midday01-25-00
TheStreet.com's MIDDAY UPDATE
January 25, 2000 http://www.thestreet.comIn Today's Bulletin:
o Midday Musings: Volatility the Only Certain Thing as Market Rocks on Downside
o Herb on TheStreet: Timing News Announcements With Lockup Expirations
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Also on TheStreet.com:
Wrong! Dispatches from the Front: When Nothing Happens Bulls shy away again today, leaving bears in the spotlight. http://www.thestreet.com/comment/wrong/869283.html
SiliconStreet.com: Webvan Takes Us Back to the Future The Internet grocer finds the new economy of clicks depends on the old economy of keeping the veggies fresh. http://www.thestreet.com/comment/siliconstreet/869002.html
IPOs: Neoforma's Stellar Debut Bodes Well for IPO Market After a dry month so far, IPOs are starting up again in full force. http://www.thestreet.com/stocks/ipos/869121.html
Telecom: With Teleglobe Deal, Williams Goes Long Distance And Teleglobe, through its new U.S. network, may attract more attention from the Street. http://www.thestreet.com/tech/telecom/868691.html
Midday Musings: Volatility the Only Certain Thing as Market Rocks on Downside By
Staff Reporter
1/25/00 1:21 PM ET Glance at the sector proxies at midday and you'd get a pretty unambiguous notion of where the market was: down. But you'd miss the much more interesting story of where the market had been.
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S&P 500 Changes Move Stocks -- Tell Us Who's Next
Harley-Davidson (HDI Quote) and Biogen (BGEN Quote) were each soaring on news that they will join the S&P 500 after the close of regular trading Friday, replacing Fleetwood Enterprises (FLE Quote) and Foster Wheeler (FWC Quote). Biogen was up 9.8%, while the Hog had moved 5.8% higher. Fleetwood was down 7.1% and Foster Wheeler was off 12.9%. Who might be next to zoom into the index? Let us know by choosing one of the top five stocks, by market cap, that are eligible for the S&P but are not currently in it. Or submit your own nomination on our message board.Market Internals
Breadth was solidly negative on strong volume. New York Stock Exchange: 1,102 advancers, 1,751 decliners, 636 million shares. 25 new 52-week highs, 139 new lows. Nasdaq Stock Market: 1,726 advancers, 2,220 decliners, 1.05 billion shares. 116 new highs, 71 new lows.For a look at stocks in the midsession news, see Midday Movers, published separately.
Herb on TheStreet: Timing News Announcements With Lockup Expirations By
Senior Columnist
1/25/00 6:30 AM ET
Back to biz:
Just a coincidence? That's what you can't help but wonder when you see companies release stock-lifting news on the same day their IPO lockups expire. Lockup expirations can be bad news, if for no other reason than the expectation that insiders will immediately sell, causing the stock to tumble. But that wasn't the case for drugstore.com (DSCM Quote), which lucked into announcing Monday -- the day its insiders could start selling shares -- that Amazon.com (AMZN Quote) was boosting its stake in the company. Rather than continue falling, as it has been doing for several months, it lifted 5 7/8, or 20%, to close at 35. Was the timing of the announcement a coincidence? Not according to a drugstore.com spokeswoman, who says the company had been scheduled to report earnings yesterday, which happened to be the same time it came to an agreement with Amazon, "which we had to disclose; we had to announce the agreement because it was material." Chemdex (CMDX Quote), meanwhile, rose 10% after announcing an online agreement with DuPont (DD Quote) yesterday, the same day its lockup expired. A coincidence? Not according to a spokesman, who says the deal has been in the works for months, and was just signed. Then there's Lennox International (LII Quote), which announced that its stock was being included in the Standard & Poor's SmallCap 600 on Monday, again, the same day its lockup expired. A coincidence? Nope, or so says a spokesman: "We released it when it was timely." Then why didn't they release the news last Thursday, when S&P did?! Doesn't really matter. Lennox's stock, in decline since its offering, slipped 1/4 to close at 9 13/16.Copyright 2000, TheStreet.com
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