11:58 ET Ascend Communications (ASND) 43 +4 1/4 (+11%): Bell Atlantic Network Services names Ascend primary supplier of next generation
Asynchronous Transfer Mode (ATM) and Frame Relay switches for Bell Atlantic's advanced high-speed data network. (Press Release)
11:48 ET Base Ten Systems (BASEA) 2 1/16 unch: Company receives a $1.1 million contract award from Warner-Lambert Company. The order is to
provide BASE10 Manufacturing Execution Systems (MES) for Warner-Lambert pharmaceutical manufacturing facilities. Volume 42K; intraday range 2 to 2
5/8.
11:45 ET Atrix Laboratories Inc. (ATRX) 14 3/8 +1 3/8: Manufacturer of dental, medical and veterinary products received FDA approval for
ATRIDOX, an advanced site-specific antibiotic therapy for the treatment of periodontal disease. Volume 118K; intraday range 13 7/8 to 16.
11:10 ET Concentra Managed Care (CCMC) 6 7/16 -5 3/4 (-47%): Company warning that results for next two quarters will disappoint. Puts Q3
earnings at $0.29 and Q4 at $0.21. Volume 4.7 mln.
10:03 ET Lucent Technologies (LU) 79 5/8 +4 3/8: BT Alex. Brown upgrades shares of telecommunications equipment maker from "market perform" to
"buy."
09:59 ET Additional Movers: Autos: F +2 3/8, C +2 3/8... Airlines: U +2 11/16, DAL +4 5/8, UAL +3... Drugs: BMY +3, WLA +4 1/4, AMGN +3
1/2... Oilfield services: SLB +1 1/2, GLM +1 1/2, FGII +1 1/8... Financials: MER +4 1/4, FNM +4, LEH +4 1/4, AXP +6 1/2... Retailers: WMT +3,
GPS +4, S +2, SBUX +1 1/2... Dow +290, Nasdaq +72, S&P 500 +34.
09:46 ET Market Open: MSFT +3 1/8, INTU +2 5/8, PSFT +3 3/8, IBM +5 3/8, DELL +5 1/4, INTC +3, CSCO +4 1/2, LU +5 7/8, BGEN +4 1/2,
GCTY +3 1/8, YHOO +5 1/2, INKT +5 3/8, NSCP +2, AMZN +7 1/4... The laggards also participating in rally: oilfield drilling/services stocks, disk drive
makers, chip equipment makers... Financials rebounding: CCI +11, LEH +4... Dow +194, Nasdaq +73, S&P +27, Russell 2000 +10.38, SOX +9.56.
09:27 ET Stock Indications: MSFT +3 3/8, DELL +11 (pre-split), AAPL +2, INTC +2 1/2, AMAT +1 1/4, CSCO +5, COMS +2 1/8, YHOO +7,
NSCP +2 1/2, AMZN +7, GCTY +3, XCIT +4, MSPG +3 5/8, CMGI +5.
09:23 ET Pilot Network Services Inc. (PILT) 6 7/8: BB Robertson Stephens initiates coverage of electronic commerce security services concern with a
"buy" rating. PILT debuted last month at $14. Range: 4 1/2 to 14 3/4. Chart
09:18 ET Digital River Inc. (DRIV) 6 1/8: BancBoston Robertson Stephens starts coverage of electronic commerce solutions/software company with a
"buy" rating. DRIV came public Aug 11 at $8.50 a share. Tech Squared Inc. (TSQD 1 3 1/16) holds a 23% stake in the company. Range: 5 to 13 1/4.
Stock indicated 1 pt higher. Chart
09:08 ET 24/7 Media Inc. (TFSM) 9 7/8: Merrill Lynch initiates coverage of Internet advertising concern with near, long-term "buy" ratings. Merrill was
lead underwriter of company's Aug. 13 IPO, which priced at $14. Last Tuesday, TFSM reported results for first time as public company. Q2 pro forma
revenues rose 70% to $4.1 mln. Pro forma net loss widened from $4.5 mln to $5.2 mln. Stock ran up to $22.75 and has recently tumbled to as low as
$6.50. Stock indicated 5/8 higher this morning.Chart
09:02 ET Biotech Stocks: Goldman Sachs pushing biotechs, citing, for one thing, lack of exposure to international financial chaos. Firm lifts Biogen Inc.
(BGEN 50) from "market performer" to "recommended list" and Amgen (AMGN 63 13/16) from "market outperformer" to "recommended list." BGEN
price target is $63; AMGN target is $80-$82. BGEN shares current carry P/E of 21.5 (based on estimated FY99 earnings, while AMGN trades at 18.7
times forward estimated earnings, vs long-term estimated growth rates of 25% for BGEN and 12% for AMGN.BGEN Chart---AMGN Chart
08:51 ET GeoCities (GCTY) 20 7/8: DLJ initiates coverage of Web site hosting concern with a "buy" rating. DLJ was one of the underwriters of GCTY's
August 11 IPO at $17 per share. Shares reached a high of $51.375. GCTY shares indicated 1 3/4 pts higher.Chart
08:47 ET Stock Indications: MSFT +1 1/8, DELL +7 (pre-split), INTC +2, AMAT +1, CSCO +2, YHOO +4, AMZN +2, XCIT +1 1/2, LCOS +2.
08:43 ET Dell Computer (DELL) 109 1/2: PC maker's stock split takes effect this morning. DELL shares will split 2-for-1 at the open of trading.
08:39 ET Greyhound Lines (BUS) 4: Company reported that it has become aware of an unsolicited tender offer by IG Holdings to purchase up to 4.9%
of the outstanding shares of Greyhound's common stock. Based on information obtained by Greyhound, IG Holdings purportedly commenced a tender offer
for Greyhound shares at a price of $3.33 per share
08:35 ET Market Indication: Broader market indicated sharply higher following Fed Chairman Greenspan's speech on Friday which hinted that Fed may
be moving to an easing bias. Current level of S&P futures suggest Dow will trigger circuit breakers to the upside at the open. Nasdaq futures +30...
Overseas markets also rallying: Germany +2.6%, France +2.2%, Japan +0.8%, Hong Kong +1.4%... 30-yr bond trading 23/32 lower. |
