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CNNfn market movers
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July 2, 1999: 2:45 p.m. ET
New Internet shares, handful of deals keep investors from packing up early
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NEW YORK (CNNfn) - Investors were sure to log on to a number of new Internet shares before closing shop for the long holiday weekend, but it was a Brazilian beverage company that made one of the biggest splashes.
A merger between Brahma and Antarctica, Brazil's two largest beverage firms, more than quenched investors' thirst on a muggy Wall Street afternoon, particularly after considering the companies would control more than 70 percent of the local beer market.
Brahma's (BRH) shares instantly began to buzz on the New York Stock Exchange, climbing 2-9/16 to 13-1/4.
Also percolating were shares of Clarent Corp., the telecommunications firm that debuted on Wall Street Wednesday to solid reviews. Clarent (CLRN) turned in quite an encore performance, climbing 11-3/8 to 36-7/8 by mid-afternoon.
Clarent wasn't the only new issue to maintain its momentum Friday. Online mortgage lender E-Loan Inc. (EELN), for instance, had no problems qualifying for higher price gains in its fourth day on the market, rising 9-16 to 44-9/16.
But others found investors had cooled to their prospects. Shop At Home Inc. (SATH) found few buyers for its shares, climbing just 1/32 above its IPO price set Friday of $8 per shares.
And Ask Jeeves (ASKJ), a new search engine that roared onto Wall Street Thursday, didn't have quite as many answers on how to maintain that growth on its second day, although the company still rose 4-9/16 to 69-1/2 by mid-afternoon
Ask Jeeves rival Goto.com (GOTO) raced forward 11-1/2 to 48 aided by word late Thursday that the company sealed a deal to become the leading search engine for Netscape's Net Search program.
Pick a deal, any deal
When investors finished surfing the Net, they found plenty of deals to keep them from embarking on their holiday travels.
Shares of refrigerator and ice machine maker Scotsman Industries (SCT) hardly kept their cool after Berisford Plc announced it would buy the company for $712 million. Scotsman shares rose 10-3/4 to 32-9/16 on the news.
RealNetworks Inc. (RNWK) found enough reasons to prove its stock was for real. The software company rose 9-1/8 to 87 after announcing it would adapt software sound and video files that can be accessed on Microsoft Corp.'s (MSFT) Web TV.
C2I Solutions (CTWO), a provider of e-business and e-commerce solutions, more than doubled its stock value to 4-1/4 after agreeing to merge with American Digital Network, a privately held Internet service firm.
And Stamps.com Inc. (STMP) proved it was hardly licked after climbing 9-3/16 to 31-11/16. The online retailer of postage products said Thursday it would roll its technology into Web direct marketer MySoftware Co.'s small business software.
But optimistic traders were clearly through gambling on Mirage Resorts Inc. (MIR), which said Thursday it would fall 7 cents to 10 cents short of expectations during the second quarter. The nation's third largest casino company traded down 1-5/8 to 15-1/8.
Investors tripped up Day Runner Inc. (DAYR) after the personal organizer company said it would post a fourth quarter loss of 14 cents to 18 cents a share, compared to analysts' expectations of a 10 cent per share gain. Day Runner fell 2-5/16 to 10-5/16.
Also down was Brown & Sharpe Manufacturing Co. (BNS), which slipped 1-1/4 to 4 after announcing new cost-savings initiatives, including cutting 125 jobs and taking an $11 million pre-tax charge during the second quarter. The company expects second quarter earnings to be "substantially" less than the expected 18 cents per share profit.
A restructuring plan from Access Worldwide (AWWC) brought similar results. The marketing services company said the reorganization of two key units would bring a "modest" second quarter loss, news that sent its stock down 1-5/16 to 4-1/4.
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