16.
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