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Rambus rambles on 4-for-1 split
Crayfish drops; Qwest, US West lose suitor
By Tomi Kilgore CBS MarketWatch
Last Update: 8:39 AM ET Mar 10, 2000 NewsWatch
Market Pulse
NEW YORK (CBS.MW) -- Shares of Rambus roared higher in pre-market trading after the company announced plans for a 4-for-1 stock split.
Rambus (RMBS: news, msgs) bulled 39 3/4 higher to 419 1/8 over the Island ECN. As of Thursday's close, the stock has surged 463 percent since the beginning of the year. The chip equipment maker said its board of directors have approved the split, which is expected to begin split-adjusted trading on June 15. The record date should be May 24, pending shareholder approval on an increase in the company's authorized outstanding shares to 500 million.
Updated:
03/10/2000 2:27:38 AM ET
Shares of Crayfish (CRFH: news, msgs) were sliding 14 points lower to 118 over Island. The Web hosting and email services company's stock debuted on the Tokyo Stock Exchange with disappointing results. See Asia Net Daily. The shares were "ask-only" the entire day. This follows a stunning opening day in the U.S. on Wednesday, when the shares snaggged the No. 2 slot among the biggest first-day gains by this year's U.S. crop of initial public offerings. See related story.
Qwest (Q: news, msgs) fell 8 below its composite close to 52 and US West (USW: news, msgs) shed 2 1/2 to 74 in Europe, according to market makers at Madoff Investment Securities, after talks with a suitor came to an end. Late Thursday, US West issued a statement saying it was committed to completing its merger with Qwest, and would only consider any additional transaction that would not endanger or delay the merger.
Qwest then responded by saying that it was informed by a "major telecommunications company," with whom it was in take-over talks, have ended due to the position taken by US West. That buyer was widely speculated to be Deutsche Telekom (DT: news, msgs). See related story.
Joseph Nacchio, Qwest's chairman and chief executive, added, "We regret that US West apparently wouldn't even consider an alternative transaction involving a major telecommunications company and Qwest despite the possibility of greater value for US West shareholders."
CMGI (CMGI: news, msgs) moved up 4 5/8 to 150 in Instinet trading. The Net incubator said after Thursday's close that it lost $186 million, or 74 cents a share, in its second quarter, including some charges. Analysts surveyed by First Call expected the company to lose $1.28. In the same quarter last year, CMGI earned $13 million, or 6 cents. Net Internet revenues showed a 2,251 percent increase over last year. See full story.
Fellow Web company cultivator Internet Capital Group (ICGE: news, msgs) edged 7/16 higher to 139 7/8.
Microsoft's shares (MSFT: news, msgs) were changing hands at 100 in Europe, exactly where they left off on Thursday. The software giant said late Thursday that it will manuracture and market "X-box," a new video game console based on its Windows operating system. The announcement was made in Tokyo, the home of the top three game-console makers. X-box is expected to be made available in time for the holiday shopping season in 2001 |
