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Markets & Stocks
Hot stocks: Heartache
March 23, 2001: 4:36 p.m. ET

Immunex tumbles after pulling its heart failure treatment, but H.D. vest soars
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NEW YORK (CNNfn) - Immunex stock fell 38 percent in heavy trading Friday after the biotech company said it was pulling the plug for use of its Enbrel drug in treating chronic heart failure.

But shares of tax preparer H.D. Vest nearly tripled after Wells Fargo agreed to purchase the company for $127.5 million.

Friday's losers

Immunex (IMNX: Research, Estimates) down $7.38 to $11.50. The drugmaker said late Thursday it is withdrawing its Enbrel drug from trials as a treatment for chronic heart failure because of indications it cannot be effective. More than 70 million shares changed hands, making Immunex the second-most-active Nasdaq stock.

Packeteer (PKTR: Research, Estimates) down $2.94 to $5.13. The Internet software application maker said late Thursday it anticipated first-quarter earnings will register below its prior guidance due to slower orders and an uncertain economy.

Vitesse Semiconductor (VTSS: Research, Estimates) down $4 to $36.25. Robertson Stephens downgraded the semiconductor maker to "long-term attractive" from "strong buy."

Friday's winners

H.D. Vest (HDVS: Research, Estimates) up $13.38 to $20.38. Bank holding company Wells Fargo (WFC: Research, Estimates) said it agreed to buy tax preparer H.D. Vest for $127.5 million, or $21.03 a share, paying a large premium for access to its 1.8 million customers.

MatrixOne (MONE: Research, Estimates) up $3.94 to $21.69. Dain Rauscher Wessels started coverage on the software maker with an "aggressive buy" rating.

Interland (ILND: Research, Estimates) up 38 cents to $2.13. Micron Electronics said Friday it agreed to buy rival Interland for $130 million in stock, forming the third-largest Web hosting company in the United States.

Infonet Services Corp (IN: Research, Estimates) up $1.01 to $6.75. The data-communication services firm is looking for strategic partners, which may include selling the company, a source familiar with the situation told CNNfn.com late Thursday. Swiss telecommunications firm Swisscom AG (SCM: Research, Estimates), meanwhile, said it had no plans to sell its stake in Infonet Services.

Red Hat (RHAT: Research, Estimates) up 66 cents to $5.88. The Linux operating system distributor late Thursday reported breakeven results for its fiscal fourth quarter, better than the 1-cent-a-share loss analysts expected.

WebMD (HLTH: Research, Estimates) up 31 cents to $6.13. The Internet healthcare firm, in the throes of a major transformation, late Thursday reported a smaller-than-expected $52 million operating loss for the fourth quarter and said it expects to finish 2001 with a profit, before charges.

Tibco Software (TIBX: Research, Estimates) up $2.41 to $10.44. The company, which makes software for real-time business transactions on the Internet, said late Thursday its first-quarter profit beat already lowered estimates.

Rambus (RMBS: Research, Estimates) up $2.60 to $25.55. The chipmaker led a continuing rally in the chip sector, as some investors considered the sector to have touched bottom, analysts said.

-- from staff and wire reports graphic





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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.