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CNNfn market movers
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March 29, 1999: 2:54 p.m. ET
Critical Path jump starts tech issues; Texaco and Phillips Petroleum stay hot
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NEW YORK (CNNfn) - Technology issues, both new and old, again electrified Wall Street Monday while several pharmaceutical firms had investors fluctuating between feeling great and woozy all day.
Critical Path Technologies Inc. (CPTH) became the latest in a long line of seemingly insatiable Internet-related stocks to be welcomed to Wall Street, climbing to a high of 68-1/4 after pricing at 45 on its first day of trading.
Not far behind were more traditional Internet favorites Amazon.com Inc. (AMZN), up 11- 1/4 to 150-5/16 on word it will launch a person-to-person Internet auction service and take a 50 percent ownership stake in Pets.com, and E*trade Group Inc. (EGRP), up 1-3/8 to 59-1/4 after announcing it will acquire Clear Station Inc.
New issue iVillage Inc. (IVIL) also continued to dazzle investors, climbing 18 to 96-7/8 after "Raging Bull" author David Alger singled out the online women' web site's stock as one of his Internet favorites in this week's edition of Barron's.
Other Internet issues riding the upward wave included Concentric Network (CNCX), up 5-13/16 to 72-13/16 after announcing a two-for-one stock split, and Convad Communications (COVD), up 6-3/8 to 70-3/4 after unveiling a national high-speed access service for Internet connection between corporations.
Not as fortunate was leading online auctioneer eBay Inc. (EBAY), which fell 4-1/8 to 150- 3/8 on the strength of Amazon.com's announcement.
A difficult pill to swallow?
Investors took heart in several medical and pharmaceutical companies Monday, particularly Global Pharmaceutical Corp. (GLPC), whose stock nearly doubled to 4 after announcing the U.S. Food and Drug Administration had given it permission to manufacture and market its Minocycline drug.
New York health-care company Pfizer Inc. (PFE) also soared 4-7/8 to 139-7/8 after British drug giant Glaxo Wellcome PLC (GLXO) reportedly called off merger talks with Bristol-Myers Squibb Co. (BMY)
Investors had a harder time stomaching Alza Corp. (AZA) and Perclose Inc (PERC), however, after both received ratings reductions.
Alza dropped 5-3/16 to 40-11/16 after Morgan Stanley analyst Mark Goodman, concerned one of the firm's drugs won't meet sales projections, downgraded company an strong buy to outperform.
Likewise, Vector Securities International cut its rating on Perclose from attractive to neutral and lowered its earnings estimate 3 cents to 34 cents a share based on the firm's higher tax rate and higher expenses related to new employee hires. That sent the stock down 6-1/8 to 35.
Topping off oil shares
Slick investors also continued to boost oil shares, spurred on by word that BP Amoco (BPA) might acquire Atlantic Richfield (ARC).
Among the more popular oil drillers were Texaco Inc. (TX), which climbed 3-1/ 2 to 59-1/6, and Phillips Petroleum Co. (P), up 2- 9/16 to 48-3/16.
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