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To: SusieQ1065 who wrote (5385)	5/24/2001 7:00:17 PM
From: keithcray	Respond to of 5732

Techs hold tight after hours ADC Telecom, TiVo, Kana, Blue Martini big movers By Nicole Maestri, CBS.MarketWatch.com Last Update: 6:12 PM ET May 24, 2001 NEW YORK (CBS.MW) -- While investors eagerly traded shares of ADC Telecom and TiVo after the tech companies posted quarterly results, there was sparse interest in the broader tech sector in evening trading Thursday, and many issues sat at their Nasdaq closing prices. ADC Telecom shares slid after the company came in with disappointing second-quarter numbers and provided a third-quarter warning. Buyers did emerge for shares of TiVo after the company posted a quarterly loss that was narrower than expected. Shares of Kana Communications and Broadbase Software also moved higher after the two outlined financial expectations for the merged company. Watch video brief. Elsewhere, shares of Blue Martini quickly reversed a Nasdaq run-up after the company denied rumors that it would be purchased by IBM. And shares of Webvan (WBVN) gained 5 cents, or 36 percent, as the online grocer said all seven of its markets are now operating under one technology platform. Of the Nasdaq's top volume movers, Cisco, Oracle, Microsoft and JDS Uniphase traded nearly flat with their regular-session final prices. After a lukewarm day of trading for tech shares, investors warmed to the sector in late-day action, sending the Nasdaq up 1.7 percent to a close of 2,282. The Dow Jones Industrial Average, which traded near the flat line for most of the day, ended up 0.2 percent at 11,122. Read Market Snapshot. Kana and Broadbase Kana Communications (KANA) and Broadbase Software (BBSW) provided financial expectations for their expected merger, which was announced April 9. The combined revenue is expected to be $152 million for the calendar year, while second-quarter revenue should be $35 million. The combined entity is expecting second-quarter pro forma earnings of 9 cents a share. The two companies manufacture customer management software. Shares of Kana closed off 2 percent at $2.11 but climbed 21 percent to $2.55 on Island. Shares of Broadbase Software, which closed at $2.09, rose to $2.34 after hours. ADC Telecommunications Broadband company ADC Telecommunications (ADCT) reported a second-quarter pro forma net loss of $115 million, or 15 cents a share, vs. pro forma earnings of $72 million, or 10 cents a share, reported in the same quarter last year. Analysts polled by research firm First Call/Thomson Financial were expecting a second-quarter loss of 13 cents a share. Revenue shrank 15 percent from last year's mark, dropping to $652 million, in line with expectations. For the third quarter, the company expects earnings between the break-even mark and a 5-cent loss, and revenue between $600 million and $650 million. Analysts had been expecting a profit of 2 cents a share on revenue of $715 million. Shares closed up 54 cents at $10.29 ahead of the news but slipped to $9.33 on Island. TiVo Television recording device maker TiVo (TIVO) reported a narrower-than-expected loss after the closing bell Thursday, saying its activated subscriber base passed the 200,000 mark. TiVo reported a net loss of $50.2 million, or $1.20 per share, compared with a loss of $23.4 million, or 66 cents per share, in the year-earlier period. Revenue rose to $3.2 million vs. $499,000. Analysts were expecting a loss of $1.23 per share, according to the consensus estimate provided by First Call/Thomson Financial. TiVo also said it received a U.S. patent covering many of the key inventions associated with digital video recording, driving its Nasdaq-session gains. Shares had closed up 72 percent at $8.50 on the Nasdaq before adding another 5.3 percent to trade at $8.95 on Island. Blue Martini Shares of Blue Martini (BLUE) slid 19 percent in heavy volume in the evening session after the software maker denied speculation that it would be acquired by IBM. On the Nasdaq, shares of Blue Martini ran up 35 percent to $5.26 in unusually heavy volume amid speculation the IBM would buy the company. By the closing bell 7.62 million shares were traded vs. its 50-day average volume of 676,000 shares. "The rumors are not true," said Kate Sellers Blatt of Blue Martini. Inet Technologies Inet Technologies (INET) said it would cut jobs and refocus its efforts due to the weakened economy and changing market characteristics. The maker of telecommunications software said it would refocus on its network monitoring, diagnostic and business intelligence solutions business units. The company also said it would cease all of its "softswitch"-related activities. Inet said it is cutting 115 jobs, leaving it with 530 total employees, and expects to save $10 million annually from the cuts. Inet will take a restructuring charge in its quarter ending June 30. Shares closed down 5.3 percent at $10.12 and slid another 1.2 percent to $10 on Island. -------------------------------------------------------------------------------- Nicole Maestri is a reporter for CBS.MarketWatch.com

To: SusieQ1065 who wrote (5385)	5/24/2001 7:02:26 PM
From: keithcray	Respond to of 5732

GENE, biotech stocks move up By Ted Griffith, CBS.MarketWatch.com Last Update: 6:32 PM ET May 24, 2001 NEW YORK (CBS.MW) -- Biotechnology shares rose sharply Thursday, with Genome Therapeutics' stock continuing its recent ascent. The Amex Biotechnology Index (BTK) gained 4.2 percent and the Nasdaq Biotechnology Index (NBI) also rose 4.2 percent. Shares of Genome Therapeutics (GENE) jumped $1.08, or 8 percent, to $14.58. The advance added to the previous session's big gains, when Genome's stock rocketed more than 40 percent higher. A Genome Therapeutics spokesman said there was no news from the company to account for the sudden rise in its shares. But he noted that analysts have made favorable comments about the company recently. Investment firm Ladenburg Thalmann on Wednesday put a "strong buy" rating on Genome Therapeutics' stock and set a 12-month price target of $84. In a note to clients, the firm said it expects the Waltham, Mass.-based company to discover "several anti-infective agents with markets approaching $1 billion." Genome Therapeutics is using genetic research to try and develop new treatments for disease. Among other partnerships, the genomics company is working with drugmaker Schering-Plough (SGP) on research into new asthma treatments. Elsewhere, shares of Genentech (DNA) and Xoma (XOMA) rose after the companies said their treatment for the skin disease psoriasis produced encouraging results in patient testing. Shares of Genentech increased $1.45, or 2.9 percent, $51.15 while shares of Xoma added $1.05, or 9 percent, to $12.75. See full story. Shares of Biogen also moved to the upside, advancing $1.92, or 3.2 percent, to $62.28. Biogen (BGEN) reported Wednesday that its experimental drug, Antegren, shows promise in the treatment of Crohn's disease, an autoimmune condition that affects the gastrointestinal tract. -------------------------------------------------------------------------------- Ted Griffith is a reporter for CBS.MarketWatch.com Go to Top