Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!americast-post Newsgroups: americast.ibd From: americast-post@AmeriCast.Com Organization: American Cybercasting Approved: americast-post@AmeriCast.com Subject: NASDAQ Amex Market Date: Thu, 19 Nov 92 13:26:44 EST Message-ID: <9.1992Nov19.132644@AmeriCast.com> 11/19/92 TITLE NASDAQ Amex Market Nasdaq Rebounds Behind Big-Name Techs Cisco, Wellfleet Pace Networkers; Biotechs Broadly Higher Lisa Lee Freeman The Nasdaq market pulled out of a sharp two-day sell-off yesterday, showing that investors aren't giving up just yet on secondaries. Big-name technology issues led the rebound. Microsoft Corp., off 23/4 in the previous session, recouped 2 to 92. Apple Computer Inc., which said it will repurchase up to 10 million shares under a new buy-back program, gained 21/2 to 573/4 and Intel Corp.- 13/4 to 691/2. Overall, the Nasdaq composite index surged 7.79 points, or 1.24%, to 634.86. Advances beat declines 7-to-5, while volume gushed 4% to 233 million shares. The Nasdaq 100, which tracks the market's largest non-financial issues, was up 1.8%. By comparison, the NYSE composite index climbed 0.77%, while the American Stock Exchange market value index rose 0.57% as gainers topped losers 8-to-7. In trading, software developers rebounded with a vengeance. BMC Software Inc.- , which tumbled 4 on Tues- day, recouped 21/4 to 65, and Oracle Systems Inc., down 23/4 in the past two sessions, regained 11/4 to 213/4. Parametric Tech- nology Corp. spurted 23/4 to 531/4, Banyan Systems Inc. 21/2 to 201/4, Electronics For Imaging Inc. 13/4 to 213/4, Electronic Arts Inc. 11/2 to 321/2 and Sybase Inc. 11/2 to 44. Even beaten-down Borland International Inc. rose 1/4 to 25 despite getting hit with more negative comments from Wall Street. Op- penheimer & Co. jumped on the bandwagon of analysts downgrading the stock. The brokerage also cut its earnings estimates, citing Microsoft's entry into the Windows-based database market, which Borland currently dominates. Among networking issues, Cisco Sys- tems Inc. leaped 21/2 to 71, Chipcom Corp. 2 to 261/2, Wellfleet Communications Inc. 11/4 to 583/4 and SynOptics Communications Inc. a point to 333/4. Amex issue Cheyenne Software Inc., knocked down 23/4 in the previous session, recouped 11/4 to 263/4. Biotechnology issues also bounced back. Chiron Corp. - a favorite in the group - led the pack, jumping 35/8 to 571/4. Biogen Inc. rose 21/4 to 443/4, Amgen Inc.- 2 to 743/4 and Somatogen Inc. 15/8 to 241/2. Also, Scios Nova Inc., which recently has been rebounding from a sharp nine- month slump, climbed another 5/8 to 115/8. The company presented en- couraging preclinical data regarding a treatment to reduce the incidence of lung injury following coronary artery bypass sur- gery, according to Cowen & Co. The brokerage said the results were a surprice and repeated its buy recommendation. Elsewhere, Price Co. soared as unconfirmed buyout rumors continued to circu- late. It was up another 2 to 421/2. On Tuesday, the stock gained 11/4 in heavy trading. Hot recent new issue Eagle Hardware & Garden Inc., which split 3-for-2 this week, surged 23/4 to 311/2 - a new closing high. The stock has more than tripled from its July issue price. Tukwila, Wash.-based Eagle Hardware operates hardware home centers in the Pacific Northwest. Dain Bosworth Inc. analyst Mike Moe said Eagle is expected to report fiscal third-quarter earnings any day and he's looking for the company to surpass his estimate of eight cents a share. A year earlier, before the company came public, it earned a nickel a share. Moe noted that Eagle surpassed estimates in the fiscal second quar- ter, which came in at a dime a share, or 233% better than a year earlier. Home Depot Inc. is looking to give Eagle a run for its market share when it sets up shop in Seattle. However, Moe doesn't expect Home Depot will run Eagle out of town. "Home Depot has destroyed the competition in the markets it's entered," said Moe. "But we believe the Seattle marketplace is big enough for both of them." Since opening its first store in November 1990, Eagle has built loyalty through pricing, service and a wide array of products. Another recent new issue, Starbucks Corp., which has been trading in a narrow band for the past 10 weeks, jumped 11/2 to 34. The company said earlier this week it plans to open 75 stores during the current fiscal year, ending in Sep- tember 1993, and another 90 in fiscal 1994. Last week, the coffee shop operator reported strong fiscal fourth-quarter earnings. CompUSA Inc. added 13/4 to 331/2. Merrill Lynch Capital Markets initiated coverage with a buy recommendation. Gantos Inc.- climbed 11/8 to 133/4. It posted a third-quarter profit of 22 cents a share, compared with four cents a year earlier. The health maintenance organization group had its share of winners. Amex issue Sierra Health Services Inc. broke into new high ground, up a point to 38. On the Nasdaq, U.S. Healthcare Inc. rose 11/4 to 45, Coventry Corp. 11/4 to 221/4 and Intergroup Healthcare a point to 29. The HMO group has been one of 1992's top performers, having gained 44% since Jan. 1. That's second only to the computer networking group's 45% gain. Pyxis Corp., which hasn't taken a breather since its July debut at $14 a share, vaulted 31/4 to 413/4 in active trading. The San Diego- based company said late Tuesday it will announce in the fourth quarter $1.5 million in previously unreported revenues from com- puter systems installed during the first three quarters of the year. Pyxis makes computer systems designed to control the flow of drugs and other supplies in hospitals. Tokos Medical Corp. rebounded 13/8 to 171/2. The stock dropped 81/2 Tuesday after the company said it won't meet fourth-quarter estimates. In the revved up initial public offering market, Ligand Pharmaceuticals Inc., whose 3.75 million shares were priced at $11 apiece, opened at 13 and closed at 121/4. Ligand is a drug developer based in San Diego. Elsewhere, takeover news boosted Republic Capital Group, which jumped 41/8 to 305/8. TCF Financial Corp. agreed to acquire the banker for $62 million in stock. In Amex action, An- drea Electronics Corp., up 6 on Tuesday, added another 65/8 to 23 amid heavy trading. The company is talking with several major communications companies regarding a new noise-cancellation pro- duct. This article is copyright 1992 Investors Business Daily. Redis- tribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM