NEW YORK (CNNfn) - Amid a stock market downturn, investors sought safety in strong earnings Friday, sending shares of companies posting solid third-quarter results significantly higher.
And an initial public offering brave enough to test the turbulent waters was amply reward. Shares of software engineering firm Cysive Inc. (CYSV) rose 18-11/16, or 110 percent, to 35-11/16, after being priced at $17 a share.
Digital Lightwave Inc. (DIGL) stock, meanwhile, rose 25 percent after saying third-quarter net income climbed to $2.6 million, or 9 cents per share, compared with a net loss of $4.5 million, or 17 cents per share, a year ago.
The company credited the turnaround to a pickup in demand for its optical networking technologies.
Stock in Clearwater, Fla.-based Digital Lightwave rose 2 to 10.
Similarly, shares of FileNET Corp. (FILE) gained 14 percent after reporting third-quarter net income of $4.6 million, or 14 cents a share, compared with a net loss of $5.8 million, or 18 cents per share, in the year-ago period.
Investors apparently liked the turnaround, which the enterprise software maker attributed to increased sales.
Stock in Costa Mesa, Calif.-based FileNet rose 1-7/16 to 12-13/16.
And shares of MIPS Technologies Inc. (MIPS) climbed 16 percent after saying net income for the fiscal 2000 first quarter climbed 56 percent to $5.1 million from $3.3 million in the year-ago period.
Shares of Mountainview, Calif.-based MIPS, which licenses intellectual property to semiconductor makers, jumped 4-5/16 to 31-1/16.
And shares of Office Depot (ODP) rose 16 percent despite saying it lost $1.7 million in the quarter, including charges, and announcing a management reshuffle.
Still, the company's 19-cent-per-share net earnings met analysts' expectations.
In the reshuffle, John C. Macatee resigned as president and CEO of the Delray Beach, Fla.-based office supply retailer.
Office Depot stock rose 1-1/2 to 10-5/8.
Finally, shares of data storage equipment maker Veeco Instruments Inc. (VECO) rose 22 percent after saying it signed a merger agreement with privately held OptiMag Inc.
Shares of Plainview, N.Y-based Veeco rose 5-5/16 to 29-15/16. 
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