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CNNfn market movers
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December 16, 1998: 11:18 a.m. ET
Amazon.com, K-Tel and AOL log gains, as Envoy buyout gets smiles and frowns
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NEW YORK (CNNfn) - A handful of surprises in the earth-rumbling Internet sector put those stocks back in the limelight and onto the Wednesday list of market movers.
The most eye-popping jolt came as CIBC Oppenheimer said it expects shares of sector bellwether Amazon.com (AMZN) to soar to $400, sending the shares up 43 to 285-3/4, or more than 18 percent.
Among Amazon.com's rivals, Books-A-Million (BAMM) shot up 3-1/4 to 13-5/16, or 32 percent, and Barnes & Noble (BKS) tacked on 1-3/8 to 31-5/8.
Meanwhile, K-tel International (KTEL) rocketed 2-1/2 to 14-3/16 after the Internet vendor of compilation recordings said it plans to sell more shares to meet the Nasdaq's listing requirements of $4 million in tangible assets.
K-Tel, which also said it would report a quarterly loss of $1 million, had been under a review of de-listing by the Nasdaq.
And America Online (AOL) tacked on 3-3/4 to 96-1/2 after saying that online shoppers are spending about 50 percent more than last year through its service.
Also rising were Internet portal Yahoo! (YHOO), up 10-1/4 to 108-1/4, online auctioneer E-Bay (EBAY) adding 21 to 215, while recent gainer Infoseek (SEEK) pulled back a bit, shedding 1/2 to 47.
Elsewhere, Patriot American Health (PAH) climbed 1-1/4 to 8-7/16 after announcing that a group of investors agreed to take a $1 billion stake in the real-estate investment trust.
It was a mixed picture for two companies on separate ends of a planned buyout deal. Envoy (ENVY) soared 9-1/8 to 51-3/8, 22 percent, after the drug testing and marketing company Quintiles Transnational (QTRN) said it would buy the provider of healthcare electronic data services for $1.7 billion in stock.
Shares of Quintiles sank 7-9/16 to 48-5/8.
Also on the downside: active-wear and outdoor-wear retailer Nautica Enterprises (NAUT), falling 2-5/16 to 14-7/16 after announcing after the close Tuesday that it expects to post fiscal third-quarter earnings below analyst estimates due to an unusually mild winter and a weak apparel market.
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