NEW YORK (CNNfn) - GigaMedia Ltd. made an impressive debut on Nasdaq Friday after the price of its shares more than doubled in its initial public stock offering.
Inforte Corp., a technology consulting firm, also saw a profitable day after the price of stock in its IPO more than doubled.
Stock in Sawtek Inc., a Florida-based electronics company, bounced back from a steep decline Thursday, blamed on insider stock sales, after it issued a statement explaining why the insiders sold stock.
The Connecticut-based Student Loan Corp.'s stock price fell after reports that its talks with Citigroup had terminated. Citigroup was considering acquiring the outstanding shares of Student Loan it does not own.
Today's Winners
GigaMedia Ltd. (GIGM: Research, Estimates) up 53-5/8 to 80-5/8.
Shares more than doubled for this broadband Internet access services provider, after it priced shares for its initial public offering at $27, sharply above its expected price range. Investors seized the opportunity to invest in Taiwan's Internet development.
Inforte Corp. (INFT: Research, Estimates) up 43-15/16 to 75-15/16.
The stock of this technology-consulting firm jumped about 200 percent in its first day of trading after its initial public offering. Inforte's shares, which priced at $32 in the IPO early in the morning, jumped 66 to 98 immediately after public trading began midday on the Nasdaq market.
St. Laurent Paperboard Inc. (SLW: Research, Estimates) up 2-1/16 to 16-3/16.
Quebec's St. Laurent Paperboard Inc. said it is in talks regarding a possible merger, a move that may extend the wave of consolidation sweeping the forest-products industry.
Too Inc. (TOO: Research, Estimates) up 4-1/2 to 20.
This rapidly growing specialty retailer that sells apparel, underwear, sleepwear, swimwear, lifestyle and personal care products for young girls, was raised by Banc of America Securities from "market perform" to "buy."
Symix Systems Inc. (SYMX: Research, Estimates) up 6-7/8 to 24-1/2.
Commerce One Inc., the leader in global e-commerce solutions for business, and Front Step Inc., an eBusiness subsidiary of Symix Systems Inc., announced today that they have partnered to deliver Commerce One MarketSite(TM) Global Trading Portal access and integration to mid-sized companies. The partnership enables Front Step to deliver the most comprehensive business-to-business buying and selling solution in the mid-sized company market, according to a company press release.
Brocade Communications (BRCD: Research, Estimates) up 27-3/8 to 271.
Shares went up after the company reported fiscal first-quarter earnings of 12 cents per share, above expectations of 7 cents and up from a 4-cent loss in the comparable year-ago period. First-quarter sales increased more than 400 percent from last year. The company, which makes switches for storage area networks, also said it had approved a two-for-one stock split.
Sawtek Inc. (SAWS: Research, Estimates) up 6-13/16 to 68.
Sawtek stock rebounded following a statement by the Florida-based electronics company clarifying the reason for insider stock sales, which were blamed by some as the reason for the slide in its stock price Thursday. Officials said the company's Employee Stock Ownership Plan sold stock to diversify its investments and that included ESOP accounts for executive officers.
Today's Losers
Novell Inc. (NOVL: Research, Estimates) down 8-5/16 to 34-3/4.
Despite expectations that Novell would post an excellent quarter, the network software maker simply met consensus earnings estimates of $0.13 a share.
Investors had been expecting a strong quarter, bidding the shares up sharply in recent sessions. Near the close of trading Friday, Novell stock was down 8-5/16, at 34-3/4, a sharp contrast to Thursday's session, when the stock hit a new high of $43.06, up $2.31.
Global Crossing Ltd. (GBLX: Research, Estimates) down 8-9/16 to 52-1/2.
This company, the No. 5 U.S. long-distance telephone company, said its fourth-quarter loss more than tripled due to costs to expand its undersea fiber-optic networks and absorb recent acquisitions.
Ingram Micro Inc (IM: Research, Estimates) down 3-3/4 to 11-3/4.
Banc of America Securities downgraded this computer wholesaler from Buy to Market Perform.
New Plan Excel Realty Trust Inc. (NXL: Research, Estimates) down 2-1/2 to 13-3/8.
Real estate firm New Plan Excel Realty Trust Inc. said it expects funds from operations (FFO) in 2000 to be below those of 1999, mainly due to the redevelopment of two malls and financing costs.
The Student Loan Corp. (STU: Research, Estimates) down 5-3/8 to 42.
Citigroup Inc. and the Special Committee of the Board of Directors of The Student Loan Corp. announced the termination of discussions regarding Citigroup's previously reported proposal to acquire the outstanding shares of Student Loan not beneficially owned by Citigroup for $45 per share.
Synopsys Inc. (SNPS: Research, Estimates) down 8-1/4 to 38-1/4.
The software developer and marketer was downgraded by Robertson Stephens from "buy" to "LT attractive," by Morgan Stanley Dean Witter from "strong buy" to "neutral," by Goldman Sachs from "recommended list" to "market outperform," and by Merrill Lynch from "NT accum" to "NT neutral."
Alcatel (ALA: Research, Estimates) down 4-3/16 to 47-3/8.
The Wall Street Journal reported that Alcatel, the French telecommunications company, is looking to buy Newbridge Networks of Canada for about $6.5 billion. The newspaper says the deal could be announced as soon as next week. 
-- compiled by Staff Writer Lucy Banduci and Reuters
|
