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Midday Movers: Radiant and HNC Software Pushing Higher After Price Targets Raised

Palm (PALM) the much-anticipated IPO, was delivering on expectations, lately popping 66, or 173.6%, to 104 in the first hours of trading.

The stock was priced last night at $38 a share by

Goldman Sachs

, above the estimated $30-$32 range and rocketed into trading with an opening price of 145.

Meanwhile,

ABN Amro

initiated coverage of Palm with a buy rating and set a 90 price target on the stock. 3Com will receive 532 million shares from the offering and will divest the shares within six months by handing them over to its stockholders. Shares of 3Com were losing 14 9/16, or 14%, to 89 9/16.

(

TheStreet.com

looked at a fund offering its lucky investors a piece of the Palm IPO in a separate

story.)

Mergers, acquisitions and joint ventures

Aetna

(AET)

jumped 7 11/16, or 14.5%, to 60 11/16 after it said

WellPoint Health Networks

(WLP)

and

ING America Insurance Holdings

, a unit of

ING Groep

(ING) - Get Report

launched a $10.2 billion takeover bid for Aetna, one day before Aetna ousted its CEO and began examining its operations.

Aetna said WellPoint and ING America Insurance Holdings made a $70-a-share offer, which included $44 in cash and $26 in WellPoint stock. Last night, WellPoint and ING confirmed they were interested in Aetna. WellPoint climbed 1 1/16 to 62 15/16.

For more on the Aetna situation, take a look at the

story written by

TheStreet.com/NYTimes.com

joint newsroom.

The

European Commission

is anticipated to block the proposed three-way aluminum industry combination of

Alcan

(AL) - Get Report

,

Pechiney

(PY) - Get Report

and

Alusuisse

because of competition concerns, according to published reports. Alcan gained 3/16 to 34 5/8, while Pechiney slipped 3/16 to 26 1/16.

Qwest Communications'

(Q)

largest shareholder is believed to back a possible get-together of Qwest and Germany's

Deutsche Telekom

(DT) - Get Report

,

The Wall Street Journal

reported.

The newspaper, citing people close to the situation, said that Deutsche Telekom Chairman Ron Sommer has held discussions with Qwest executives, including Philip Anschutz, the company's non-executive chairman, who owns 39% of the company. The

Journal

reported that he is believed to be on board for a possible sale of the company. Qwest was lately rising 1 5/16 to 59 1/4, while Deutsche Telekom popped 7 5/8, or 8.6%, to 95 7/8.

Silicon Graphics

(SGI)

inched up 1/8 to 10 1/4 after it said it will sell its

Cray Supercomputer

business to

Tera Computer

(TERA)

. Tera fell 1 3/16, or 10.8%, to 9 13/16.

Sony

(SNE) - Get Report

shed 8 5/8 to 303 11/16 after it licensed

Spyglass'

(SPYG) - Get Report

browser technology for use in its digital cable set-top boxes. Spyglass was soaring 19 1/4, or 28.7%, to 8 1/4.

Earnings/revenue reports and previews

(

Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.

)

Ann Taylor

(ANN)

gained 9/16 to 19 9/16 after it said February same-store sales rose 1.7%.

Costco Wholesale

(COST) - Get Report

climbed 3 3/8, or 7.3%, to 49 3/4 after it posted second-quarter net income of 39 cents a share, in line with the 22-analyst estimate and up from the year-ago 33 cents.

Dillards

(DDS) - Get Report

slipped 1/8 to 17 1/4 after it said its February same-store sales were flat.

Federated Department Stores

was unchanged at 36 5/16 after it said February same-store sales rose 5.3%.

Goody's Family Clothing

(GDYS)

gained 17/32, or 8%, to 7 3/16 after it said February same-store sales rose 4%, and announced some changes to its accounting methods. The company has adopted certain accounting changes related to sales returns and leased departments. Goody's said the changes won't have an impact on the company's annual net earnings for fiscal 1998 and fiscal 1999.

However, Goody's said its previously issued statements of operations for the four quarters of fiscal 1998 and the first three quarters of fiscal 1999 will be restated to account for these changes. Goody's said the change will either increase or decrease some previously reported quarterly net earnings by a penny a share.

J.C. Penney

(JCP) - Get Report

lost 3/8 to 15 1/18 after it said same-store sales fell 2.4%.

Neiman Marcus

(NMG.A)

slipped 1/16 to 21 9/16 after it said February same-store sales rose 11.2%.

RSL Communications

(RSLC)

rose 1 3/4, or 8.2%, to 23 1/4 after it posted a fourth-quarter loss of $2.00 a share including items. The six-analyst estimate called for a loss of $1.43, while the year-ago loss was $1.33. The company said it was exploring options for certain nonstrategic assets and also seeks to better focus on core European and U.S. operations.

Sears

(S) - Get Report

gained 1/8 to 27 3/4 after it said February domestic same-store sales rose 3.1%.

Sotheby's

(BID) - Get Report

reported fourth-quarter earnings of 57 cents a share, beating the three-analyst estimate of 55 cents, but lower than the year-ago 66 cents. The company said investigations and lawsuits could have a material impact on its results. Sotheby's slipped 5/16 to 22 3/4.

Staples

(SPLS)

lost 3 3/16, or 12.1%, to 23 1/8 after it reported fourth-quarter earnings of 28 cents a share, in line with the 21-analyst estimate and up from the year-ago 22 cents.

TJX

(TJX) - Get Report

tacked on 5/8 to 17 1/8 after it said February same-store sales rose 4%.

Thanks to an extra shopping day last month,

TeleCheck

said February same-store sales by retailers across the nation rose 4.8%. TeleCheck, a unit of

First Data

, is a check acceptance company.

Walgreen

(WAG)

lost 9/16 to 25 1/16 after it said February same-store sales were up 11.5%.

Wal-Mart

(WMT) - Get Report

rose 2 1/2, or 5.1%, to 51 1/2 after it said February same-store sales rose 6.1%.

Morgan Stanley Dean Witter

lifted Wal-Mart to strong buy from outperform.

Offerings and stock actions

Amerada Hess

(AHC) - Get Report

rose 1 3/4 to 53 5/8 after it said its directors authorized the spending of up to $300 million to repurchase its stock.

Anaren Microwave

(ANEN)

hopped 8 3/8, or 12.3%, to 76 1/4 after it set a 3-for-2 stock split and filed a secondary offering of 1.84 million shares.

Fairfield Communities

(FFD)

inched up 1.4% to 8 3/4 after it said its board approved the repurchase of up to $60 million in stock.

Metromedia Fiber

(MFNX)

moved up 6 13/16, or 9.8%, to 76 9/16 after its board approved a 2-for-1 stock split.

Ralph Lauren's

TST Recommends

(RL) - Get Report

board authorized a two-year extension of its $100 million stock repurchase program. Shares inched up 1/8 to 17 1/8.

Analyst actions

PaineWebber

raised its 2000 earnings estimates on

American Eagle Outfitters

(AEOS)

to $2.32 from $2.20. American Eagle rose 1 1/2, or 5.9%, to 27 1/8.

Goldman Sachs

said analyst Glenn Engel cut earnings estimates on

AMR

(AMR)

to $3.40 from $3.55, and

Delta Air Lines'

(DAL) - Get Report

2000 estimates to $7.15 from $7.55. AMR lost 15/16 to 53 13/16 while Delta slipped 1 1/2 to 43 15/16.

Deutsche Banc Alex. Brown

started coverage of

Bed Bath & Beyond

(BBBY) - Get Report

with a strong buy rating. Shares climbed 5/8 to 27 3/8.

DB Alex. Brown raised

Bristol-Myers

(BMY) - Get Report

to buy from market perform.

Bear Stearns

raised Bristol-Myers to buy from attractive and set a price target of 77. Meanwhile,

PaineWebber

cut the stock's price target to 65 and lowered its EPS estimates. Bristol-Myers gained 1 3/8 to 52 3/4.

Wit Soundview

analyst Mark Specker raised his price target on

Brocade Communications

(BRCD)

to 400 from 300. Brocade gained 5/16 to 298 7/8.

DB Alex. Brown initiated coverage of

Cost Plus

(CPWM)

with a strong buy rating. Cost Plus gained 2 5/32, or 10.7%, to 20 23/32.

Thomas Weisel Partners

analyst Perry Boyle increased estimates on

DoubleClick

(DCLK)

to a loss of 9 cents from a loss of 12 cents a share in the first quarter, and to earnings of 10 cents from an expected loss of 8 cents for the year. DoubleClick gained 2 3/8 to 82 11/16.

Warburg Dillon Read started coverage of

EMC

(EMC)

as a buy. EMC was unchanged at 118.

SG Cowen

said it started

Firepond

(FIRE)

with a buy rating and set a price target of 125. Firepond lost 2 to 94 despite the news.

Donaldson Lufkin & Jenrette

cut its rating on

Gap

(GPS) - Get Report

to market perform from buy. Gap dropped 4 3/8, or 9.1%, to 43 1/2.

DLJ started coverage of on shares of

HealthAxis

(HAXS)

with a buy rating. HealthAxis gained 3/8 to 29 1/4.

Merrill Lynch

lifted

Health Management

(HMA)

Shares gained 2 1/4, or 20.9%, to 13.

Merrill Lynch raised its rating on

Knight/Trimark

(NITE)

to near-term accumulate from neutral. Knight/Trimark was moving up 1 11/16 to 48 7/8.

Credit Suisse First Boston

said it raised

HNC Software's

(HNCS)

target price to 175 from 125. HNC hopped 17 13/32, or 17.3%, to 117 7/8.

Bear Stearns

started coverage of

Network Peripherals

(NPIX)

as an attractive and set a price target of 85. Network Peripherals inched up 1/16 to 68 7/8.

DB Alex. Brown upgraded

Proxicom

(PXCM)

to strong buy from buy. Proxicom was rising 2 5/8, or 5.8%, to 47 5/8.

CSFB doubled

Radiant Systems'

(RADS)

price target to 150. Radiant was rising 30 13/16, or 57.5%, to 87 31/32.

Morgan Stanley increased

Telemig's

(TMB)

price target to 105 from 80. Telemig tacked on 6 1/16, or 7.5%, to 87 1/16.

Goldman Sachs downgraded

Unisys

(UIS) - Get Report

to market outperformer from its recommended list. Unisys was sliding 3 3/16, or 10.6%, to 26 7/8.

Thomas Weisel analyst Eric Ross raised the price target on

Veeco Instruments

(VECO) - Get Report

to 130 from 95. Veeco lost 1 3/4 to 96 1/2.

Lehman Brothers analyst Bill Garrahan raised his price target on

Williams Communications

(WCG) - Get Report

to 62 from 52. Williams gained 2 1/16 to 51 7/16.

DB Alex. Brown started coverage of

Williams-Sonoma

(WSM) - Get Report

with a buy rating and set a 37 price target on the stock. Williams-Sonoma slipped 9/16 to 31 15/16.

Miscellany

Enhance

(EFS)

rose 7/8, or 7.7%, to 12 1/4 after it said it hired

Morgan Stanley Dean Witter

to advise it on strategic options.

Personal financial information keyed into

Intuit's

(INTU) - Get Report

Quicken

Web site has been seeping out to advertisers, and the company has moved rapidly to address the problem, the

Journal

reported. Intuit fell 1 5/8 to 46 5/8.

The Heard on the Street column in the

Journal

looks at

Salomon Smith Barney's

progress in extracting extra securities business from

Citicorp's

roster of banking clients. Both are units of

Citigroup

(C) - Get Report

, created by the merger of Travelers Group and Citicorp in 1998. Wall Street wants to know whether the year-old financial supermarket will become the new model for other banks and securities firms, the story says. Citigroup was lately off 1 7/16 to 50 3/16.