UPS AND DOWNS
Closing Market Numbers -- 08/18/99DJIA 10991.38 -125.70 (-1.13%) S&P 500 1332.84 -11.32 (-0.84%) Nasdaq 2657.73 -13.49 (-0.51%) Russell 2000 433.10 -2.90 (-0.67%) 30-Year Bond 101 25/32 +7/32 6.00 Yield
Dell Computer, eBay, American Home Products, Oracle, iVillage, and other market movers... August 18, 1999
UPSMega computer maker Dell Computer Corp. (Nasdaq: Dell) added $3 7/16 to $44 9/16 after posting solid earnings and revenue gains for its fiscal second quarter. For more details see today's Breakfast with the Fool.
Four big-name Internet stocks got a break and jumped higher after Merrill Lynch Internet analyst Henry Blodget said in a report that he expects holiday sales to boost demand for online retail services. eBay (Nasdaq: EBAY) led the group higher jumping from $8 3/16 to $125 15/16, Amazon.com (Nasdaq: AMZN), moved up $3 7/8 to $113 1/8, America Online (NYSE: AOL) gained $1 11/16 to $99 3/16, and Yahoo! (Nasdaq:YHOO) rose $6 3/16 to $145 1/16.
American Home Products (NYSE: AHP), maker of well-known pharmaceutical products like Advil and Robitussin, advanced $2 5/8 to $44 1/2 on rumors it could be acquired by giant drug company Glaxo Wellcome (NYSE: GLX) or SmithKline Beecham (NYSE: SBH).
Telecommunications switching platform maker Excel Switching Corp. (Nasdaq: XLSW) moved up $7 1/16 to $34 5/8 after telecom equipment maker Lucent Technologies (NYSE: LU) announced plans to acquire the Hyannis, Massachusetts company for $1.7 billion in stock. The purchase price represents a 34% premium to Excel's closing price yesterday of $27 9/16.
Electronics cable maker Cable Design Technologies (NYSE: CDT) bumped up $3 1/8 to $22 1/16 after announcing that it expects to exceed analysts' earnings expectations for its fiscal fourth quarter by more than 15%.
DOWNSDatabase software maker Oracle Corp. (Nasdaq: ORCL) wilted $1 7/8 to $35 7/16 -- the second day the company's shares lost ground -- after an analyst from Donaldson, Lufkin & Jenrette told Bloomberg News that a reorganization of the company's sales force could weaken fiscal first quarter sales.
Women's online network operator iVillage.com (Nasdaq: IVIL) lost $7 1/8 to $45 7/8 after filing a registration statement with the SEC to sell 2.7 million shares of stock in connection with its pending acquisition of privately held Lamaze Publishing Co. Inc.
Network management software firm SilverStream Software (Nasdaq: SSSW) dipped $6 5/16 to $25 3/16 after nearly doubling on its Wall Street debut yesterday. The software maker sold 3 million shares at an initial public offering price of $16 per share.
Laser vision correction company Laser Vision Centers Inc. (Nasdaq: LVCI) fell $3 1/2 to $23 13/16 and rival LCA-Vision Inc. (Nasdaq: LCAV) slid from $1 3/4 to $6 1/2 on fears pricing wars could erode margins in the laser-correction industry. Stephen Joffe, LCA-Vision's chairman and chief executive, issued a statement expressing confidence in the laser-correction market and the company's short-term and long-term prospects.