Harmonic, C-Cube Ink Semiconductor Deal; Drugstore.com Posts a Healthy Quarter
Tara Murphy
04/24/00 - 07:44 PM EDT
Harmonic(HLIT) and C-Cube Microsystems(CUBE) said their shareholders approved a deal that would merge C-Cube's DiviCom group with Harmonic and then spin-off C-Cube's semiconductor unit. The terms call for C-Cube's holders to get 0.5427 shares of Harmonic for each share of C-Cube they own and will also receive shares from the semiconductor spin-off. Harmonic, a fiber-optic product maker and C-Cube, a digital solutions provider, said the deal should be completed during he first week in May, with the spin-off's record date set at April 25. | Major Indices | | INDEX | CHANGE | % | VALUE | YR TO DATE | | Dow |   62.05 | 0.57% | 10,906.10 | -5.1% | | S&P 500 |  -4.63 | -0.32% | 1429.91 | -2.7% | | Nasdaq | -161.24 | -4.42% | 3482.64 | -14.4% | | Russell 2000 | -13.30 | -2.76% | 468.54 | -7.2% | | TSC Internet | -34.78 | -4.40% | 756.35 | -34.5% | | TSC New Tech 30 |
79.87 | -15.68% | 429.52 | -30.5% | | NOTE | CHANGE | PRICE | YIELD | | 10-Year Treasury | 6/32 | 103 15/32 | 6.025% | |
In other postclose news (earnings estimates from
First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified):
Mergers, acquisitions and joint ventures
Dexter(DEX) said it would meet again to consider offers and other strategic options that involve the company's future. The company said its board gave management and its advisors the OK to continue to work towards finding a solution. According to an SECfiling, Dexter reviewed a $1.04 billion offer from International Specialty Products(ISP). The $40-per-share offer now carries a value that would enable Dexter holders to receive further payment if International Specialty sold Dexter's interest in Life Technologies for more than $50 a share. Earnings/revenue reports
Concentric Network (CNCX) posted a first-quarter loss of $1.07 a share, excluding a gain. The eight-analyst estimate called for a loss of 75 cents, while the year-ago loss of 75 cents includes items. Drugstore.com(DSCM) posted a first-quarter loss of 86 cents a share, narrower than the eight-analyst estimate of a $1.02 loss. | Upside Surprises |
| Company | Qtr | EPS | First Call View | Yr. Ago EPS | Number of Analysts |
| Active Software (ASWX) | 1Q | -3c | -10c | -55c | 5 |
| Airborne Freight (ABF) | 1Q | 36c | 34c | 51c | 13 |
| Biosite Diagnostics (BSTE) | 1Q | 9c | 6c | -8c | 3 |
| Buy.com (BUYC) | 1Q | -28c | -29c | -22c | 5 |
| CDW Computer (CDWC) | 1Q | 79c | 65c | 45c | 6 |
| Calico Commerce (CLIC) | 4Q | -15c | -19c | -23c | 3 |
| Gadzoox (ZOOX) | 4Q | -13c | -18c | -22c | 5 |
| Goto.com (GOTO) | 1Q | -20c | -33c | -24c | 3 |
| Healthsouth (HRC) | 1Q | 17c | 16c | 26c | 10 |
| Integrated Silicon Solution (ISSI) | 2Q | 14c | 8c | -20c | 3 |
| Kemet (KEM) | 4Q | 87c | 76c | 6c | 6 |
| Laboratory (LH) | 1Q | 7c | 4c | 2c | 3 |
| Mediaplex (MPLX) | 1Q | -12c | -19c | -11c | 4 |
| Medicalogic (MDLI) | 1Q | -45c | -57c | -48c | 3 |
| Medicis (MRX) | 3Q | 36c | 35c | 30c | 7 |
| NBC Internet (NBCI) | 1Q | -67c | -72c | -$2.01 | 7 |
| Quest Diagnostics (DGX) | 1Q | 39c | 36c | 19c | 4 |
| Rayonier (RYN) | 1Q | 76c | 71c | 54c | 7 |
| Sonic Automotive (SVEV) | 1Q | 39c | 33c | 24c | 6 |
| Semitool (SMTL) | 2Q | 18c | 14c | -11c | 5 |
| Turnstone (TSTN) | 1Q | 14c | 3c | -40c | 2 |
| Versata (VATA) | 1Q | -51c | -60c | -14c | 2 |
| Downside Surprises |
| Company | Qtr | EPS | First Call View | Yr. Ago EPS | Number of Analysts |
| Catalytica (CTAL) | 1Q | 9c | 11c | 9c | 11 |
| In-Line Reports |
| Company | Qtr | EPS | First Call View | Yr. Ago EPS | Number of Analysts |
| Netro (NTRO) | 1Q | -15c | -15c | -19c | 5 |
| Regis (RGIS) | 3Q | 28c | 28c | 23c | 7 |
| 7-Eleven (SVEV) | 1Q | 1c | 1c | 1c | 1 |
| SCI Systems (SCI) | 3Q | 34c | 34c | 24c | 19 |
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TheStreet.com's The Night Watch.
