Turbodyne in The Wall Street Journal Interactive Edition -- April 21, 1998
(The following is intended for private use only and cannot be construed as commerical use.)
Tech Stocks Lift Nasdaq,
Russell 2000 to New Highs
By LARRY BAUMAN
Dow Jones Newswires
NEW YORK -- Continuing strength in the technology sector pushed small-capitalization and Nasdaq stocks to solid gains that outpaced the broad market and blue-chip stocks.
The Russell 2000 small-cap index and the Nasdaq Composite Index hit new highs. The Russell 2000 rose 1.80, or 0.37%, to 488.81, and the Nasdaq Composite Index jumped 20.54, or 1.10%. to 1887.14. The Dow Jones Industrial Average fell 25.66 to 9141.84.
"The tech stocks led the way," said Brian Belski, market strategist at Dougherty Summit Securities.
The Nasdaq Computer Index rose 2%, and the index of the 100 largest nonfinancial Nasdaq stocks, a list dominated by computer-related issues, gained 1.8%. Nasdaq's larger technology stocks outperformed smaller ones, and so the overall Nasdaq market outperformed the small-cap index.
Icon CMT, Weehawken, N.J., surged 5 5/8, or 27.6%, to 26. The Internet-service provider joined Microsoft's Certified Solution Provider program, which Icon said will provide it early access to Microsoft products and technical resources and allow it to jointly develop business opportunities with Microsoft.
First Consulting Group, Long Beach, Calif., jumped 4 5/8, or 24.2%, to 23 3/4. The information-technology company reported first-quarter earnings that were triple its year-earlier profit and 50% over analysts' projections.
A wide range of technology stocks pushed higher, but the overall tech sector was led higher by the strength of Internet, semiconductor and chip-related stocks. The American Stock Exchange Internet index jumped 2.1%, and the Philadelphia Stock Exchange semiconductor index shot up 3.2%.
Turbodyne Technologies, Vancouver, British Columbia, climbed 2 5/16, or 39.8%, to 8 1/8. The company said its emission-control device is being tested on public buses in Paris, and that initial results show reduction of emissions.
VidaMed, Menlo Park, Calif., jumped 9/16, or 18.4%, to 3 5/8. The company, which develops treatment for urological conditions, said six more states will provide Medicare coverage for its procedure used to treat enlarged prostates.
Omega Research, Miami, added 1/2, or 9.8%, to 5 5/8. The investment-analysis software company posted first-quarter earnings of four cents a share, twice what analysts expected. Omega said it will make major upgrades of two of its products by the end of the second quarter, and that the upgrades are expected to "positively impact revenues and earnings starting in the third quarter."
Celtrix Pharmaceuticals, Santa Clara, Calif., gained 3/16, or 7.3%, to 2 3/4. The drug developer said SomatoKine, its drug to treat protein-wasting diseases prevented the loss of both muscle weight and muscle protein in a laboratory model of muscular atrophy during a recent study.
Human Genome Sciences, Rockville, Md., rose 2 1/8, or 5.9%, to 37 7/8. SBC Warburg Dillon Read started coverage of the biotech company with a buy rating.
On the down side, Interneuron Pharmaceuticals, Lexington, Mass., plummeted 7 1/8, or 47.3%, to 7 15/16. The drug company said a trial for CerAxon, a treatment for stroke patients, failed to meet its primary or secondary goals, and as a result, the company is withdrawing its New Drug Application.
Cohr, a health-care outsourcing company, slid 1 3/4, or 17.7%, to 8 1/8. Shareholders of Cohr, Los Angeles, filed a suit against the company alleging insider trading and dissemination of false financial statements. A spokesman for Cohr said the company hasn't seen the lawsuit and had no comment.
White Pine Software slipped 11/32, or 11.3%, to 2 11/16. The Nashua, N.H., company said it expects to report a first-quarter loss of 21 to 23 cents a share, compared with its year-earlier 26-cent loss, with revenue falling about 23%. White Pine said it experienced unexpectedly poor performance in its international markets.
Children's Broadcasting fell 7/16, or 10.8%, to 3 5/8. The Minneapolis broadcaster of children's and family-oriented programming agreed to sell the assets of 10 stations and Children's Radio New York stock to Catholic Radio Networks for $57 million. Children's signed letters of intent to sell three remaining stations for $4.7 million in cash.
Outside the technology sector, there was only limited strength in the small-cap and Nasdaq markets. Aside from the computer index, four of the other seven Nasdaq industry indexes posted declines, although none fell as much as a full percentage point.
---------------------------
We Finally made the Wall Street Journal!!
CT |
