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CNNfn market movers
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April 7, 1999: 11:35 a.m. ET
Infospace.com defies gravity, but Engineering Animation drops fast
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NEW YORK (CNNfn) - Investors rallied around new deals and stock splits Wednesday morning and aggressively shunned bad news.
Infospace.com (INSP) headed for the stars, rising 26-3/8 to 115-13/16 after the Internet content provider said its board approved a 2-for-1 stock split. Spyglass Inc. (SPYG) was looking good as it rose 6-1/4 to 15-1/8 on word that the maker of Internet software for cellular phones won a three-year, $20 million contract from Microsoft Corp. (MSFT).
Seagram Co. (VO) raised its glass and its stock on word that the company is expected to announce an Internet alliance deal with media giant Bertelsmann AG. Seagram was up 3-5/8 at 59-9/16.
@Home Corp. (ATHM) seemed right at home with investors, as its stock rose 4-3/8 to 166-1/2. The company said it will develop cable Internet services in Japan.
Charles Schwab Corp. (SCH) saw its stock rise 4-1/8 to 111-3/8 following reports that the largest online broker could spilt its shares again after its annual shareholders meeting next month.
Watson Pharmaceuticals Inc. (WPI) had the right prescription, heading up 3-13/16 to 46. The generic-drug maker will be included in the Standard & Poor's 500 Index after the close of trading Friday.
And Covance Inc. (CVD) was up 1-1/2 at 23-5/16 after the drug-research company said it was "extremely comfortable" with the first-quarter 22-cent average earnings estimate of analysts and "comfortable" with the full-year estimate of a $1 per share.
Tough day at the office
Engineering Animation Inc. (EAII) took at hit, dropping 20-1/8 to 19-13/16. The computer imaging company warned that its first-quarter earnings will fall below analysts' estimates.
FVC.Com Inc. (FVCX) got a poor reception on Wall Street, falling 10-5/16 to 7-1/16, when the maker of videoconferencing products said it will report a loss of 20 cents to 22 cents a share.
AboveNet Communications Inc. (ABOV) missed the bucket with its secondary public officering of 4 million shares of its common stock. The Internet service company's stock dropped 8 to 115.
Network Associates Inc. (NETA) fell 5-11/16 to 16-1/4 after the security software maker said first-quarter profit would fall below estimates.
Also warning of an earnings shortfall was Saville Systems Plc (SAVLY). American depository receipts of the Irish billing company fell 4-9/16 to 5-1/2 said it expected a first-quarter loss that would fall short of expectations.
And software maker Symix Systems Inc. (SYMX) fell 2-5/8 to 7-3/8 after saying it expects third-quarter earnings of 9 cents to 11 cents per share. The company was expected to earn 13 cents per share.
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