Company Report: IPOs Vicinity, Delano Rocket Against Downbeat Backdrop - TheStreet

Company Report: IPOs Vicinity, Delano Rocket Against Downbeat Backdrop

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(Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified. New highs and lows on a closing basis unless otherwise specified.)

Market newcomers were among the few stocks that escaped today's heavy selling pressure.

Vicinity

(VCNT)

hopped 31 3/4, or 186.7%, to 48 3/4. The company's services direct Internet users to traditional brick and mortar outlets for more than 250 clients.

Delano

(DTEC) - Get Report

, a software provider that helps online businesses use email and the Internet to interact with customers, soared 32 1/2, or 180.5%, to 50 1/2.

Gold-mining stocks also showed some mettle, with the

Philadelphia Stock Exchange Gold and Silver Index

lifting 6.2%. News that supply reductions could be on the way helped lift

Placer Dome

(PDG)

1 1/16, or 11.3%, to 10 1/2, while

Barrick Gold

(ABX)

gained 1 3/16, or 6.9%, to 18 7/16.

Cisco

(CSCO) - Get Report

posted pro forma earnings after yesterday's close of 25 cents a share, a penny ahead of the 34-analyst estimate and up from the year-ago 17 cents. The company also set a 2-for-1 stock split. Cisco cited strength in its end-to-end Internet solutions for each of its key markets. (For more details on Cisco's

earnings, see a separate story from the

TheStreet.com/NYTimes.com

joint newsroom.)

Credit Suisse First Boston

upped its six- to 12-month price target for Cisco to 160 a share. First Boston also said the company could become the first trillion-dollar market cap company.

PaineWebber

boosted its price target on the stock to 220 from 135. Shares of Cisco edged up 2 1/2 to 128 13/16.

Separately,

Ford

(F) - Get Report

fell 15/16 to 47 3/16 and

Oracle

(ORCL) - Get Report

rose 3/8 to 59 15/16 after they said Cisco will take an equity stake in their AutoXchange business-to-business supplier network. Cisco rose 3 to 128 13/16.

Mergers, acquisitions and joint ventures

Dexter

(DEX) - Get Report

gained 11/16 to 38 5/16 after it said it would let

International Specialty Products

(ISP)

review its operation as part of due diligence but said that it has Dexter has not been put on the auctioning block. Dexter turned down ISP's $45 a share offer calling it financially inadequate. Shares of International Specialty lost 1/4 to 7 1/4.

General Electric's

(GE) - Get Report

NBC

television network, along with its Web unit

NBC Internet

(NBCI)

and

ValueVision International

(VVTV)

, said they plan to take interests in health Web site

SelfCare.com

. The three companies would pay an undisclosed amount of cash and offer advertising through NBC media outlets in exchange for minority stakes in Selfcare.com. GE lost 2 13/16 to 134 1/4, NBCi lost 2 3/8 to 70 5/16 and ValueVision inched up 3/16 to 39 7/8.

Imclone Systems

(IMCL)

hopped 4 1/4, or 6.2%, to 72 1/2 after it said it has entered a licensing deal with

SmithKline Beecham

(SBH) - Get Report

that involves a meningitis vaccine. SmithKline slipped 1/8 to 55 7/8.

Microsoft

(MSFT) - Get Report

dropped 5 15/16, or 5.4%, to 104 after

European Union

competition chief Mario Monti said it has started a probe into the possibility that Windows 2000 infringes on the EU's antitrust law. Microsoft said the EU's investigation would not block the launch of Windows 2000, which is set for release next week.

Separately, Microsoft and

KPMG International

entered a pact to help companies develop e-business. According to KPMG, the consulting venture would be called the

Microsoft Dot.com

practice and would involve Windows 2000.

Nokia

(NOK) - Get Report

dropped 4 1/8 to 201 7/8 after it said it, along with its partners

Hewlett-Packard

(HWP)

and

IBM

(IBM) - Get Report

, would roll out a new way to access e-commerce Web sites with Internet-compatible WAP mobile phones in 2000. Hewlett-Packard lost 3/16 to 124 and IBM dropped 1 7/16 to 117 3/8.

Separately, IBM is set to launch its new Deep Blue computer that contains copper-chip technology.

Nortel Networks

(NT)

gained 3/4 to 121 3/4 after it said it would acquire privately held Internet consulting firm

Dimension Enterprises

for as much as $64.5 million in cash.

Portugal Telecom

(PT) - Get Report

fell 3/8 to 13 15/16 after it denied newspaper reports that it would sell a 10% interest in new Internet division PT Multimedia to Brazil-based

UOL

, calling it "unfounded."

U.S. hedge fund

Tiger Management

said that it backs

Royal Bank of Scotland's

takeover offer for

National Westminster Bank

(NW)

, also known as NatWest. Tiger, which holds a 1% stake in NatWest, joined its three largest shareholders in favoring the $35.5 billion takeover bid. NatWest popped 5 7/8, or 5.4%, to 114 3/4.

Earnings/revenue reports and previews

Celestica

(CLS) - Get Report

lost 5/8 to 52 3/4 after it reported fourth-quarter earnings of 22 cents a share, edging out the 20-analyst estimate of 20 cents and up from the year-ago 13 cents.

Harrah's Entertainment

(HET)

lost 5/8 to 19 15/16 after it posted fourth-quarter earnings of 30 cents a share, in line with the 19-analyst estimate and up from the year-ago 24 cents.

priceline.com

(PCLN)

climbed 3/8 to 58 7/16 after its founder said the company should be profitable by 2001.

Time Warner Telecom

(TWTC)

popped 11 1/4, or 18.1%, to 73 3/8 after it reported a fourth-quarter loss of 2 cents, narrower than both the four-analyst estimate of a 15-cent loss and the year-ago 30-cent loss.

In other earnings news:

Offerings and stock actions

BroadVision

(BVSN) - Get Report

popped 17 13/16, or 11.7%, to 170 1/16 after it set a 3-for-1 stock split.

Landacorp

(LCOR)

jumped 5 15/16, or 59.4%, to 15 15/16 in its trading debut. The company provides Internet-based and other electronic medical management solutions to healthcare payers and providers.

Meritor Automotive

(MRA)

lost 1/16 to 16 after it set a $75 million repurchasing program.

Analyst actions

Credit Suisse First Boston upped its rating on

Aspect Development

(ASDV)

to strong buy from buy. Shares of Aspect Development shot up 20 7/8, or 21.6%, to 118 5/8.

Credit Suisse First Boston launched coverage on

ACTV

(IATV)

with a buy rating.

Lehman Brothers

also initiated coverage on the stock with an outperform rating and a 43 12-month price target. Shares of ACTV slid 2 1/8, or 5.7%, to 35 1/4.

Salomon Smith Barney

downgraded

Allstate

(ALL) - Get Report

to neutral. Shares of Allstate fell 2 1/8, or 9.6%, to 19 7/8.

Banc of America Securities

raised its price target on

Applied Micro Circuits

(AMCC)

to 400. Shares of Applied Micro Circuits jumped 5 5/8 to 222 1/8.

First Boston upgraded

Aspect Development

(ASDV)

to strong buy from buy. Shares of Aspect Development soared 20 7/8, or 21.6%, to 118 5/8.

PaineWebber sliced its fiscal 2000 estimates on

Boston Scientific

(BSX) - Get Report

to $1.15 a share from $1.20. Shares of Boston Scientific added 2, or 10.3%, to 21 1/4.

ING Barings

upgraded

Citadel Communications

(CITC)

to strong buy from buy. Shares of Citadel Communications tumbled 1 3/16 to 50 5/16.

Morgan Stanley

launched coverage of

E.piphany

(EPNY)

with an outperform rating. Shares of E.piphany tacked on 1/4 to 162.

Banc of America

raised its rating on

FSI International

(FSII)

to buy from market perform. Shares of FSI International lost 2 7/8, or 16%, to 18 9/16.

First Boston initiated coverage on

Felcor Lodging

(FCH)

and

Meristar Hospitality

(MHX)

with buy ratings and

Host Marriott

(HMT)

with a hold rating.

Shares of Felcor Lodging mounted 9/16 to 18 1/2 and Meristar was unchanged at 15 15/16, while Host Marriott was unchanged at 9 7/16.

PaineWebber upped

Hewlett-Packard's

(HWP)

target price to 145 from 130. Shares of Hewlett-Packard gained 13/16 to 125.

Morgan Stanley downgraded

Nike

(NKE) - Get Report

to outperform from strong buy. Shares of Nike shed 3 3/4, or 10.1%, to 33 1/4.

Donaldson Lufkin & Jenrette

upgraded

PepsiCo

(PEP) - Get Report

to buy from market performer. As noted in the earnings table above, shares of PepsiCo climbed 11/16 to 34.

PaineWebber upgraded

Qwest Communications

(Q)

to buy from neutral and raised its price target to 55. Shares of Qwest Communications moved up 1/4 to 45 1/4.

First Boston initiated coverage on

Spectrasite Communications

(SITE) - Get Report

with a buy rating. Shares of Spectrasite Communications declined 5 1/4, or 25.9%, to 19 7/8.

Bear Stearns

tech analyst Andy Neff upped his earnings estimate for

Sun Microsystems

(SUNW) - Get Report

to $1.20 from $1.10 per share for the first quarter of fiscal 2001. Shares of Sun Microsystems hopped 4 1/2, or 5.1%, to 91 9/16.

ABN Amro

downgraded

Transport Corp. of America

(TCAM)

to hold from outperform. Shares of Transport Corp. of America stumbled 6, or 39.3%, to 9 7/16.

Deutsche Banc Alex. Brown

initiated coverage on

Vitesse Semiconductor

(VTSS)

with a buy rating and a 70 price target. Shares of Vitesse Semiconductor jumped 4 3/4, or 9.5%, to 55 13/16.

Warburg Dillon Read

rolled out coverage of

Willamette Industries

(WLL) - Get Report

with a buy rating and a price target of 53. Shares of Willamette skidded 13/16 to 37 1/16.

Goldman Sachs

sliced its rating on

Young Broadcasting

(YBTVA)

to market performer from market outperformer.

Miscellany

E*Trade

(EGRP)

declined 1 1/4, or 5.4%, to 21 7/8 after it said that it is the latest company to experience problems with its online services due to hacking. After yesterday's close,

eBay

(EBAY) - Get Report

said that a hack attack had shut down its site after prompting "denial of service" problems.

Buy.com

(BUYX)

had a similar type of attack during its trading debut yesterday, while

Yahoo!

(YHOO)

dealt with problems linked to hacker activity on Monday. Shares of Buy.com today bounced 2 1/2, or 10.7%, to 27 1/2 and Yahoo skidded 11 9/16 to 362 5/16.

Merck

(MRK) - Get Report

will see patents for five of its biggest drugs expire within the next two years, but the company said its earnings will remain "competitive,"

The Wall Street Journal

reported. Merck was unchanged at 20 3/8.