dropped 2, or 3%, to 64 13/16 by midday;
was off 9/16, or 2%, at 25 11/16;
slipped 1 7/8, or 2%, to 94 1/8; and
fell 3 5/8, or 1.5%, to 234 7/8.
Meanwhile, shares of Dell were down 4 5/8, or 10.5%, to 39 7/16 after gaining nearly 3 points in the last two sessions in anticipation of strong earnings.
, which pleased the Street with better-than-expected third-quarter results last night, has been the standout today among Net stocks, which, as a group, have been mixed. Shares of the company were lately up 6 15/16, or 6%, to 119 7/8.
was firm on the day of its big analyst meeting, gaining 1 1/16, or 1%, to 135 1/8.
said it would distribute to its stockholders the 7 million-plus shares of
it owned. Creative stockholders will receive approximately 0.7 of a share of uBid common stock for each share of Creative common stock held on the record date of May 24. Creative Computers jumped 7 11/16, or 26%, to 37 3/4 on the news, while uBid edged up 1 1/4, or 3%, to 47 1/4.
gained 15 1/2, or 28%, to 71 3/8 after the company confirmed its merger plans with the privately held
. The deal is structured as a 50-50 merger and should conclude in about four months, the company said in a press release. In addition, software king
is expected to take a major stake in the new company.
More Problems for PairGain
investors were thrown another knuckleball this week.
Chairman Charles Strauch and CFO Charles McBrayer are targets of a criminal investigation by the
. The disclosure was made Monday in regulatory documents and picked up by
The Los Angeles Times
this morning. PairGain stock was lately trading 1 5/16 lower at 13 1/2.
Federal officials have been investigating for some time the activities of
and S. Jay Goldinger, who according to PairGain regulatory filings, lost $15.8 million of PairGain investments in 1995. PairGain has stated in previous filings that the U.S. Attorney and
Securities Exchange Commission
were investigating whether PairGain officers "engaged in any wrongdoing."
"We view criminal indictment as unlikely," wrote analyst Chris Stix with
in a positive research note today. The investigation is not a serious risk, he said, although he did warn that reduced orders might pinch the company's gross profit margins. Cowen has no banking ties to PairGain.
Old news, said one institutional trader. "If I get a shot at 12, I might buy it," he said.
PairGain didn't return calls for comment on the matter.
The company was the subject of a positive
on May 13. In an unrelated event, its stock spiked on April 7 due to a bogus news report that it was being acquired.
The party's over.
Some fire left.
Still the champ.
Will reinvent itself.