QUALCOMM MOVES HIGHER AS WALL STREET ANALYSTS COME TO QUALCOMM'S DEFENSE>>>>>>Fatbrain rides positive sales results
By Chris Kraeuter, CBS.MarketWatch.com
Last Update: 4:56 PM ET May 30, 2000 NewsWatch
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NEW YORK (CBS.MW) - Fatbrain.com shares ballooned 21 percent in after-hours trading on Tuesday after the information technology material seller announcing its fiscal first-quarter sales results will be higher than expected.
Other stocks getting investor attention during the after-hours session are Adatom.com, Qualcomm and Cisco.
Fatbrain (FATB: news, msgs) advanced 1 1/8 to 6 3/8 after closing up 1/2 to 5 1/4.
Fatbrain.com expects first-quarter revenue to come in between $13.5 million to $14 million, ahead of Wall Street's consensus estimate of $13.5 million.
The Santa Clara, Calif.-based Internet company credited strong growth in its B2B corporate programs.
Full results will be reported after the market's close on Tuesday June 13.
Adatom.com Inc. (ADTM: news, msgs) reversed a regular session slide, pushing ahead 10 percent, as the most active issue on Island.
Adatom shares moved up 3/16 to 2 2/32 after closing down 3/32 to 1 7/8.
Adatom established a joint venture agreement with China Federation of Industrial Economics to establish and develop an electronic marketplace for a marketing, sales and distribution system. The system will appear in both English and Chinese.
This is Adatom's fourth joint venture with a Chinese organization.
CFIE is a national organization that oversees and coordinates all Chinese trade associations.
Adatom is an e-commerce company based in Milpitas, Calif.
Qualcomm (QCOM: news, msgs) pulled back slightly on Island after making a strong move higher during afternoon trading.
Qualcomm edged down 1/4 to 76 1/8 after closing up 10 5/16 to 76 3/8.
The stock was the most active stock on the Nasdaq National Market with 57 million shares turning over during the regular session.
The stock did a complete about face from the morning when investors sold on concerns about Qualcomm?s technology gaining acceptance in China.
Later in the afternoon, analysts came to the defense of the wireless telecom company.
Among those that spoke positively about Qualcomm is analyst David Heger, analyst at A.G. Edwards. He upgraded the stock to a "buy" rating from an "accumulate," saying that the company is "uniquely positioned to benefit from the deployment of third generation mobile wireless networks based on CDMA."
Cisco Systems (CSCO: news, msgs) stock was very active, but steady, in late trading following a 9 percent regular session jump.
Cisco Systems traded flat after closing up 4 15/16 to 59 7/8.
Early in the regular trading session, SG Cowen called the stock its "bottom-line action idea of the week," saying the company is poised to gain market share in the voice, optical and wireless markets.
Cowen's price target on the stock is $70. Last Monday, Cisco touched a low of 50, which was 39 percent below its all-time high of 82.
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Chris Kraeuter is a reporter for CBS.MarketWatch.com.
Chris Kraeuter is a reporter for CBS.MarketWatch.com.
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