UPS AND DOWNS
Closing Market Numbers -- 08/17/99DJIA 11117.08 +70.29 (+0.64%) S&P 500 1344.16 +13.39 (+1.01%) Nasdaq 2671.22 +25.94 (+0.98%) Russell 2000 436 +2.18 (+0.50%) 30-Year Bond 101 21/32 +1 4/32 6.00 Yield
Qwest Communications, SilverStream Software, Software.com, Burlington Resources, and more market movers... August 17, 1999
UPSFiber optic network operator Qwest Communications (Nasdaq: QWST) rose $2 1/2 to $31 9/16 after Goldman Sachs started coverage of the firm with a "recommend list" rating and a 12-month price target of $45 per share.
Internet, intranet, and extranet management software firm SilverStream Software (Nasdaq: SSSW) surged $15 1/2 to $31 1/2 after selling 3 million shares in an initial public offering at a price of $16 per share.
Software.com (Nasdaq: SWCM), which develops e-mail and messaging products for Internet service providers, gained $8 3/4 to $39 after wireless services firm Sprint PCS (Nasdaq: PCS) licensed the company's InterMail software for delivering electronic messages to wireless phones.
Digital broadcast satellite (DBS) service provider EchoStar Communications (Nasdaq: DISH) moved up $6 13/16 to $72 1/2 after Donaldson, Lufkin & Jenrette raised its rating on the stock to "top pick" from "buy."
DOWNSComputing, imaging, and test equipment company Hewlett-Packard (NYSE: HWP) slid $5 3/4 to $104 1/2 after posting fiscal Q3 EPS of $0.81 (excluding $0.04 per share in costs related to the impending separation of its test equipment business), beating the Street's mean estimate by a penny but falling short of the high end of the estimate range. For more details, see today's Breakfast With the Fool.
Oil and gas exploration and production (E&P) firm Burlington Resources (NYSE: BR) was drilled for a $2 9/16 loss to $42 3/4 after agreeing to acquire Canadian independent E&P company Poco Petroleums Ltd. for $2.5 billion in stock and assumed debt.
Railroad operator and mutual fund owner Kansas City Southern Industries (NYSE: KSU) skidded $4 13/16 to $48 3/16 after CIBC World Markets cut its rating to "hold" from "strong buy," citing fears that the company's Janus fund family could revolt against a planned spinoff of the firm's entire mutual fund business later this year.
Biotechnology firm Ligand Pharmaceuticals (Nasdaq: LGND) sank $2 3/4 to $7 3/16 after saying it will not meet its goal of becoming profitable by the end of this year. Instead, the company is shooting for profits in 2000. On the news, Hambrecht & Quist cut its rating on the firm to "market perform" from "buy."
Biopharmaceutical firm Xoma Ltd. (Nasdaq: XOMA) was knocked down $2 3/4 to $4 7/8 after the company said it will meet with the FDA prior to filing for full regulatory approval of its Neuprex treatment for the childhood condition meningococcemia, casting doubt over the drug's future.