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CNNfn market movers
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April 13, 1999: 11:41 a.m. ET
Investors deposit funds in bank, financial issues while tech mergers stay red hot
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NEW YORK (CNNfn) - A series of early earnings reports provided the wave to lift all financial ships Tuesday, while the sweet talk of mergers and upgrades kept several technology issues in high regard.
Word that PaineWebber Group (PWJ) and Merrill Lynch and Co. (MER) both beat Wall Street's first-quarter estimates powered banking and financial stocks upward in early trading.
Among those reaping the rewards were longtime Wall Street giants Donaldson, Lufkin & Jenrette (DLJ), up 5-9/16 to 99-9/16, Chase Manhattan Corp. (CMB), up 1-1/8 to 88, and Citigroup Inc. (C), up 1-7/16 to 75-7/16.
But investors were in no mood to discriminate, sending online banks and brokerage firms up with equal vigor, including AmeriTrade Holding Corp. (AMTD), up 25-7/8 at 168-1/8, E*Trade Group, Inc. (EGRP), up 24-1/4 at 18-1/4, and TeleBanc Financial (TBFC), up 17-5/8 at 125.
Internet banking firm NetB@nk (NTBK) also continued its meteoric ride from Monday, climbing 44-3/4 to 203-1/4 on the strength of industry momentum and word the firm plans to offer shareholders a 3-for-1 stock split.
Tech deals aplenty
While financial issues were busy cashing in, other investors were lured by a healthy merger spread offered by upstart technology firms.
GeoTel Communications Corp. was the first to whet investors' appetites, announcing an early morning deal to merge with Cisco Systems in a $2 billion deal. Traders immediately rallied behind GeoTel's (GEOC) stock, which rose 13-7/16 to 57-11/16, but soured slightly on Cisco (CSCO), which fell 11/16 to 117.
Internet company Xoom.com (XMCM) also was given a boost after company officials said they had discussed selling a major stake in the company to an unnamed party, but couldn't agree on the terms. Investors remained intrigued, however, and drove the company's stock up 15-3/4 to 92-58.
And 7thStreet.com (SEVL) saw its stock jump 3 /4 to 7-7/8 after the online learning center said it plans to buy Learn2.com for $11 million in stock.
There were no mergers in sight for publishing giant Knight Ridder Inc. (KRI), but investors still lifted the company's stock 1 to 52 after Credit Suisse First Boston raised its rating on the company to a buy from a hold.
Conversely, beverage king Anheuser-Busch (BUD) tumbled 2-3/8 to 76-1/2 after being downgraded by Merrill Lynch. 
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