This could be the reason why we went up today
By Brenon Daly, Susan Lerner &
Tomi Kilgore,
CBS MarketWatch
Last Update: 4:29 PM ET Dec 2, 1999:
NewsWatch
Indications
ADR Report
Thursday, December 02, 1999
--4:29 pm Another positive day for Wall Street
It was a steady move higher for the Nasdaq Composit
Index ($COMPQ: news, msgs) Thursday as another
tech rally boosted Nasdaq 98.61 points to a new high of
3452.32. Internet stocks such as America Online (AOL:
news, msgs), Lycos (LCOS: news, msgs) and Yahoo!
(YHOO: news, msgs) led the advance, while other tech
bigwigs such as Oracle (ORCL: news, msgs) and
Microsoft (MSFT: news, msgs) joined the ride. Nasdaq
advancers led decliners 2224-1860. The climb was not as
easy for the Blue Chips, however. The Dow Jones
Industrials ($INDU: news, msgs) bounced around
finishing the session 40.67 points higher at 11039.06 but
advancers on the Big Board just beat out decliners
1528-1509.
--4:02 pm See Indications for post-market and pre-market
activity
--4:00 pm U.S. equity funds see outflows, TrimTabs.com
TrimTabs.com director of research Carl Wittnebert is
estimating that equity funds investing in U.S. shares
had outflows of $3.3 billion during the 5-day week
ended Dec. 1. This compares to an inflow of $6.1 billion
in the prior period. Bond funds attracted an estimated
$500 million, against an outflow of $900 million the week
before. Mutual Fund Trim Tabs follows the daily
activity of 90 fund families that have about 20 percent
of all equity fund assets.
--3:49 pm Eagle Point shares on the fly
Eagle Point Software (EGPT: news, msgs) is flying 1
15/16, or 38 percent higher, to 7 1/16. Although only
71 thousand shares have turned over, that is about 16
times the daily average. The company has entered the
mobile data collection market by buying most of the
assest of Surveyors Module International. The deal,
announced late Wednesday, will allow users of Eagle
Point's design software to collect and transmit data
from the field. The amount of the cash transaction was
undisclosed.
--3:49 pm 4Front Technologies announces strategic initiatives
4Front Technologies (FFTI: news, msgs) tumbles 29
percent to 14 after announcing the sale of its computer
storage product distribution business to divisional
management for $13.4 million (including the assumption
of debt) and a $15 million investment over the next 18
months that will significantly expand the Company's
e-business capabilities. 4Front expects these initiatives
to significantly enhance its market position and future
growth prospects.
--3:25 pm Internet stocks heat up heading into close
Net share gains have accelerated going into the
sessions final hour and are among the days hottest
sectors. The Goldman Sach Internet Index ($GIN: news,
msgs) is rallying by 5.8 percent and Merrill Lynch's
Internet Holdrs (HHH: news, msgs) is heading 5.8
percent higher at 147 15/16. Just over a half hour ago,
the HHH was at 145 1/2. Among some big name Web
stocks, America Online (AOL: news, msgs) is now up 3
1/2 to 79 5/8 (see 10:04 item), Yahoo (YHOO: news,
msgs) is surging 18 5/8 to 247 1/2, Amazon (AMZN:
news, msgs) is tacking on 4 13/16 to 89 13/16, and
Lycos (LCOS: news, msgs) is currently up 5 1/8 to 63
1/4 (see 9:34 item).
--3:19 pm Organogenesis reports growth in Apligraf sales
Organogenesis (ORG: news, msgs) jumps 13 percent to
11 7/8 after announcing that a record number of
Apligraf U.S. commercial units were sold and a record
number of U.S. medical centers ordered Apligraf for the
first time. Organogenesis said U.S. commercial sales of
Apligraf grew to 755 units, up from 641 in October
while the number of medical centers that have used
Apligraf showed the largest increase to date, growing
to 1108 by the end of November from 1022 at the end
of October.
--3:08 pm Pegasus Systems in Pact with Ticketmaster
Online-CitySearch
Pegasus Systems (PEGS: news, msgs) jumps 8 1/8 to
59 1/8 after announcing that it extended its online
distribution network by signing Ticketmaster
Online-CitySearch (TMCS: news, msgs) for Internet
hotel reservations. Ticketmaster shares rises 3 3/8 to 33
1/8.
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