CNNfn market movers
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April 6, 1999: 3:28 p.m. ET
RealNetworks surges real high; online brokers climb, but GeoCities skids
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NEW YORK (CNNfn) - Investors logged onto software makers and online brokers in their quest for hot stocks Tuesday afternoon.
But RealNetworks Inc. (RNWK) proved to be the real deal, as the online broadcasting software provider's stock shot up 33-1/4 to 188-3/4. Donaldson, Lufkin & Jenrette initiated its coverage the company's stock with a "buy" rating Tuesday.
RealNetworks also was hot last week when Yahoo! Inc. (YHOO) acquired Broadcast.com (BCST), the leading Internet audio and video broadcaster, for $5.7 billion in stock.
Shares of Charles Schwab Corp. (SCH) were up 5-11/16 at 109-1/16. E*Trade Group (EGRP) was up 1-13/16 at 74-7/16. E*Trade also announced Tuesday that Reuters will be the main source of news and market data for its Web sites worldwide.
AmeriTrade Holding Corp. (AMTD) was a noticeable holdout, falling 7-1/8 to 84-1/2.
Other standouts included National Propane Partners LP (NPL), which accepted a $221 million cash and debt offer from Columbia Energy Group. The company was up 4-1/2 to 11-5/16.
Lernout & Hauspie Speech Products NV (LHSP) was up 5-9/16 to 43-7/16 after Intel Corp. (INTC) agreed to invest $30 million in the speech recognition software maker. Intel was up 2-1/8 to 129-5/8.
Meanwhile, GeoCities (GCTY), which had been surging for about a day-and-a-half, slipped into the red zone Tuesday afternoon, dropping 2-5/16 to 141-1/4.
Still Lagging
Core Laboratories N.V. (CLB) was down 4-3/4 at 12-7/8 after saying it expects 1999 net income to fall "significantly below" last year's total. The company blamed the problem on continuing weakness in oil-field activities.
Novel Denim Holdings Ltd. (NVLDF) was down 2-1/2 to 7-1/4 after saying it expects fiscal fourth-quarter earnings to drop because of foul weather that disrupted the fabric supplier's production on the island of Mauritius.
Allied Holdings Inc. (AHI) was down 2-3/4 to 6-5/8 after the vehicle transporter said it expects a first-quarter loss larger than analysts' expectations.
Also down was Genesee & Wyoming (GNWR), dropping 2-1/2 to 8-15/16 after the railroad operator warned that it expects first-quarter revenue to fall.
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