Market Movers: Wake-Up Call

SAN FRANCISCO (08/31/2000) - The late-August market doldrums broke Tuesday on rumors of another merger extraordinaire: Would Credit Suisse First Boston buy Donaldson Lufkin & Jenrette Inc.? This morning, the answer turned out to be a big "yes," to the tune of $11.5 billion. The merger would create a global investment powerhouse; this week it made DLJ shareholders very happy. The stock continued to rise Wednesday after Tuesday's 20 percent jump, gaining an additional 5 percent, or $4.38, to $88.38.

Meanwhile, the Dow was Wednesday's surprising loser, shedding 1 percent as investors gravitated toward a few individual Nasdaq issues. The Dow dropped 112.09 points, to 11103.01. The Nasdaq enjoyed a tiny bounce, rising half a percent, or 21.74, to close at 4103.91.

Large-cap techs were slightly down Wednesday, but other tech stocks enjoyed a nice boost, regardless of sector. CMGI Inc. (CMGI) jumped $5.19, or nearly 13 percent, to close at $45.81, and sector-mate Internet Capital Group Inc. (ICGE) rose $4.81, or 15.43 percent, to close at $36. Search-engine provider Inktomi Corp. (INKT) rose $6.81, or 5.72 percent, while BroadVision Inc. (BVSN) closed up $3, or nearly 10 percent, to $34.50. The day's big winner was b-to-b stalwart CommerceOne, which jumped 20 percent, or $10.87, to $63.25.

Amazon jumped Wednesday on encouraging words from the Street, which applauded both the company's domestic business and its plans for the French market. The stock rose 8 percent, gaining $3.94 to $42.31.

IBM, General Electric (GE) , Wal-Mart and Coca-Cola (KO) led the Dow's decline Wednesday; each lost 2 to 3 percent.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

More about BroadvisionCapital GroupCMGICommerceOneCredit SuisseCredit Suisse First BostonGeneral ElectricIBM AustraliaInktomiInternet Capital GroupWal-Mart

Show Comments