UPS AND DOWNS
Closing Market Numbers -- 08/20/99DJIA 11100.61 +136.77 (+1.25%) S&P 500 1336.61 +13.45 (+1.02%) Nasdaq 2648.33 +26.90 (+1.03%) Russell 2000 434.38 +1.61 (+0.37%) 30-Year Bond 101 30/32 +24/32 5.99 Yield
Tandy Corp., American Express, Net2Phone, Equifax Inc., NeoMagic Corp., Netro Corp., and other market movers... August 20, 1999
UPSRadio Shack owner Tandy Corp. (NYSE: TAN) charged up $4 to $51 1/8 today after Goldman Sachs initiated coverage of the electronics retailer with a "market outperform" rating.
Financial services and credit card patriarch American Express (NYSE: AXP) shrugged off concerns about possible interest rate hikes at the Federal Reserve Board next week and moved up $4 3/8 to $142 7/8.
Internet phone company Net2Phone (Nasdaq: NTOP) traded up $7 15/16 to $35 1/2 today, its sixth consecutive day of gains on news of partnerships with heavyweight players like NBC, a subsidiary of General Electric (NYSE: GE).
It's been a good week for Internet initial public offerings. Internet portal company LookSmart (Nasdaq: LOOK) jumped $5 5/16 to $17 5/16 today after selling 7.7 million shares at $12. Online direct marketer MyPoints.com (Nasdaq: MYPT) moved $3 to $11 after selling 5 million shares at $8, and software maker Agile Software (Nasdaq: AGIL) floated $18 7/8 to $39 7/8 after selling 3 million shares at $21.
DOWNSCredit reporting firm Equifax Inc. (NYSE: EFX), which Morgan Stanley Dean Witter downgraded to "outperform" from "strong buy," moved back $4 7/8 to $28 1/16 today. Analyst David Togut lowered his share price target to $40 from $47, overpowering an upgrade to "buy" from "accumulate" from Richard Bove of Raymond James Financial. Bove's price target was the same was Togut's.
Chip performance accelerator technology developer NeoMagic Corp. (Nasdaq: NMGC) lost $1 1/4 to $8 7/8 after last night reporting Q2 EPS of $0.10, down from $0.27 last year and flat with First Call's four-analyst consensus estimate. Revenues were up 60% from the year-ago quarter but net income was off at $2.5 million compared with $7 million a year ago. "The second quarter's results were what we expected," said President and CEO Prakash Agarwal.
Broadband wireless system provider Netro Corp. (Nasdaq: NTRO) fell back to Earth dropping $4 to $19 1/2 today after some of the stardust from its Wall Street debut wore off. Netro's dance partner at yesterday's IPO ball, e-commerce software company Wink Communication (Nasdaq: WINK), wrinkled today as well, falling $4 1/8 to $31 9/16.
Network television broadcaster Paxson Communications (AMEX: PAX) tuned out for a $1 3/16 loss to $15 1/16 despite a report in today's Wall Street Journal that General Electric's (NYSE: GE) NBC unit was thinking about taking a stake in the company. Paxson CEO Jeff Sagansky told Bloomberg News that the company is indeed looking for a major investor, but stopped short of confirming the Journal's story.
Several semiconductor capital equipment companies fell today after trade group Semiconductor Equipment and Materials International (SEMI) said July's book-to-bill ratio fell to 1.11 from 1.24 in June. Meanwhile, average monthly orders for the month slid 8% from June to $1.4 billion, confirming Applied Materials' (Nasdaq: AMAT) orders slowdown warning earlier this week. Applied Materials lost $1 3/8 to $63 15/16, Novellus Systems (Nasdaq: NVLS) dropped $3 to $54 7/16, and Teradyne (NYSE: TER) skidded $1 5/16 to $64.