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CNNfn market movers
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April 8, 1999: 2:53 p.m. ET
Value America IPO takes off, while MSG heats up; Architel tumbles
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NEW YORK (CNNfn) - Investors charged after an Internet company's public offering and a telecom's good fortune Thursday afternoon, but backed off big time from two software companies.
Internet retailer Value America Inc. (VUSA) had a strong opening on its first day as a publicly traded company. Value America had raised the price range for its initial public offering of 5 million common shares to $20-$22 per share from $15-$17. By Thursday afternoon, the stock had climbed to 57.
MGC Communications Inc. (MGCX) rang the right bells, rising 17-3/4 to 39, after ING Barings Furman Selz analyst Todd Scott raised his price target for the company from $27 to $90.
Check Point Software (CHKP) continued moving upward in the afternoon, heading up 7-3/16 to 33-15/16. The security software maker said it expects strong results that will meet first-quarter expectations.
Spyglass Inc. (SPYG) was scoping out the profits and lifting 3-3/4 to 17-3/8. One day after announcing a three-year, $20 million deal with Microsoft Corp. (MSFT), the Internet service company said it is buying the privately-held Navitel Communications.
Paychex Inc. (PAYX) went bouncing up 3-1/4 to 50-1/4 as the computerized payroll company announced a 3-for-2 stock split. And Forward Air Corp. (FWRD) was up 2-7/8 at 16-3/8 as the company said first-quarter earnings would beat analysts' estimates.
To the showers
Telecommunications software company Architel Systems Corp. (ASYCF) was looking for the referee as its stock plummeted 10-1/4 to 7-3/4, or about 55 percent. The company said it will post lower than expected earnings, prompting Amdocs Ltd. (DOX) to evaluate its agreement to acquire Architel.
HNC Software Inc. (HNCS) continued taking a beating, with shares dropping 12-11/32 to 14-7/8, or 45 percent, after the software maker said first-quarter revenue would be about 10 percent lower than expectations.
Humana Inc. (HUM) kept falling, 4-11/16 to 11-1/2, after the health insurer warned that first-quarter earnings would be less than expected because of higher medical costs. The company said it will also take a $90 million charge for additional medical claims.
Celestial Seasonings Inc. (CTEA) went cold and dropped 4 to 16-3/4 after the herbal tea said its expected fiscal second-quarter earnings came in below analysts' expectations.
And Curative Health Services Inc. (CURE) could not find a cure for its ailing shares, which fell 2-11/16 to 9-1/16 after the company said it had received a document subpoena from the US Department of Health and Human Services' Office of Inspector General. The company said it had limited information about the on-going investigation.
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