Good morning all...GUMM in today's WSJ...gotta love those words, "a cure for the common cold"!!...see last par.
Wall Street Journal Interactive
November 2, 1999
Small-Caps Edge Higher
As Nasdaq Hits Record
By LARRY BAUMAN
Dow Jones Newswires
NEW YORK -- Small-capitalization stocks were solidly higher, while the Nasdaq Composite Index managed to eke out a second straight record close.
But Nasdaq stocks as a group were unable to hold on to the bulk of their intraday gains. The Nasdaq Composite Index, at 2967.63, gained 1.22, or 0.04%, having been up more than 31 points earlier. The Russell 2000 index of small-capitalization stocks rose 3.18, or 0.74%, to 431.82.
The Russell 2000 index of small-capitalization stocks rose 3.18, or 0.74%, to 431.82, and the Nasdaq Composite Index, at 2967.64, gained 1.21, or 0.04%.
The New York Stock Exchange Composite Index was down 3.75, or 0.60%, at 621.72, and the Dow Jones Industrial Average, at 10648.51, tumbled 81.35, or 0.76%.
Four Media, a Burbank, Calif., provider of technical services to TV and movie companies, surged 4 11/16, or 77.3%, to 10 3/4. The company agreed to be acquired by Liberty Media, with Four Media shareholders receiving one Liberty share for every 3.1 Four Media shares they own. Separately, Four Media posted a fiscal fourth-quarter loss of 10 cents a share, reversing its year-earlier 10-cent profit.
Mocon, a Minneapolis designer of measurement and control instruments, leapt 1 25/32, or 33.9%, to 7 1/32. The stock was mentioned favorably in an article in the latest edition of Barron's about FAM Value Fund. The fund's co-manager said that Mocon is a bargain, considering that it boasts more than 50 patents, longstanding relationships with blue-chip customers and, not least, more than two decades of stunning profitability.
Wit Capital, a New York online investment bank, gained 4 13/16, or 27.4%, to 22 3/8. Wit agreed to acquire private investment banking firm Soundview Technology Group Inc. for about $320 million in stock.
Infinium Software, a Hyannis, Mass., software concern, climbed 27/32, or 20.3%, to 5. The company reported fiscal fourth-quarter earnings that were below its year-earlier profit, but which exceeded analysts' projections. Infinium also restated earnings and deferred revenue for the fiscal years 1997 and 1998 based on a Securities and Exchange Commission rule. Infinium said that the restatement reduced 1998 earnings by $127,000, and 1997 earnings by $244,000, and that the restatement increased deferred revenue by $4.9 million in 1998 and by $4.7 million in 1997. The company also said that it plans to repurchase up to $10 million in common stock, or as much as 20% of its outstanding shares, based on current market prices.
GumTech International, a Phoenix maker of over-the-counter drugs, jumped 2 5/8, or 18.3%, to 17. Gel Tech, a joint venture between GumTech and BioDelivery Technologies, said a new study shows its Zicam over-the-counter homeopathic cold product reduces the duration of the common cold by an average of 85%, and that it reduced the severity of cold symptoms, including nasal congestion, sneezing, coughing and sore throat. |
