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CNNfn market movers
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February 16, 1999: 3:00 p.m. ET
Finance, brokers lead winners but Pediatrix, Family Golf plunge
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NEW YORK (CNNfn) - A surging dollar and the thrill of global acquisitions activity produced several winners on Wall Street Tuesday, while a few firms profited from flirtations with the Internet.
Shares of British banks surged in London, pushing their New York receipts higher in sympathy. Barclays (BCS) climbed 5 to 107 on the back of encouraging 1998 profits, while competitor National Westminster Bank (NW) added 13-3/8 to 130-3/4.
U.S. banks also leapt ahead, advancing not so much in sympathy with their British counterparts as due to the dollar's sudden climb and renewed strength in the bond market.
Wachovia (WB) gained 1-3/16 to 86-11/16, Wells Fargo (WFC) climbed 13/16 to 34-15/16 and Fifth Third (FITB) surged 1-21/32 to 65-7/8, while BankBoston (BKB) added 11/16 to 36-1/2.
Among smaller banks, Republic New York (RNB) jumped 11/16 to 42-1/2 and Regions Financial (RGBK) climbed 1-3/32 to 37-1/4.
From banks to brokers, investment giants Merrill Lynch and PaineWebber both slid despite weekend reports that they will soon offer Internet stock trading to clients. Merrill (MER) lost 1/8 to 69 and PaineWebber (PWJ) slipped 3/16 to 34-3/16.
However, the move only demonstrated the foresight of already-online rival Charles Schwab (SCH), which saw its shares jump 2-13/16 to 65-1/2 after it announced dramatically higher business at its Web trading site.
While the giant brokers move onto the Net, at least one Internet discount broker, E*Trade, plans to start managing the assets of its customers, offering branded mutual and money market funds. E*Trade (EGRP) shares climbed 3/4 to 46-3/4 on the news, while online competitor Ameritrade (AMTD) added 15/16 to 9-1/4.
Even home mortgage companies look to profit from getting in on the Internet act. Finet Holdings (FNHC) shares added 9/32 to 2-23/32 as investors digested the ramifications of the company's FiNet.com Web site, launched Friday, which will offer a comprehensive array of mortgage services to Web clients.
Deals grease rally wheels
Outside the finance sector, global deals added a note of encouragement to traders looking for bargains.
In the highest-profile merger buzz, truck maker Navistar (NAV) soared 6-1/16 to 41-5/16 as U.S. traders jumped on the bandwagon after weekend reports that Volvo (VOLVY) may be interested in buying the company.
Biotech company Abbott Labs (ABT) also climbed on the strength of transatlantic merger possibilities, gaining 1-5/8 to 46-5/8, but in this case it was the U.S. company, Abbott, that may be doing the buying.
Belgian newspaper L'Echo reported Saturday that Abbott may be interested in acquiring Belgian competitor Innogenetics, which had no comment.
American Safety Razor (RAZR), holder of the famous Burma Shave brand, rocketed 3-7/8 to 13-3/4 after announcing a $298 million plan to merge with closely-held J.W. Childs Equity Partners II.
In earnings news, farm-equipment maker John Deere (DE) leapt 1-1/2 to 34-1/8 after reporting estimate-beating profits for the fiscal first quarter, while retailer Sharper Image (SHRP) surged 1-1/16 to 15-1/4 after reporting its own earnings and reaffirming its commitment to Internet sales.
Platinum Entertainment (PTET) also benefited from its association with the Internet, gaining 5/8 to 6-9/16 after announcing that it will sell its back music catalog -- songs from artists ranging from George Clinton to the Beach Boys -- online in the controversial MP3 digital format.
Among the decliners
Oxigene (OXGN) shares were punished, falling 1-5/16 to 7-11/16 after limited market potential for a cancer drug forced the biotech research firm to abandon the product.
Golf course operator Family Golf Centers (FGCI) also tumbled, shedding 6-5/16 to 7-1/8 after it announced that fourth-quarter profits will disappoint. The company said per-share earnings will come in at about 3 to 5 cents, while analysts had forecast 11 cents.
Medical group Pediatrix (PDX) continued its plunge, falling 2 to 26 from the open after reporting late Friday that it may restate past earnings due to criticism over the way it reported merger costs. In addition, the company said it is no longer able to "express confidence" in fourth-quarter earnings meeting estimates.
The news broke too late in the day Friday for the stock to reopen, but shares were indicated as falling to $28-$32 from its last trade of 47-5/8. On Tuesday, the stock opened at 28. 
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