Brocade Communications (BRCD) was soaring 31 5/8, or 12.9%, to 275 5/16 after it said it set a 2-for-1 stock split and posted better-than-expected earnings. Morgan Stanley Dean Witter upgraded Brocade to strong buy from outperform. Bear Stearns raised its price target on Brocade to 350. Morgan Stanley Dean Witter upped its rating on Brocade Communications to a strong buy from outperform.

Sycamore Networks

(SCMR)

was falling 7 1/2, or 6.1%, to 115 after it reported second-quarter earnings of a penny, beating the seven-analyst break-even estimate and up from the year-ago three-cent loss. The company also said it filed with the

Securities and Exchange Commission

for a 15 million-share secondary offering.

Mergers, acquisitions and joint ventures

DuPont

(DD) - Get Report

and

Internet Capital Group

(ICGE)

have formed a joint venture, called

CapSpan

, a business-to-business e-commerce concern, which they said will bring lower transaction costs and increased productivity and service to buyers and sellers of industrial goods and services. DuPont was slipping 1 1/2 to 51 1/8 and Internet Capital was sliding 11/16 to 116 1/16.

Offerings and stock actions

Goldman Sachs

priced

GigaMedia's

(GIGM) - Get Report

8.83 million-share IPO at $27 a share, well above the estimated price range of $20-$22 a share. GigaMedia shares have not yet traded.

Harley-Davidson

(HDI)

was lifting 1 7/16 to 68 5/16 after it set a 2-for-1 stock split.

Immunex

(IMNX)

was hopping 5 11/16 to 200 5/16 after it set a 3-for-1 stock split.

Analyst actions

Deutsche Banc Alex. Brown

sliced its rating on

Aether Systems

(AETH)

to market perform from buy. Aether Systems was plummeting 13, or 6.4%, to 201 1/2.

Credit Suisse First Boston

raised its price target on

ADC Telecommunications

(ADCT) - Get Report

to 60. ADC Telecommunications was declining 1 5/16 to 43 13/16.

Salomon Smith Barney

upped its rating on

Agilent

(A) - Get Report

to buy from outperform and raised its price target to 110 from 85 after the company posted better-than-expected first-quarter earnings.

Bear Stearns

also raised its priced target on the shares to 110 from 90, while

Lehman Brothers

upped its price target to 115 from 90. Agilent was falling 3 7/16 to 93 5/8.

First Boston raised its rating on

CNet

(CNET) - Get Report

to strong buy and set a 100 price target on the stock. CNet was bouncing 5 3/8, or 8.5%, to 68.

Warburg Dillon Read

downgraded

Forest Oil

(FST)

to hold from strong buy. Forest Oil was down 1/2, or 5.8%, to 8.

Salomon Smith Barney

upped its rating on

Goldman Sachs

(GS) - Get Report

to buy from neutral. Goldman Sachs was adding 3/4 to 82 7/8.

Merrill Lynch cut its intermediate rating on

iXL Enterprises

(IIXL)

to accumulate from buy. iXL Enterprises was sliding 4 1/4, or 10.6%, to 35 3/4.

Warburg upgraded

Laboratory

(LH) - Get Report

to strong buy from buy. Laboratory was unchanged at 3 15/16.

Morgan Stanley raised its price target on

Philips Electronics

(PHG) - Get Report

to 200 euros from 180 euros. Yesterday Philips said 1999 income from continuing operations was a record 1.804 billion euros, compared to 541 million euros in the year-ago period. Philips said that its "trend of improving annual earnings should continue." First Boston raised its earnings estimates for 2000 and 2001 on Philips.

Goldman Sachs

raised its earnings estimate for 2000. Philips Electronics was climbing 3 to 163.

Prudential Securities

raised its rating on

Qualcomm

(QCOM) - Get Report

to strong buy from accumulate. Qualcomm was climbing 7 3/8, or 5.7%, to 137 3/8.

Lehman Brothers

upgraded shares of

Sipex

(SIPX)

to buy from outperform and raised its price target to 40 from 20. Sipex was mounting 4 7/8, or 21.4%, to 27 5/8.

First Boston cut its price target on

Synopsys

(SNPS) - Get Report

to 75. Morgan Stanley downgraded Synopsys to neutral from strong buy. Lehman cut its price target on Synopsys to 56 from 67.

Separately, Synopsys sets a $200 million share buy back. Synopsys was losing 9 3/8, or 19.1%, to 37 1/8.

Salomon Smith Barney upped its rating on

Sycamore Networks

(SCMR)

to buy from outperform after the company reported second-quarter earnings that beat analyst estimates. Sycamore Networks was slipping 5 7/8, or 5.2%, to 116 5/8.

Warburg initiated coverage of

Washington Mutual

(WM) - Get Report

with a buy rating. Washington Mutual was declining 3/8 to 22 1/16.

Merrill Lynch upped its intermediate-term rating on

Young & Rubicam

(YNR)

to buy from accumulate. Young & Rubicam was tacking on 4 1/4, or 9%, to 51.

Miscellany

Ford

(F) - Get Report

was shedding 1 3/8 to 44 1/2 after it said it is cutting 1,500 jobs at a plant near London.

General Electric

(GE) - Get Report

and the

Energy Department

are poised to announce today a major breakthrough in natural gas-powered generating plants which will result in electricity production using 5.3% less fuel than the best current methods, the

New York Times

reported. GE was skidding 2 3/16 to 128 13/16.

The "Inside Wall Street" column in

Business Week

, penned as usual by Gene Marcial, reports that

Hoover's

(HOOV)

might be an acquisition target. David Simons, managing director of

Digital Video Investments

, was quoted as saying that "Hoover's seems ripe for acquisition," while Jordan Rohan, an analyst at

Wit Capital

thinks Hoover's is undervalued and worth 21 a share, the column said. Hoover was moving up 1, or 15.6%, to 10 3/8.

Elsewhere, the column said James Marquez of

Bayou Securities

expects

McDermott International's

(MDR) - Get Report

board to move toward breaking up McDermott into three companies, settling a pending asbestos suit against one of its divisions and scaling up its fuel-cell business. McDermott International was bouncing 1 5/16, or 12.2%, to 12.

The column also offers up a positive story on

Communication Intelligence

(CICI)

. Communication Intelligence was tacking on 1, or 18.6%, to 10 1/8.

The Heard on the Street column in

The Wall Street Journal

reports today that federal investigators have been examining Steven Madden's connections with penny-stock brokerages for some time. Madden is chairman, president and CEO of

Steven Madden

(SHOO) - Get Report

, a designer, wholesaler and marketer of fashion footwear for women. Steve Madden was losing 2 3/4, or 16.6%, to 13 3/4.

NetSpeak

(NSPK)

was adding 5/8 to 22 7/8 after it said it has tapped Michael Rich to replace the retiring Stephen Cohen as its chairman and CEO.