This morning's WSJ includes LGND's move in their summary of Friday's NASDAQ action:
The Nasdaq Composite Index gained 17.45, or 1.04%, to 1694.35. The
Russell 2000 index of small-capitalization stocks closed up 1.43, or
0.32%, to 445.49. For the week, the Nasdaq rose 74.99, or 4.6% and
the Russell rose 15.45, or 3.6%.
IFR Systems shares gained 25%, or
4 1/4 %, to 21, on news the
company doubled its size with the
purchase of test and
measurement-equipment units from
General Electric PLC. IFR
announced it bought GE's Marconi
Instruments Ltd. of Hertfordshire,
England, and Marconi Instruments
Inc. of Dallas for about $107 million.
The purchase doubles revenue at
IFR, which makes electronic test
instruments used in communications, avionics and general
test-measurement applications.
Ligand Pharmaceuticals rose 1 5/8, or 14%, to 12 7/8 after announcing a
fourth-quarter operating loss of nine cents a share, compared with a loss
of 38 cents a share a year earlier.
SystemSoft fell 1 7/8, or 36%, to 3 5/16 after the software company
predicted that its fourth-quarter loss was from 68 cents to 73 cents a
share. The loss is related to charges of from $12 million to $14 million
related to royalty obligations and costs for previously acquired technology.
Analysts had predicted earnings of five cents a share.
Loehmann's shares fell 1/8, or 3%, to 4 after the retailer estimated
fourth-quarter loss at 40 cents a share, compared with year-earlier
pro-forma earnings of 14 cents. The loss stems primarily from $9 million in
charges for closing 10 stores.
V-One shares slid 1/2, or 14%, to 3 after the Internet-security software
company late Thursday reported lower-than-anticipated fourth-quarter
results. The company posted a loss of 41 cents a share, compared with a
loss of 11 cents a share in the year-earlier period. Industry watchers said a
revenue shortfall and a disappointing gross margin contributed to the loss.
One analyst said V-One has suffered because it lacked an effective means
to distribute its security software to customers.
Intelligroup shares fell 3 3/8, or 17%, to 16 1/4 after the
information-technology services company announced after the close of
Thursday's session that Bob Olanoff, chief financial officer, had resigned to
accept a position with a software company.
On the Nasdaq, advancers led decliners, 2,306 to 1,831, with 987
unchanged, on national market volume of 691.6 million and overall volume
of 753.8 million.
Despite a disappointing earnings forecast from telecommunications giant
QualComm, which cited sales losses in South Korea, all the major sectors
and indexes saw gains. QualComm closed down 8 1/2, or 15%, at 47
3/4.
Richard Meyer, managing director of equity trading at JW Charles
Securities, said the market is seeing an upward bias as Asian concerns
weaken and with them the likelihood of an interest-rate increase by the
Federal Reserve Board.
The Nasdaq index of the 100-largest nonfinancial stocks rose 19.46, or
1.75%, to 1134.32. The Nasdaq computer index gained 10.85, or
1.53%, to 718.92.
Investors appear to be differentiating between the losses of one company
and the impact those losses may have on that company's overall sector,
Mr. Meyer said. Consequently, entire sectors won't be punished for the
sins of one company, he said. "I think 1998 is going to be a market of
more selective stock buying," he said. "People will focus on one company
and that company's exposure to foreign markets rather than on a whole
group."
In contrast, late last year, when Oracle announced poorer-than-expected
earnings and blamed the Asian economic crisis, the broader market
suffered on fears that all companies were bound to suffer the same fate.
But with many companies subsequently reporting solid earnings in spite of
the Asian turbulence, Mr. Meyer said he believes traders will remain more
focused on individual stocks and shy away from generalizations.
-- Dunstan Prial |
