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CNNfn market movers
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January 6, 1999: 2:40 p.m. ET
Investors bag Gucci stock, Northrop shot down, and Internets still the high fliers
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NEW YORK (CNNfn) - Cash-rich investors flocked to a well-known vendor of handbags and scarves Wednesday on learning a key rival is buying a stake.
American depositary receipts of the luxury goods maker Gucci soared 13-1/16 to 93-5/16 after announcing France's LMVH acquired a 5-percent stake in the luxury goods maker.
Defense giant Northrop Grumman dropped 5-11/16 to 67-9/16 after announcing it will take $125 million in new charges in the fourth quarter and warned its 1999 results will drop as much as 20 percent below analyst targets amid higher costs and reduced deliveries of 747 fuselages to Boeing .
The high-speed Internet service provider @Home blasted up 13-3/16 to 93-7/16 after saying it awarded AT&T a long-term contract to create a nationwide Internet Protocol network using the phone giant's backbone facility.
The maker of anti-virus software Network Associates jumped 1-5/16 to 58-5/8 after saying preliminary results for its fourth quarter show it will post earnings of 47 cents per share, a penny better than analysts' targets.
Infected by a sell-off craze was JDA Software , falling 2-11/32 to 7-3/16 after the maker of inventory- and sales-tracking software, said its chief executive, Brent Lippman, had resigned.
JDA also said it expects to post a loss in its fourth quarter due to a shortfall in its software license revenue. Analysts had expected profits.
Piper Jaffray, Hambrecht & Quist and Prudential Securities downgraded the stock.
Tellabs tumbled 3-3/16 to 75-5/8 after the telecommunications-equipment maker said it couldn't explain a recent stock-price spike. Its shares were up 13-1/16 Tuesday.
Internet stocks still amazing
Greg Manning Auctions soared 3-3/4 to 12-1/2, or 43 percent, leading a pack of Internet-related gainers, after the auction house said it expects to post record second-quarter sales due to Internet-related auctions.
Also chalking up gains were online auction houses eBay , up 37-1/2 to 261-1/2, and uBid , adding 3-1/8 to 123.
Elsewhere in Net world, online bookseller Amazon.com roared up 13-1/2 to 138 after Tuesday's 3-for-1 stock split. Portal Lycos added 9-1/18 to 61-1/2 after CS First Boston opened coverage with a "buy" recommendation..
Rival Yahoo! soared 36-7/8 to 294-3/4, Internet investor CMG Investment up 29-5/32 to 149-7/8, community web site provider Go2Net rallied 7-1/16 to 45-7/16 and Network Solutions , which provides web page addresses, spurted 9-11/16 to 164-11/16. 
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