The Motley Fool's Market Movers (Ups)
The Motley Fool - September 08, 1998 12:34
September 8, 1998/FOOLWIRE/ -- Banking and financial services
stocks got a lift this morning as Alan "G-Money" Greenspan hinted in a
speech late Friday that the Federal Reserve may consider an interest rate
cut in the future, which would be a change from the Fed's prior "bias"
toward a future hike in the key Fed Funds rate. Travelers Group (NYSE: TRV)
gained $3 13/16 to $42 7/8, merger partner Citicorp (NYSE: CCI) climbed $9
5/16 to $101 13/16, Chase Manhattan (NYSE: CMB) moved up $2 7/16 to $47
13/16, NationsBank (NYSE: NB) added $2 1/2 to $56 1/2, American Express
(NYSE: AXP) rose $6 13/16 to $80 7/16, and Fannie Mae (NYSE: FNM) gained $2
7/8 to $61.
Aircraft maker Boeing Co. (NYSE: BA) rose $1 9/16 to $35 1/2 after saying it
has received orders for 21 jets from KLM Royal Dutch Airlines (NYSE: KLM)
and American International Group's (NYSE: AIG) International Lease Finance
Corp. subsidiary. Also, Brazilian airline Varig said this morning that it
will spend about $2.7 billion to buy as many as 39 new Boeing jets.
General Electric Co. (NYSE: GE) added $3 1/2 to $79 3/8 after saying
yesterday that new products, acquisitions, and joint ventures could boost
its aircraft engine unit's fiscal 1998 revenues to about $5 billion from $3
billion a year ago.
Electric power company AES Corp. (NYSE: AES) generated a $5 gain to $29 1/4
after Morgan Stanley Dean Witter started coverage with a "strong buy"
rating.
Telecommunications wide area networking (WAN) systems developer Ascend
Communications (Nasdaq: ASND) advanced $5 3/8 to $44 1/8 after Bell Atlantic
(NYSE: BEL) named the company its primary supplier of next generation
asynchronous transfer mode (ATM) and frame relay switches for the Baby
Bell's high-speed data network. The multi-year contract is an extension of a
previous partnership between the two firms.
TV and radio stations operator Sinclair Broadcast Group (Nasdaq: SBGI)
gained $15/16 to $19 3/8 after agreeing to buy the six TV stations owned by
privately held Guy Gannett Communications for $310 million in cash. In
addition, Sinclair plans to sell Gannett's station in Rochester, New York
(which competes with an existing Sinclair station) to The Ackerley Group
(NYSE: AK) for unspecified terms.
Drug delivery systems developer Atrix Laboratories (Nasdaq: ATRX) climbed $1
to $14 after the FDA approved its Aytridox therapy, which is a bioabsorbable
antibiotic gel for treating periodontal disease.
Elsewhere in the biotech world, MedImmune (Nasdaq: MEDI) moved up $4 1/2 to
$55 after the FDA gave the green light to an additional German contract
manufacturing facility for the company's Synagis drug, which is a treatment
for a serious lower respiratory tract disease in children.
Internet homepage community operator GeoCities (Nasdaq: GCTY) gained $1
13/16 to $22 11/16 after Goldman Sachs started coverage with a "market
perform" rating. Coincidentally (or not), Goldman was the lead underwriter
for the company's initial public offering last month. Elsewhere in
Internet-land, America Online (NYSE: AOL) rose $6 1/4 to $92 1/4, Yahoo!
(Nasdaq: YHOO) picked up $5 15/16 to $81 5/16, Excite (Nasdaq: XCIT) moved
up $2 7/16 to $28 5/16, Infoseek (Nasdaq: SEEK) climbed $1 15/16 to $19
1/16, Amazon.com (Nasdaq: AMZN) added $5 1/2 to $91 3/4, and CMG Information
Services (Nasdaq: CMGI) advanced $3 11/16 to $46 3/16.
Telecommunications equipment maker Lucent Technologies (NYSE: LU) was lifted
$4 1/4 to $79 1/2 thanks to a BT Alex. Brown upgrade to "buy" from "market
perform."
Internet advertising agency 24/7 Media (Nasdaq: TFSM) rose $1 3/4 to $11 5/8
after Merrill Lynch started coverage with near-term and long-term "buy"
ratings. Merrill was the lead underwriter for the company's initial public
offering last month.
Computer storage hardware and software developer EMC Corp. (NYSE: EMC) rose
$3 7/8 to $52 7/8 after CS First Boston started coverage with a "buy" rating
and named the company its "featured stock of the week." The 12-month price
target is $70 per share.
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