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Hot Stocks: Conseco cooks
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December 29, 2000: 4:13 p.m. ET
Conseco up on Buffett bond-shopping; downgrades hit Net infrastructure stocks
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NEW YORK (CNNfn) - Shares of insurer Conseco rose Friday on a report that billionaire Warren Buffett was buying the company's junk bonds.
Internet infrastructure and service stocks F5 Networks, Inktomi and CacheFlow skidded after Bear Stearns downgraded them. Of course, F5 Networks wasn't helped by its own earnings warning.
Shares of Geoworks, a developer of wireless communications gear, more than doubled after it reached a patent settlement with a rival.
Friday's winners
Conseco (CNC: Research, Estimates) up $1.69 to $13.19. Billionaire Warren Buffett used his company Berkshire Hathaway (BRK.A: Research, Estimates) to buy millions of dollars in junk bonds issued by Conseco, according to the online version of the Wall Street Journal.
Fashionmall.com (FASH: Research, Estimates) up 78 cents to $3.38. The Internet retail Web site said it was skeptical that a takeover bid by mergers and acquisitions firm Narax was serious, noting that Narax did not enter discussions with it prior to submitting its $3.50-per-share offer.
Osicom Technologies (FIBR: Research, Estimates) up $3.19 to $16.06. Shares of the optical networking products company got a boost from speculation that Sycamore Networks (SCMR: Research, Estimates) was in talks to acquire Osicom unit Sorrento Networks.
Geoworks (GWRX: Research, Estimates) up $1.53 to $2.94. The developer of wireless communication technology announced a patent settlement with rival Openwave Systems (OPWV: Research, Estimates), with the two companies agreeing to a strategic partnership.
WebLink Wireless (WLNK: Research, Estimates) up $1.44 to $3.44. The messaging services provider said it signed an amendment to its credit facility that will allow it to fund operations during 2001.
Information Holdings (IHI: Research, Estimates) up $1.69 to $23.44. The database and information services provider said fourth-quarter earnings should beat Wall Street expectations.
Friday's losers
F5 Networks (FFIV: Research, Estimates) down $1.63 to $9.50. Bear Stearns downgraded the Internet infrastructure company to "attractive" from "buy" after it said earnings for the current quarter would fall short of expectations.
Inktomi (INKT: Research, Estimates) down $2.19 to $17.88, CacheFlow (CFLO: Research, Estimates) down $4 to $17.06. Bear Stearns downgraded networking software maker Inktomi to "attractive" from "buy" and Internet infrastructure firm CacheFlow to "neutral" from "attractive" on "economic-related slowdown concerns."
Nanometrics (NANO: Research, Estimates) down $3.19 to $13.81. The supplier of computer circuitry making equipment said it expects to report lower-than-expected fourth-quarter revenue because a shipment rescheduling resulted in problems with supplies.
Westell Technologies (WSTL: Research, Estimates) down $1.44 to $3.06. The telecommunications equipment firm said it expects fiscal third-quarter results to fall below the company's expectations and lowered its guidance through fiscal 2002.
Altera (ALTR: Research, Estimates) down $2.94 to $26.31, Juniper Networks (JNPR: Research, Estimates) down $12.56 to $126.06, Qualcomm (QCOM: Research, Estimates) down $7.19 to $82.19. Technology stocks took a year-end tumble.
-- compiled by Mark Gongloff from staff and wire reports 
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