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CNNfn market movers
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December 15, 1998: 2:28 p.m. ET
Calling on latest 'Net IPO, short-circuit on Honeywell stock, as MovieFone delights
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NEW YORK (CNNfn) - The Web winds blew across Wall Street again Tuesday, as the latest in an array of blockbuster offerings moved onto the day's list of market movers.
Investors were dialing up the latest Internet-related initial public offering, Infospace.com (INSP) which bolted upward after the on-line provider of yellow and white page directories priced at $15 a share Tuesday afternoon.
Its shares roared up 45 percent to 21-3/4. Hambrecht & Quist was the lead underwriter.
Getting charged up was Solectron (SLR) tacking on 7-9/16 to 76-5/16 after the maker of electronic components for original equipment manufacturers reported better than expected fiscal first quarter earnings.
BT. Alex Brown and Morgan Stanley Dean Witter each upgraded the stock.
Trying to live up to its name on Wall Street, Best Buy (BBY) clambered up 2-9/16 to 51-9/16 as the electronics retailer said its third-quarter earnings more than doubled from a year ago, with earnings of 52 cents a share. That beat analyst targets by 2 cents.
The company cited strong sales of digital cameras, cellular phones, and satellite dishes.
Investor alarms were sounding about Honeywell (HON), down 5-3/8 to 71-1/16, a day before the security systems and climate-control device maker is expected to report orders for November.
Analyst Steve Jacobs at Dain Rauscher Wessels said there is speculation Honeywell's orders will come up short of expectations.
Getting two thumbs up from investors was MovieFone (MOFN), soaring 1-15/16 to 13-3/4 after the telephone-based movie listing and ticketing services provider announced it expects a 30 percent gain in usage in 1998.
The company also partnered with three large theater chains that are expected to add another 1,000 screens -- a gain of 40 percent -- to the total number MovieFone services.
One fruit vendor was slipping on bananas, while a rival weathered a market storm as they tallied the damage on their bottom lines of Hurricane Mitch in Central America last October.
Fresh Del Monte Produce (FDP) dropped 2-9/16 to 17-9/16 after saying late Monday it will post weaker-than-expected fourth-quarter results because an expected rise in banana prices hasn't appeared.
But Dole Foods (DOL) was up 1-1/4 to 30-5/8 after announcing it will report a fourth-quarter loss and take a $100 million charge due to the effects of Hurricane Mitch.
Deal-making rife in Web world
A spate of deal-making in cyberspace meant the Infospace.com IPO wasn't the only factor taking that sector by storm Tuesday.
Network Solutions (NSOL) climbed 4-5/16 to 111-5/16 but down from earlier gains after the Internet domain-name registrar announced a marketing pact with portal provider Yahoo! (YHOO). Shares of Yahoo! gained 2-11/16 to 193-15/16.
Meanwhile, Yahoo! portal Infoseek (SEEK) added 4-9/32 to 46-15/32 after Merrill Lynch upgraded that stock in the wake of announcing the new "Go" network with partner Walt Disney (DIS). Shares of Dow issue Disney rose 1/8 to 30-3/4.
And America Online (AOL) rose 2-1/2 to 91-3/4 after announcing a joint venture to develop Spanish and Portuguese language online services for Latin American consumers.
Elsewhere in the sector, Amazon.com (AMZN) rose 7-1/8 to 229-3/8, and Net investor CMG Services (CMGI) climbed 4-7/16 to 70-7/16. Also rising were recent IPOs theglobe.com (TGLO) up 1-1/4 to 31-7/8 and Xoom.com (XMCM) up 2-3/16 to 23-15/16.
For a look at the day's market action, and a glimpse at more hot stocks, such as Caterpillar (CAT), Owens Corning (OWC), Eastman Chemical (EWC), General Electric (GE), Sun Microsystems (SUNW), Oracle (ORCL), Cisco (CSCO), and WorldCom (WCOM), click here. 
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