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Hot Stocks: Philip Morris
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July 14, 2000: 6:53 p.m. ET
AMZN, sector mates active; IPOs Pain Therapeutics flat, Omnivision up
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NEW YORK (CNNfn) - The settling of a two-year Florida class action lawsuit -- in which big tobacco was slapped with paying ailing smokers $145 billion in penalties, $74 billion of which is Philip Morris' responsibility - pushed that company's stock into heavy after-hours activity.
Initial public offerings built on their regular day activity: Omnivision Technologies continued to rise, and Pain Therapeutics, which is partially owned by Bill Gates, was active but slightly declined.
Friday's after-hours winners
Omnivision Technologies (OVTI: Research, Estimates) up 1-1/2 to 35-1/2. Omnivision stock priced at $13, well above the estimated price range of $9-to-$11 per share, for its 5-million-share initial public offering.
Palm (PALM: Research, Estimates) up 1-7/8 to 44-1/2. Computer networking equipment maker 3Com (COMS: Research, Estimates) said the final distribution ratio for the recently spun-off company Palm is 1.484 shares of Palm for each share of 3Com.
Amgen (AMGN: Research, Estimates) up 1/4 to 71. The biotech has been on the rise since Salomon Smith Barney on Wednesday released its "TEN+ Exceptional Names" list.
USinternetworking Inc. (USIX: Research, Estimates) up 1-1/16 to 20. The leading Application Service Provider (ASP), and the first ASP to deliver Microsoft Exchange, announced Friday that it would offer a series of enhanced messaging and collaboration features for its Microsoft Exchange solution.
Telaxis Communications Corporations (TLXS: Research, Estimates) up 2-3/4 to 33-3/4. The stock was attractive after dropping 10 percent by the close of regular trade Friday, after Thursday's late-day announcement that the broadband wireless access equipment provider expects its second-quarter earnings to drop 27-to-29 cents a share, higher than analyst expectations, due primarily to additional research and development expenditures of approximately $1,000,000.
Friday's after-hours losers
3Com (COMS: Research, Estimates) down 1-5/8 to 72. The computer networking equipment maker said that the final distribution ratio for the recently spun-off company Palm is 1.484 shares of Palm (PALM: Research, Estimates) for each share of 3Com.
Juniper Networks (JNPR: Research, Estimates) down 2-1/2 to 172-1/2. The maker of equipment that routes high volumes of traffic over the Internet reported fiscal second-quarter net income that was double analysts' estimates, as its revenue soared. Investors took gains on the stock in after-hours after a regular day rise.
PMC-Sierra (PMCS: Research, Estimates) down 1/32 to 218-17/32. The Canadian communications chipmaker reported pro forma second-quarter earnings, before one-time items, of $39 million, or 23 cents a share. Analysts had expected the company to earn 19 cents a share, according to First Call, but a trader at Bernard L. Madoff Securities in London said investors were cashing in on gains.
Rambus (RMBS: Research, Estimates) down 3/4 to 104-1/4. The chip maker rose 11 percent during the day on an overall rise in the sector, led by Altera's earnings news.
Friday's after-hours other newsmakers
Philip Morris (MO: Research, Estimates) unchanged at 24-1/2. The stock was active following news that a two-year class action lawsuit in Florida has come to an end and the world's biggest tobacco companies are ordered to give ailing smokers a whopping $145 billion in penalties. The jury said that MO should be responsible for $74 billion.
Paradyne Networks (PDYN: Research, Estimates) up 1/8 to 34-3/8. The maker of high-speed Internet access software said late Thursday that operating income for the second quarter was $1.5 million, or 5 cents a share. That was below analysts' expectations of 9 cents a share. The stock was a compelling buy after dropping nearly 21 percent by the close of trade.
Amazon.com (AMZN: Research, Estimates) down 1/8 to 42-3/8. CommerceOne (CMRC: Research, Estimates) up 1/16 to 70. Compaq (CPQ: Research, Estimates) down 1/16 to 27-1/2. Cisco (CSCO: Research, Estimates) down 1/8 to 68-1/8. Salomon Smith Barney analyst Tim Albright said that, despite recent concerns about its cash flow, online retailer Amazon.com would end the March 2001 quarter with $666 million in cash. He reiterated the firm's "buy" rating and said the third and fourth quarters would be good for Amazon. Other techs, such as CMRC, CPQ and CSCO benefited as well.
Pain Therapeutics (PTIE: Research, Estimates) down 1/8 to 21-3/4. Pain Therapeutics, partially owned by Microsoft (MSFT: Research, Estimates) Chairman Bill Gates, priced its IPO of 5 million shares at $12 per share, in the middle of its expected price range of $11-to-$13. The stock was slightly down after rising 82 percent by the close of regular trade.
VoiceStream Wireless (VSTR: Research, Estimates) unchanged at 149-9/16. Japan's NTT DoCoMo is considering making a bid as the struggle for control of the U.S. wireless telephone service provider continues, The Wall Street Journal reported.
Exodus Communications (EXDS: Research, Estimates) unchanged at 55-1/4. Exodus continued to benefit from Robertson Stephens' upgrade of the stock to "strong buy" from "buy."
Altera (ALTR: Research, Estimates) down 3/16 to 119-1/4. The chipmaker reported higher-than-expected second-quarter earnings after the bell on Thursday and announced a 2-for-1 split of its shares, which have more than tripled in price in the past 12 months. For the quarter, the company said it had a profit before charges of $102.6 million, or 49 cents a share. Analysts' forecasts according to First Call were for a profit of 44 cents a share. The stock tripped a little on profit taking after hours. 
-- compiled by Antoinette Coulton, Mark Gongloff and Alexandra Twin from staff and wire reports
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