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Techs settle; QCOM rolls
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March 26, 1999: 5:12 p.m. ET
Sector eases after Thursday's bluster, as deal-making sets upbeat tone for some
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NEW YORK (CNNfn) - Thursday's mirth about tech stocks gave way gave way to cool investor attitudes Friday. But deal-making -- and speculation about other deals on the way -- provided a prod for some key telecom sector players.
Qualcomm (QCOM) soared for a second day, rocketing 13-1/18 to 111-9/16, about 13 percent, after the mobile-telephone technology company ended a patent dispute with Swedish rival Ericsson (ERICY) -- coming out with a data-sharing agreement.
The San Diego-based company held what some described as a bullish meeting with its analysts Friday, unveiling hopes about market opportunities in China.
Following the meeting, Everen Securities raised its raised price target to $143 per share.
Analysts said the two-way radio service provider Nextel Communications (NXTL) was the subject of a raft of buyout rumors that sent it up 8 to 65-1/2.
The speculation was that telecom giant MCI WorldCom (WCOM) might be in the market for Nextel; both companies declined to comment. WorldCom fell 1-1/8 to 89-7/8.
Taking a spill was Hutchinson Technology (HTCH), off 2-5/8 to 20-7/16 after the disk-drive maker said Thursday it will temporarily cut 550 jobs, a result of slumping demand.
On the initial public offering front, data compression and encryption microprocessor maker hi/fn (HIFN) rose to 39-7/8, up about 20 percent, after pricing its shares at $33.
Hindery nixes RoadRunner rumor
@Home (ATHM) tacked on 4-5/8 to 150-7/8 after Leo Hindery, president of broadband and Internet services division at AT&T, which bought @Home's parent, said the division is too busy to contemplate merging @Home with the rival RoadRunner venture, which is owned by MediaOne (UMG), Time Warner (TWX) and several other partners.
Shares of Time Warner dipped 7/16 to 68-13/16, MediaOne fell 2-1/16 to 65-7/16, and Dow member AT&T (T) rose 1-3/16 to 83-1/16.
A planned merger, announced earlier this week, of Comcast (CMCSK), which also has a stake in @Home, and MediaOne, with its stake in RoadRunner, caused speculation that the two Internet service providers will merge. Time Warner is the parent of CNNfn.com.
Also with a stake in RoadRunner is the software giant, Microsoft (MSFT), which tumbled 1-13/16 to 178-1/8, as it awaits a resumption, on April 12, of the U.S. government's antitrust trial.
Net stocks still uppity
Revving upward was the last of a full plate of five initial public offerings in the Internet sector this week. Autobytel.com (ABTL) sped up to 40-1/4, or 75 percent, after pricing late Thursday at $23.
Falling off quickly a day after its blockbuster IPO was OneMain (ONEM), as the Internet service provider shed 7-9/16 to 32. That stock blasted up after the IPO priced at $22.
Several Internet-based banks cashed in. Telebanc Financial (TBFC) was among the leaders, up 10-1/8 to 68-9/16, with its Chief Executive Officer Mitchell Caplan on a road show touting the company.
Elsewhere, Internet banking company Net.B@nk (NTBK) tacked on 8 to 65-1/2 and Security First Technologies (SONE), which provides software that allows Internet banking, rallied 3-1/8 to 68-1/18.
Taking on auction titans such as eBay (EBAY) and uBid (UBID) was Cybershop (CYSP), up 2-1/4 to 13-1/8 as the online retailer unveiled plans to tap the auction market.
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