IBM(IBM Quote - Cramer on IBM - Stock Picks) climbed 1 7/16 to 104 7/16 after it said agreed to an Internet B2B commerce pact with i2(ITWO Quote - Cramer on ITWO - Stock Picks) and Ariba(ARBA Quote - Cramer on ARBA - Stock Picks). The deal, which will help firms launch B2B marketplaces, calls for IBM to make minority investments in i2 and Ariba. i2 shot up 14 5/8, or 8.6%, to 184 and Ariba bounced 9 5/8 to 334 1/8.
Separately,
J.P. Morgan started coverage of Ariba with a buy rating.
Payless Shoesource(PSS Quote - Cramer on PSS - Stock Picks) jumped 7 3/8, or 17.6%, to 49 1/8 after it said it would self-tender up to 25% of its 29.6 million outstanding shares. Payless said it would buy 7.5 million shares through the offering, which has a set price range between $48 and $53 a share. Separately, Payless said it upped its fiscal 2000 growth estimate to 20% from 15%. Mergers, acquisitions and joint ventures
APEX(APEX Quote - Cramer on APEX - Stock Picks) added 2 3/8, or 6.6%, to 38 3/8 after it said it has agreed to a merger with Cybex Computer(CBXC Quote - Cramer on CBXC - Stock Picks). APEX said its shareholders would own 55% of the newly formed company. The deal would be accretive to earnings before extraordinary items within a year. APEX said it has tapped Stephen Thorton as chairman, president and CEO of the merged company. Cybex fell 6, or 14.4%, to 38. CNA(CNA Quote - Cramer on CNA - Stock Picks) shed 1/8 to 25 after it said it is contemplating a possible sale of its individual life insurance and life reinsurance divisions. The insurer said it has brought Donaldson Lufkin & Jenrette on board to explore the possible sale. DaimlerChrysler (DCX Quote - Cramer on DCX - Stock Picks) and Mitsubishi are negotiating a possible deal that could form the world's third-biggest carmaker, The Wall Street Journal reported. Sources told the Journal that the pact is not certain. DaimlerChrysler gained 1 5/8 to 61 5/8. Deutsche Bank and Dresdner Bank are moving closer to a $29.74 billion merger, The Wall Street Journal reported. According to the paper, the potential merger would create a financial services operation with over $1.2 trillion in assets. Internet Capital Group (ICGE Quote - Cramer on ICGE - Stock Picks) sank 6 5/8 to 134 9/16 after it said it would pay $22 million in cash and $635 million in stock for a majority stake in Rightworks. J.P. Morgan initiated coverage of the stock with a buy rating. Jackpot Enterprises(J Quote - Cramer on J - Stock Picks) hopped 4 3/4, or 33.6%, to 18 7/8 after it said it would examine alternatives for its traditional gaming business. The company said it would create a $100 million Internet fund and take a 35% interest in Digital Boardwalk. Occidental Petroleum(OXY Quote - Cramer on OXY - Stock Picks) edged up 3/8 to 17 15/16 after it said it has entered a $3.6 billion deal to acquire Altura Energy from BP Amoco (BPA Quote - Cramer on BPA - Stock Picks)and Shell. Occidental said the purchase would add 50 cents a share to its fiscal 2000 earnings. BP Amoco lifted 2 to 52 11/16. Pinnacle(PNK Quote - Cramer on PNK - Stock Picks) gained 1 5/8, or 8.4%, to 20 7/8 after it said Harveys Casino Resorts has launched a $625 million offer for Pinnacle. According to the terms, Harveys would pay $25 a share for Pinnacle, which owns eight casinos in Nevada, Mississippi, Louisiana and Argentina. PNC Bank(PNC Quote - Cramer on PNC - Stock Picks) and Perot Systems (PER Quote - Cramer on PER - Stock Picks) said they have entered a venture to create a B2B digital marketplace for billing called Billingzone. PNC advanced 5/16 to 37 and Perot Systems mounted 1 1/16 to 22 1/16. Offerings and stock actions
Lehman Brothers priced a 10 million-share IPO for FirstWorld Communications (FWIS Quote - Cramer on FWIS - Stock Picks) at $17 each, the top of the estimated 15-17 range. The company provides network-based Internet, data and communications services. FirstWorld Communications advanced 6 13/16, or 40%, to 23 13/16. Be Free(BFRE Quote - Cramer on BFRE - Stock Picks) fell 8 3/4, or 9%, to 88 1/4 after it said it filed for a 4.5 million-share secondary offering. Mechanical Technology (MKTY Quote - Cramer on MKTY - Stock Picks) advanced 3 1/2, or 5.3%, to 69 1/4 after it set a 3-for-1 stock split. M-Systems(FLSH Quote - Cramer on FLSH - Stock Picks) popped 2 7/8 to 73 1/2 after it said it priced a 2.45 million-share secondary offering at $68.25 a share. Analyst actions
Donaldson Lufkin & Jenrette cut its rating for the oilfield services group to market perform from outperform. The company slashed the rating of Cooper Cameron (CAM Quote - Cramer on CAM - Stock Picks), Halliburton (HAL Quote - Cramer on HAL - Stock Picks), Santa Fe International (SDC Quote - Cramer on SDC - Stock Picks) and Transocean (RIG Quote - Cramer on RIG - Stock Picks). Cooper Cameron slipped 3 1/4 to 66; Haliburton skidded 3 1/8, or 7%, to 41 3/8; while Santa Fe stumbled 3 7/16, or 9.4%, to 33 1/16. Transocean lost 5 1/8, or 10.4%, to 44 3/16. Banc of America initiated coverage of Abiomed(ABMD Quote - Cramer on ABMD - Stock Picks) with a buy rating and a price target of 90. Abiomed slid 4 1/2, or 7%, to 59 3/4. DLJ upgraded Avery Dennison (AVY Quote - Cramer on AVY - Stock Picks) to buy from market perform. Avery Dennison tacked on 1/16 to 55 3/8. Jefferies downgraded Comverse (CMVT Quote - Cramer on CMVT - Stock Picks) to accumulate from buy. Lehman Brothers, though, upped the stock's price target to 280 from 240. Comverse bounced 3 1/8 to 225 1/4. Credit Suisse First Boston cut its rating on Baker Hughes(BHI Quote - Cramer on BHI - Stock Picks) to buy from strong buy. Baker Hughes lost 2 1/8, or 7.3%, to 26 15/16. PaineWebber raised its rating on Bristol-Myers Squibb(BMY Quote - Cramer on BMY - Stock Picks) to buy from attractive. Bristol-Myers Squibb advanced 3 7/16, or 7.9%, to 46 15/16. Merrill Lynch started coverage of Dreyer's Grand Ice Cream (DRYR Quote - Cramer on DRYR - Stock Picks) with an intermediate, long-term accumulate rating. Dreyer's Grand Ice Cream fell 3/4 to 19. CSFB raised iGate Capital's (IGTE Quote - Cramer on IGTE - Stock Picks) 12-month target price to 75. iGate stumbled 1 1/8 to 63 1/16. J.P. Morgan launched coverage of Internet Capital Group (ICGE Quote - Cramer on ICGE - Stock Picks) with a buy. Internet Capital Group stumbled 3 3/16 to 138. Deutsche Banc Alex. Brown launched coverage of Lante (LNTE Quote - Cramer on LNTE - Stock Picks) as a buy with a 90 price target. Lante sank 7 1/4, or 9.6%, to 67 3/4. Wit Soundview initiated coverage of Kana Communications (KANA Quote - Cramer on KANA - Stock Picks) with a buy rating and set a price target of 200. Kana Communications hopped 8, or 5.8%, to 144 3/8. Merrill Lynch rolled out coverage of Metricom(MCOM Quote - Cramer on MCOM - Stock Picks) with an intermediate-term accumulate, long-term buy rating. Metricom shot up 5 3/8, or 7.5%, to 76 7/8. Warburg Dillon Read initiated coverage of Medtronic (MDT Quote - Cramer on MDT - Stock Picks) as a buy. Medtronic slipped 3/8 to 49 1/8. Microsoft (MSFT Quote - Cramer on MSFT - Stock Picks) could have a chance to settle the antitrust case brought against it by the Justice Department, Chase H&Q software analyst Walter Winnitzki said following a briefing by Microsoft's new CFO, John Connors. Winnitzki told Reuters, "There was a feeling there was a near-term opportunity to have this settled, some language being given that they wouldn't have any change in culture or structure." Donaldson Lufkin & Jenrette stamped the stock with a buy with a 118 price target. Microsoft lifted 1 7/8 to 94 11/16. DLJ upgraded Quaker Oats (OAT Quote - Cramer on OAT - Stock Picks) to buy from market perform. Quaker Oats added 1 1/8 to 48 9/16. Merrill Lynch raised its intermediate, long-term rating on Rowan(RDC Quote - Cramer on RDC - Stock Picks) to buy from accumulate. Rowan slipped 2 1/4, or 7.8%, to 26 7/16. J.P. Morgan reinitiated coverage of Safeguard Scientifics (SFE Quote - Cramer on SFE - Stock Picks) as a buy with a 378 price target. Safeguard advanced 5 5/8 to 194 5/8. CSFB initiated coverage of Skillsoft (SKIL Quote - Cramer on SKIL - Stock Picks) with a strong buy and a 12-month price target of 34. Skillsoft tacked on 1 5/8, or 6.8%, to 25 1/2. Warburg Dillon Read upgraded UPS (UPS Quote - Cramer on UPS - Stock Picks) to strong buy from buy. Goldman Sachs upgraded the stock to market outperform from market perform. UPS bounced 1 7/8 to 52 1/2. Morgan Stanley Dean Witter sliced its rating on Unilever(UL Quote - Cramer on UL - Stock Picks) to outperform from strong buy. Unilever edged up 3/8 to 22 9/16. SG Cowen upgraded VeriSign (VRSN Quote - Cramer on VRSN - Stock Picks) to strong buy from buy. VeriSign plummeted 8 1/2 to 191 1/4. CSFB reinstated coverage of Whittman-Hart (WHIT Quote - Cramer on WHIT - Stock Picks) as a strong buy with a 12-month price target of 100. Whittman-Hart added 2 9/16, or 5.3%, to 50 1/4. Miscellany
Intel (INTC Quote - Cramer on INTC - Stock Picks) skidded 2 1/8 to 113 9/16 after it said that it developed a 1-gigahertz computer chip. Advanced Micro Devices(AMD Quote - Cramer on AMD - Stock Picks) beat Intel to the punch on Monday when it announced its own 1-gigahertz chip. Advanced Micro Devices slipped 2 1/8 to 52 7/8. General Electric's(GE Quote - Cramer on GE - Stock Picks) broadcast television unit NBC is dropping out of the National Association of Broadcasters because the group hasn't fought to ease rules on TV station ownership, The Wall Street Journal reported. GE mounted 1 to 130 15/16.
Tara Murphy
RSS
