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CNNfn market movers
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March 26, 1999: 3:06 p.m. ET
Autobytel.com roars off the starting line, while drillers surge on Pru nod
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NEW YORK (CNNfn) - Wall Street hit black gold Friday, sparking explosive buying in most oil-driller stocks, while two initial public offerings added zest to the day's list of stock market winners.
Investors greeted the day's Internet-intensive debuts with the usual enthusiasm, lifting shares of Web car merchant Autobytel.com (ABTL) 22-13/16, nearly 100 percent, to 45-13/16 from their starting price of $23.
Valley Media (VMIX), which distributes entertainment products to such Wall Street darlings as Amazon.com (AMZN) and CDNow (CDNW), climbed 6-9/16 to 22-9/16 from its own starting level of $16.
Bullish on drillers
The oil drillers caught fire after Prudential Securities raised its ratings on 10 companies. Among these were Transocean Offshore Inc. (RIG), which was up 1-9/16 to 28-7/16 after being raised to a "strong buy" from a "hold," and Cooper Cameron Corp. (CAM), up 1-13/16 to 33-5/8, after being raised to an "accumulate" from a "hold."
The flood of upgrades continued, with Baker Hughes (BHI) climbing 3/8 to 23-1/4 after Prudential rated it "accumulate," Ensco (ESV) leaping 1-13/16, 15 percent, to 13-11/16 on a "strong buy" and Halliburton (HAL) celebrating its own "strong buy" recommendation by surging 11/16 to 38-3/16.
Marine Drilling (MRL) got an "accumulate," lifting shares 1-1/8, more than 12 percent, to 10-1/8. Also in the "accumulate" camp, Schlumberger (SLB) climbed 15/16 to 59-3/16 and Rowan (RDC) gained 15/16 to 59-3/16. Prudential gave Seitel (SEI) a "strong buy" nod, spurring shares up 1-1/4 to 14
The gains were sticky, spreading to companies not blessed by the investment firm. Seagull Energy (SGO) climbed 3/4, 12 percent, to 6-13/16 and Ocean Energy (OEI) surged 15/16, nearly 16 percent, to 6-13/16.
Outside the oil field
Furniture retailer Cort Business Systems (CBZ) leapt 5-13/16, nearly 35 percent, to 22-9/16, leading the New York Stock Exchange gainers by mid-afternoon. The company agreed to a $453 million buyout by a private investment group including members of its management.
Also climbing the charts, Synetic Inc. (SNTC) gained 2-13/16 to 58-1/2 after the plastic maker filed to take its CareInsite unit public in a $62 million initial offering.
Royal Caribbean Cruises Ltd. (RCL) also went first class, up 1-1/16 to 36-7/16 after Merrill Lynch promoted the company's stock to "near-term buy" from "accumulate."
Also on the bright side, General Cigar Holdings Inc. (MPP) lit a slow fire under investors, gaining 1/4 to 9-3/4 as Wall Street digested the company's plans to sell its mass-market unit to Swedish Match (SWMAY) for $200 million. American depositary shares of Swedish Match added 7/8 to 33-5/8.
But on the other hand…
Technology services provider Inacom (ICO) suffered after announcing that first-quarter profits will come in under Wall Street expectations, with shares falling 3-5/8, more than 32 percent, to 7-9/16.
Meanwhile, telecom manufacturer Verilink (VRLK) dropped 1/2, 16 percent, to 2-1/2 after saying it would report lower-than-anticipated revenue for the third quarter ending March 28.
Chronimed Inc. (CHMD), a maker of drugs and products for patients with chronic diseases, was down 1-7/16, more than 20 percent, at 5-5/8, after announcing that it expects fiscal third-quarter earnings to fall significantly below analysts' estimates.
Hutchinson Technology (HTCH), a worldwide supplier of suspension assemblies for disk drives, was down 2-3/16 at 20-7/8, after saying it will "temporarily" reduce its workforce by 550 employees.
Internet service provider PSINet Inc. (PSIX) slipped 1-3/4 to 38-7/8 after an international arbitrator ordered the company to pay $49 million in damages for a failed joint venture with George Soros' management company to develop the European Internet market. 
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