Indications - A look at pre-market trading
Qualcomm shares jump in pre-open trading
Visio drops; Perclose climbs; Cerner falls; Yahoo gains
By Tomi Kilgore, CBS MarketWatch
Last Update: 9:06 AM ET Jul 9, 1999 NewsWatch
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NEW YORK (CBS.MW) -- Shares of Qualcomm jumped early Friday on news the stock will be joining Standard & Poor's benchmark index.
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Updated:
7/9/99 5:06:56 AM ET
Qualcomm (QCOM: news, msgs) soared 10 3/4 to 153 over the Island ECN. Standard & Poor's said late Thursday that the telecom company's stock will replace Transamerica Corp. (TA: news, msgs) in the S&P 500 ($SPX: news, msgs). The date of the switch will be announced at a later date.
Visio Corp. (VSIO: news, msgs) plummeted 13 7/16, or 34.5 percent, to 25 1/2 in Instinet trading. The company warned investors late Thursday that third-quarter earnings per share would fall in the 29 - 30 cent range. First Call estimates had expected 35 cents.
Perclose Inc. (PERC: news, msgs) rocketed up 11 1/4 to 50 3/4 over Island. Abbot Laboratories (ABT: news, msgs) said late Thursday that it would acquire Perclose in a $680 million stock deal. See full story Abbot's shares lost 1 to 41 7/8 in Instinet. Abbot will be holding a conference call Friday at 10 a.m. ET, according to Cantor Fitzgerald's Morning News Report.
Cabletron Systems (CS: news, msgs) advanced 11/16 to 13 3/4 in Instinet. The company was touted as a take-over target in BusinessWeek's Inside Wall Street column.
24/7 Media (TFSM: news, msgs) rose 3 1/16 to 45 in Instinet. The media company was also mentioned in BusinessWeek as a buy-out target.
Cerner Corp shares (CERN: news, msgs) dropped 3 1/4 to 14 3/4 in Instinet. The company said late Thursday that earnings for the second quarter would be flat to 2 cents per share. Analysts were expecting a gain of 10 cents, according to Zacks.
Among other companies that warned, HMT Technology (HMTT: news, msgs) fell 1/4 to 2 in Instinet. The company said first-quarter results would fall short of fourth-quarter earnings. See full story
Yahoo (YHOO: news, msgs) gained 1 1/16 to 165 1/2 in Instinet. The stock slipped 2 5/8 Thursday after reporting better-than-expected earnings.
Biogen (BGEN: news, msgs) crept 3/8 higher to 67 1/16 in Instinet. The company posted second-quarter earnings late Thursday of 34 cents per share, citing strong sales of its Avonex drug. See full story Wall Street analysts were expecting 32 cents, according to a First Call survey.
Intel (INTC: news, msgs) slipped 1/4 to 65 1/2, according to market makers at Madoff Investment Securities. Chip makers fared very well Thursday, as the PHLX Semiconductor index ($SOX: news, msgs) rose 3.8 percent.
Dell Computer (DELL: news, msgs) was 1 11/16 higher to 41 5/8 in Instinet and Compaq Computer (CPQ: news, msgs) added 1/4 to 26, said Madoff. PC makers also showed strength Thursday, as the Goldman Sachs Computer Hardware index ($GHA: news, msgs) tacked on 2.9 percent.
Among other shares seeing activity, Philip Morris (MO: news, msgs) inched 1/8 higher to 38 3/8 in London. Philip Morris stock is a component of the Dow Jones Industrials Average ($INDU: news, msgs).
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