(Updated from 7:41 p.m. EDT)

Eli Lilly

(LLY) - Get Report

made a big splash with Prozac, so why not use some of the active ingredients found in the antidepressant to treat premenstrual syndrome?

Today the pharmaceutical maker received

Food and Drug Administration

approval for Sarafem, the first prescription drug to treat the mood swings and physical symptoms associated with menstrual cycles. Under a June 1997 license agreement,

Interneuron Pharmaceuticals

(IPIC)

will receive a milestone payment from Lilly based on the FDA approval and royalties on future sales of Sarafem.

On June 15, Interneuron licensed development and commercialization right to a topical cream that might prevent the spread of sexually transmitted diseases, including HIV. The gel microbicide is currently being tested in early stage human trials.

News about the PMS wonder drug sent relieved husbands and boyfriends on a buying spree, pushing Interneuron 47% higher during the day session with roughly the same lift at night. IPIC gained 1 55/256 to 3 223/256 on 287,000

Island

shares.

Now there is something even more exciting than watching congressional meetings on television. Today

Netivation.com

(NTVN)

released CongressPro, the first Internet database for tracking congressional political money, legislation and lobbyists by committees and subcommittees. The service will only be available to paid subscribers.

During the day, Netivation.com spiked 58%, or 7/8, for making congressional business as transparent as a peek-a-boo nightie.

EBI Securities

reiterated its buy rating on the Internet company. The folks at EBI have recommended it before, but now they really mean it, with a 12- to 18-month price target of 14 to 15 a share to prove it.

Netivation.com is involved in both public policy and politics and B2B health care. It fell 3/16 to 2 3/16 on 73,000 Island shares.

Same-store sales for

Starbucks

(SBUX) - Get Report

were as hot and tall as their coffee beverages. Same-store revenue came in a steamy 9% higher for the month of June. Starbucks perked up 1 to 39 on 12,000 Island shares.

Yesterday

Paging Network

(PAGE)

ran up 27% and today it popped another 35% courtesy of the transitive property. If A=B and B=C, then A=gains.

Good news for

Arch Communications

(APGR)

boosted PageNet's stock, because the companies will soon merge into a bigger wireless messaging firm. Arch was chosen by

Bolt

, a Web site for 15 to 20 year olds, to provide members with wireless messaging content. Bolt members will be able to exchange email on Arch's wireless devices. Tonight the Dallas-based penny stock (PageNet, that is) was up 3/128 to 1 91/128. Arch slid 1/4 to 6 1/2.

According to the trading bible, what no news giveth, no news taketh away.

Applied Micro Circuits

(AMCC)

rallied almost 18% today ahead of next Wednesday's earnings report. Investor relations officials for the optical communications chip maker scratched their head in response. There was neither news nor fresh analyst opinions to explain it. Consensus points to strong earnings at 17 cents a share compared to 6 cents last year.

AMCC suffered strong declines last month when it warned that sales to

Nortel Networks

(NT)

, its biggest customer, were slowing. The stock has eked out a recovery since but fell 1 3/16 to 117 3/16 tonight following the day's exuberant pop.

Visual Networks

(VNWK)

was

beaten blind today. It collapsed 54% after warning of earnings of 1 cent a share for the quarter, lower than the five-analyst

First Call/Thomson Financial

consensus of 6 cents.

Bear Stearns

,

Goldman Sachs

and

Morgan Stanley Dean Witter

downgraded the company, which manages traffic flow for Internet companies. That was enough to rank it among today's biggest Nasdaq losers, then poise it for a recovery of 51/256 to 12 47/256 on Island.

Intel

(INTC) - Get Report

bounced back today after yesterday's tech plunge. It rose steadily today to rebound 3.8% and continued heading north at night. It settled 1 5/16 higher at 135 on 167,000 Instinet shares.

Optical networking company

Sycamore Networks

(SCMR)

continued its daytime decline on no negative news. After slipping more than 2% by day, it skidded a further 1 1/4 to 109 1/8 at night.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.

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