Midday Movers: Sun Shines After Upgrade, E*Trade Slumps After Hack - TheStreet

Midday Movers: Sun Shines After Upgrade, E*Trade Slumps After Hack

Author:
Publish date:

Cisco (CSCO) - Get Report shares were gaining 4 7/8 to 130 3/4 after it 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.

E*Trade

(EGRP)

was slipping 1 1/8 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 eBay were skidding 5 5/8 to 164 3/8 and Yahoo was plummeting 9 11/16 to 363 13/16, while Buy.com was lifting 3, or 11.9%, to 28 1/16.

Mergers, acquisitions and joint ventures

Dexter

(DEX) - Get Report

said it would let

International Specialty Products

(ISP)

review its operations as part of due diligence but said that Dexter has not been put on the auctioning block. Dexter turned down ISP's $45 a share offer calling it financially inadequate. Shares of Dexter was climbing 7/8 to 38 1/2, while International Specialty's shares were declining 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 said they would pay an undisclosed amount of cash and offer advertising through NBC media outlets in exchange for minority stakes in Selfcare.com. Shares of General Electric were shedding 13/16 to 136 1/4 and NBCI was losing 2 to 70 3/4, while ValueVision was falling 1 1/2 to 38 1/16.

ImClone Systems

(IMCL)

was popping 3 7/16, or 5%, to 71 3/8 after it said it has entered a licensing deal with

SmithKline Beecham

(SBH) - Get Report

that involves a meningitis vaccine. Shares of Smithkline Beecham were adding on 1/2 to 56 1/2.

Microsoft

(MSFT) - Get Report

and

KPMG International

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

Microsoft Dot.com practice

and would involve Microsoft's Windows 2000, which is set for release next week.

Separately,

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. Shares of Microsoft were shedding 2 3/16 to 107 11/16.

Nokia

(NOK) - Get Report

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.

Separately, IBM is set to launch its new Deep Blue computer that contains copper-chip technology. Shares of Nokia were skidding 3 9/16 to 202 7/16 and Hewlett-Packard was stumbling 3/16 to 124, while IBM was sliding 1 1/4 to 117 9/16.

Portugal Telecom

(PT) - Get Report

denied newspaper reports that it would sell a 10% interest in new Internet division PT Multimedia to Brazil-based

UOL

, calling it "unfounded." ADRs of Portugal Telecom were declining 3/8 to 13 15/16.

Earnings/revenue reports and previews

(

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

)

Harrah's Entertainment

(HET)

shares were skidding 3/8 to 20 3/16 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.

Time-Warner Telecom

(TWTC)

was shooting up 13, or 20%, to 75 5/16 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.

Offerings and stock actions

BroadVision

(BVSN) - Get Report

was mounting 11 5/8, or 7.6%, to 163 13/16 after it said it set a 3-for-1 stock split.

Robertson Stephens

priced a 5 million-share IPO for

Delano

(DTEC) - Get Report

at $18 a share. Shares of Delano were soaring 42, or 236.1%, to 60 1/2.

Analyst actions

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 were retreating 2 3/16, or 5.8%, to 35.

Salomon Smith Barney

downgraded

Allstate

(ALL) - Get Report

to neutral. Shares of Allstate were shedding 1 5/8, or 7.3%, to 20 3/8.

Banc of America

raised its price target on

Applied Micro Circuits

(AMCC)

to 400. Shares of Applied Micro Circuits were lifting 7 1/8 to 225 1/4.

First Boston upgraded its rating on

Aspect Development

(ASDV)

to strong buy from buy. Shares of Aspect Development were jumping 15 1/2, or 16%, to 112.

PaineWebber

sliced its fiscal 2000 estimates on

Boston Scientific

(BSX) - Get Report

to $1.15 a share from $1.20 Shares of Boston Scientific was adding 11/16 to 19 15/16.

First Boston also upped its six- to 12-month price target for

Cisco

(CSCO) - Get Report

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 Systems were hopping 4 3/4 to 130 5/8.

ING Barings

upgraded

Citadel Communications

(CITC)

to strong buy from buy. Shares of Citadel Communications were slipping 1 3/8 to 50 1/8.

Morgan Stanley

launched coverage of

E.piphany

(EPNY)

with an outperform rating. Shares of E.piphany were declining 4 to 158 1/2.

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 were moving up 1/16 to 18 and Meristar Hospitality was retreating 3/16 to 15 3/4, while Host Marriott was climbing 1/16 to 9 1/2.

PaineWebber

upped

Hewlett-Packard's

(HWP)

target price to 145 from 130. Shares of H-P were stumbling 1/16 to 124 1/8.

Morgan Stanley downgraded its rating of

Nike

(NKE) - Get Report

to outperform from strong buy. Shares of Nike were falling 3 7/8, or 10.4%, to 33 1/8.

Donaldson Lufkin & Jenrette

upgraded

Pepsico

(PEP) - Get Report

to buy from market performer. Shares of Pepsico were gaining 11/16 to 34.

PaineWebber upgraded

Qwest Communications

(Q)

to buy from neutral and raised its price target to 55. Shares of Qwest were bouncing 9/16 to 45 9/16.

First Boston initiated coverage on

Spectrasite Communications

(SITE) - Get Report

with a buy rating. Shares of Spectrasite were declining 1/8 to 20 1/8.

Bear Stearns'

tech analyst, Andrew 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 were hopping 4 9/16, or 5.2%, to 91 1/2.

ABN Amro

downgraded

Transport Corp. of America

(TCAM)

to hold from outperform. Shares of Transport Corp. of America were sliding 6, or 40.7%, to 9 1/8.

Deutsche Banc Alex. Brown

initiated coverage on

Vitesse Semiconductor

(VTSS)

with a buy rating and a 70 price target. Shares of Vitesse were lifting 4 1/4, or 8.5%, to 54.

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 Industries were bouncing 3/16 to 38 1/16.

Goldman Sachs

said it sliced its rating on

Young Broadcasting

(YBTVA)

to market performer from market outperformer. Shares of Young Broadcasting were falling 7 1/4, or 16.8%, to 35 7/8.

Miscellany

Merck

(MRK) - Get Report

will see patents for five of its biggest drugs expire within the next two years, but the company said business will remain in check,

The Wall Street Journal

reported. Shares of Merck were declining 3 11/16 to 71 3/4.