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CNNfn market movers
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March 4, 1999: 11:17 a.m. ET
Retailers leap out of gate, while analyst ratings encourage fresh tech buying
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NEW YORK (CNNfn) -Analyst recommendations and retail sales were the prime movers for many of Wall Street's most stunning performances Thursday, while several technology companies enjoyed a repeat of their once-commonplace rises.
On the high-tech front, hand-held computing company 3Com (COMS) shrugged off its recent casualties to climb 3/4 to 25-5/16, buoyed not only by sudden bargain hunting but by reports that German electronics giant Siemens may be looking to pay $1.2 billion for its networking unit.
Likewise beleaguered Micron Technology (MU), majority shareholder of Micron Electronics (MUEI), regained 2-5/8 to 55-1/4 after being called a "strong buy" by Gruntal & Co. Shares of both Microns have slid in recent days after Micron Electronics warned Wall Street of disappointing profits ahead.
Encouraging analyst comments also helped software maker Adobe Systems (ADBE), which saw shares surge 4-7/16 to 44-5/8 after Merrill Lynch rated the stock "accumulate."
Applied Micro Circuits (AMCC) learned that a positive recommendation can make little difference. Needham raised the stock to "buy" from "hold," but shares fell 2-1/4 to 35-1/4 anyway after the telecom chipmaker said it will buy Cimaron Communications for $115 million.
More directly stung by the ratings game, International Game Technology (IGT), which makes computerized casino machines, lost 3-15/16 to 14-3/8 after CS First Boston lowered its rating to "hold" from "buy." Networker Level One Communications (LEVL) fell 3-1/4 to 29-1/8 after Adams Harkness stripped it of its "strong buy" recommendation, rating it "accumulate" instead.
On a higher level, Level Three Communications (LVLT) climbed 3/4 to 55-3/4 on growing enthusiasm over the would-be global Internet networker's upcoming secondary stock offering. The company increased the size of the offering to 25 million shares from 20 million shares.
An Internet marketing deal with Web leader Yahoo! (YHOO) helped Paging Network (PAGE) surge 5/8 to 4-11/16. Yahoo! will provide Web content over the wireless provider's PageNet starting in the second quarter.
Internet venture-capital firm CMGI (CMGI), meanwhile, slid 3/4 to 141-15/16 after buying privately-held Activerse, which makes the instant Internet messaging program, "Ding."
Street buying retail
Generally encouraging same-store retail sales reports unleashed a flood of stock shopping, pushing shares of many retailers higher.
Staples (SPLS) was the early standout, with shares soaring 2-1/16, or more than 7 percent, to 30-1/16 after the company's fourth-quarter profits beat Wall Street's forecasts.
Craft retailer Michaels Stores (MIKE) also profited from a satisfying earnings report, climbing 2-5/16 to 20-3/4. The company reported fourth-quarter profits of 99 cents per share, while analysts had expected a lower per-share figure of 93 cents.
Same-store sales helped Ann Taylor (ANN) climb 1-9/16 to 40-9/16, while Liz Claiborne (LIZ) shares were marked up 1-1/8 to 33-7/16.
J.C. Penney (JCP) crept up 3/4 to 37-1/16, while apparel chain American Eagle Outfitters (AEOS), which overnight reported a staggering 33 percent increase in same-store sales, gained 1-1/4 to 74-1/4.
Among the retail blue chips, Wal-Mart (WMT) climbed 1-11/16 to 89-1/16 on the back of its strong same-store figures, but Sears (S) was unchanged at 40-5/8. 
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