CNNfn market movers
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January 8, 1999: 11:36 a.m. ET
Nothing stopping those Net stocks, while First Data, Data Broadcasting also roll
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NEW YORK (CNNfn) - High-tech stocks and that seemingly unstoppable Internet sector again were leading a pack of gainers on the list of market movers Friday.
A positive earnings outlook at Scientific-Atlanta (SFA) late Thursday sent the cable-TV set-top box maker skyward, up 2-11/16 to 29-15/16. The company said fiscal second-quarter earnings will be better than expected.
The consensus estimate of analysts, as reported by First Call, was for 6 cents a share.
Taking a beating were the American depositary receipts of ASM Lithography (ASMLF), off 3-1/4 to 29-15/16 after Deutsche Bank downgraded the Dutch chip-equipment maker to "underweight" from "neutral."
First Data (FDC) rocketed 3-7/16 to 35-3/8, after Morgan Stanley Dean Witter upped its rating on the provider of credit-card processing services to "strong buy" from neutral.
Net issues soar again
While a growing chorus of market analysts, such as the Prudential Securities chief technical analyst Ralph Acampora, insists investors must beware those high-flying Internet stocks, the sector continues to amaze.
The provider of online information for Christian use, Didax (AMEN), shot up 4-3/4 to 13-7/8 after a report in BusinessWeek said its shares may rise again after forming a web site called crosswalk.com. Its shares sat at 40 in late November.
The article, citing a San Francisco-based money manager, said Didax is in talks about partnerships with America Online (AOL) and Amazon.com.
For its part, Amazon.com (AMZN) shot up 28-13/16 to 187-11/16 after the bookseller said late Thursday it will open its third and largest distribution facility in Nevada, to speed deliveries to Western states and keep up with rapidly rising sales.
Financial news provider Data Broadcasting (DBCC) rose 4-3/16 to 24-1/16, more than 21 percent, on high hopes about a coming offering of Marketwatch.com, a joint venture with TV network CBS (CBS).
Adding to Thursday's gains of 40-7/16, Broadcast.com (BCST), jumped 42-7/8 to 174-7/8 in the wake of what analysts called an impressive presentation at a Morgan Stanley Dean Witter Internet conference in New York.
Raymond James analyst Phil Leigh said the company didn't unveil anything new, but the high-profile audience is realizing the Internet is entering a new stage and becoming the future form of electronic media.
Among Internet portals, Yahoo! (YHOO) shot up 28-11/16, ahead of next Tuesday's earnings release. Analysts expect the company to report 16 cents a share.
Leading percentage gainer in the sector this week, Lycos (LCOS), added 17-1/2 to 89, as Excite (XCIT) rose 7-9/16 and Infoseek (SEEK) tacked on 4-1/8 to 57.
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