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Thursday's hot stocks
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November 11, 1999: 2:12 p.m. ET
Sage, Sonicwall soar in their initial public offerings; ScanSoft moves higher
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NEW YORK (CNNfn) - Shares in two technology startups nearly doubled in their first day of public trading Thursday.
In the session's highest flying initial public offering, stock in Sage Inc. (SAGI), a semiconductor maker, jumped 10-1/4, or 85 percent, to 22-1/4, after being priced at 12.
Sonicwall (SNWL) wasn't far behind. Shares of the Internet security firm leapt 11-9/16, or 83 percent, to 25-9/16, after being priced at 14.
In non IPOs, shares of ScanSoft (SSFT) rose 79 percent, extending Wednesday's gains on news that Microsoft (MSFT) will license ScanSoft's optical character recognition technology. Terms weren't disclosed.
Shares of Peabody, Mass.-based ScanSoft climbed 3-1/4 to 7-3/8.
Shares of Chemdex (CMDX) rose 28 percent after it announced a deal with IBM (IBM) to provide Internet-commerce infrastructure to health-care companies. Terms weren't disclosed.
Stock in Palo Alto, Calif.-based Chemdex, which provides business-to-business e-commerce products, gained 15-9/16 to 72-1/16.
Shares of iGo Corp. (IGOC), an online provider of accessories for mobile electronic devices, rose 23 percent, despite the company saying its third- quarter loss widened to $3.6 million, or 26 cents per share, from $415,000, or 4 cents per share, a year ago.
Stock in Reno, Nev.-based iGo gained 4 to 21-1/4.
Shares of Rite Aid (RAD) plunged 38 percent after the drugstore chain warned that its previous profit forecasts may not materialize.
Shares of Camp Hill, Pa.-based Rite Aid fell 3-1/16 to 4-15/16.
Shares of International Multifoods Corp. (IMC) lost 19 percent after the food distributor said its acquisition of Better Brands Inc., completed Thursday, is expected to be neutral to earnings in the current fiscal year and to provide a benefit of up to 3 cents per share next fiscal year.
USB Piper Jaffray, meanwhile, downgraded International Multifoods to "buy" from "strong buy."
Shares of Wayzata-Minn.-based International lost 3-3/4 to 16-1/8.
Shares of Salem Communications (SALM) fell 28 percent after the radio broadcasting company said it had a third-quarter net loss of $3.7 million, or 16 cents per share, compared with net income of 1 cent per share in the year-ago period.
Stock in Camarillo, Calif.-based Salem Communications lost 7-1/4 to 19. 
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