The Motley Fool's Market Movers (Ups)
The Motley Fool - August 24, 1998 12:46
August 24, 1998/FOOLWIRE/ -- Telecommunications equipment maker
Ciena Corp. (Nasdaq: CIEN) surged $4 3/16 to $35 7/16 after USA Today
reported that Tellabs (Nasdaq: TLAB) is "almost certain" to renegotiate the
terms of the two companies' proposed merger after Ciena shares dropped
nearly 60% in value in two weeks. Ciena's stock lost 45% after announcing
that AT&T (NYSE: T) has opted not to use the company's dense wavelength
division multiplexing (DWDM) systems. Ciena added that the development
doesn't change its business outlook. Tellabs fell $4 13/16 to $57 5/8. To
listen to a replay of Ciena's conference call Friday, dial (800) 753-9756.
Life sciences company Monsanto Co. (NYSE: MTC) rose $2 1/4 to $59 3/4 after
saying that its experimental painkilling drug will get a faster-than-usual
review at the Food and Drug Administration. On Friday, the company also
announced that the corn the company genetically improved to protect itself
against rootworm has shown "excellent" control of the insect in experimental
field trials.
PC maker and direct seller Dell Computer (Nasdaq: DELL) gained $1 3/16 to
$118 11/16 after its vice chairman, Morton Topfer, said the company expects
higher sales from China to offset any slowdown in the rest of Asia.
Photography giant Eastman Kodak (NYSE: EK) snapped up $1 3/16 to $85 15/16
after Barron's reported that its shares could hit $100 a share as the
company cuts costs, concentrates on fast-growing product lines such as
digital and medical imaging, and enters joint ventures and partnerships with
companies such as Intel (Nasdaq: INTC) and America Online (NYSE: AOL).
Morgan Stanley raised its price target to $100 from $95 and increased its
1998 earnings estimate to $4.40 from $4.27 and 1999 estimate to $5.30 from
$5.
Men's casual and dress apparel maker Haggar Corp. (Nasdaq: HGGR) added
$15/16 to $11 7/16 after announcing plans to repurchase up to 2 million
shares on the open market.
Specialty and memory modules assembler SMART Modular Technologies (Nasdaq:
SMOD) gained $3/4 to $21 3/8 after announcing it has signed an agreement
with Ericsson (Nasdaq: ERICY) granting the company a license to develop PC
Card communication products that are fully compatible with Ericsson's
proprietary GSM handset data and fax interface.
Biotechnology company SangStat (Nasdaq: SANG) was lifted $1 1/16 to $23 7/8
after announcing that the Food and Drug Administration has cleared for
marketing the company's CycloTech Cyclosporine Oral Solution Dispenser, a
delivery system to be used by transplant recipients.
Specialty chemicals producer Albemarle Corp. (NYSE: ALB) jumped $1 3/8 to
$18 13/16 after announcing it will buy back as many as 5 million shares in a
self-tender offer starting today and ending Sept. 22. The company plans to
purchase shares for between $17 and $19.50.
Shuttle and mid-size touring buses manufacturer Metrotrans Corp. (Nasdaq:
MTRN) rocketed up $3 5/16 to $11 9/16 after announcing that The Mayflower
Corp. of London will buy all shares owned by non-executive directors Earl
Meck and Randy Stanley for $15 a share. The deal will give Mayflower a 40%
stake in the company.
Media programming services company Tele-Communications International
(Nasdaq: TINTA) climbed $1 1/2 to $22 1/2 after announcing that its board of
directors approved the proposed acquisition by Liberty Media Group (Nasdaq:
LBTYA), the programming arm of cable operator Tele-Communications Inc.
(Nasdaq: TCOMA), of all TINTA shares not owned by TCI Ventures Group
(Nasdaq: TCIVA). Liberty Media gained $1 3/16 to $37.
Analytic application software developer Hyperion Software Corp. (Nasdaq:
HYSW) rose $1 5/8 to $30 after the company and Arbor Software Corp. (Nasdaq:
ARSW) announced that shareholders of both companies have approved their
proposed merger. The combined company will be called Hyperion Solutions
Corp. and will trade on the Nasdaq National Market under the ticker "HYSL"
starting tomorrow.
Biotech firm Centocor Inc. (Nasdaq: CNTO) posted a $1 1/8 gain to $38 7/8
after announcing it has received FDA approval to sell its Remicade drug for
Crohn's disease, a condition characterized by inflammation of the
gastrointestinal tract.
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