BEFORE THE BELL: Software Stocks Continue Falling
By Hollister H. Hovey of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of several enterprise software companies
continued to tumble Thursday morning as investors worried that last week's
terrorist attacks would hamper their ability to close sales in the final
weeks of the September quarter.
Several of these stocks recovered Wednesday from their 52-week lows hit
Tuesday. But in pre-market trading Thursday, PeopleSoft Inc. (PSFT) recently
dropped 18.5%, or $4.64, to $20.31, while Siebel Systems Inc. (SEBL) shares
were off 15%, or $2.51, to $14.20.
Openwave Systems (OPWV) saw continued selling Thursday morning after Dain
Rauscher Wessels, in a research note, said investors were concerned that
telecom service providers who were customers of the Redwood City, Calif.,
wireless Internet software developer would delay new network buildouts.
Openwave shares recently dropped 5.6%, or 71 cents, to $11.75.
On the positive side, ImClone Systems Inc. (IMCL) scored a victory for
biotechnology when it signed a $2 billion deal with Bristol-Myers Squibb Co.
(BMY) that allows ImClone to reap 39% of net sales or 60% of the profits of
a potential blockbuster cancer drug. Bristol-Myers Wednesday told investors
that it sees potential yearly sales of $1.5 billion for ImClone's cancer
drug C225.
Justice Dept. and Federal Trade Commission approval of Polycom Inc.'s (PLCM)
acquisition of PictureTel Corp. (PCTL) gave PictureTel shares a boost
Thursday morning as they recently traded up 9.4%, or 47 cents, to $5.50
according to RediBook.
-By Hollister H. Hovey, Dow Jones Newswires; 201-938-2007;
hollister.hovey@dowjones.com
(END) DOW JONES NEWS 09-20-01
08:53 AM
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