Monday's Winners & Losers: National Health Investors, Luby's, Clearnet, Symbollon

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M&A Analyst actions Offerings/stock actions Miscellany By the numbers

Updated from 4:01 p.m. EDT

Washington Mutual(WM Quote) closed down 3/4 to 32 1/16 after the company confirmed it would pay about $1.5 billion to buy Bank United(BNKU Quote). The deal calls for each Bank United share to convert to 1.3 Washington Mutual shares. According to the companies, the acquisition's price is 11.6 times Bank United's 12-month earnings and 1.67 times its book value as of June 30. The purchase, which would create about $87 million in pretax savings in 2002, should add to Washington Mutual's EPS in 2002. Bank United declined 1 1/2 to 40 7/8.

TheStreet.com/NYTimes.com joint newsroom wrote about the merger in an earlier story.

Mergers, acquisitions and joint ventures

BOK Financial(BOKF Quote) advanced 1/16 to 17 3/8 after saying it would buy CNBT Bancshares(CNBT Quote), parent of Citizens National Bank of Texas, for $91.5 million in cash. BOK will pay about $18.22 per CNBT share, a 10% premium over the stock's 16 1/2 Friday closing price. Citizens Bancshares increased 9/16 to 17 1/16.

Engineering company Kvaerner said it would build a $350 million ship in Helsinki for the Italian joint venture of Carnival(CCL Quote) and Airtours, called Costa Crociere. Carnival lifted 15/16 to 22 15/16.

Liberty Digital(LDIG Quote) agreed to make a $275 million investment in Sony's (SNE Quote) Game Show Network. The investment would give Liberty a 50% stake in the network. Liberty Digital fell 3/4 to 23 1/4, while Sony dropped 1 7/16 to 96 7/16.

Motorola(MOT Quote) slipped 7/16 to 35 13/16 after announcing that China had approved its proposed $1.9 billion investment in telecom equipment and semiconductor facilities in Tianjin. According to spokesman Michael Ning, the latest funding makes Motorola China's biggest foreign investor, with investments totaling $3.5 billion.

Packard BioScience(PBSC Quote) will buy the life-sciences business of GSI Lumonics(GSLI Quote) for a combination of cash and stock worth about $120 million. Packard BioScience missed 1/8 to 21, while GSI Lumonics gained 1 5/16, or 5.3%, to 26 1/8.

SafetyTips.com has offered to buy online news service APBnews.com, which filed for bankruptcy in July, for $950,000, according to an internal electronic mail distributed to the crime Web site's employees. The internal e-mail said SafetyTips.com, which is backed by Rare Medium Group (RRRR Quote) and Apollo Management agreed to lend APB.com debtor-in-possession financing that would allow it to continue operating through the sale. Rare Medium lowered 1/4 to 9 15/16.

The management of Seagram's(VO Quote) liquor and wine division will probably launch an offer for the unit when it is auctioned off by Seagram's acquirer, Vivendi, reported The Wall Street Journal. Seagram advanced 7/8 to 57 1/8.

Transocean Sedco(RIG Quote) entered a $8.8 billion deal to purchase R&B Falcon(FLC Quote). According to the terms, R&B Falcon stockholders would get 0.5 shares of Transocean for each share of R&B they own. Transocean would also assume $3 billion of R&B's debt.

TheStreet.com/NYTimes.com joint newsroom wrote about the deal in an earlier story. Transocean Sedco decreased 4 3/16, or 7.3%, to 53 1/2, while R&B Falcon stayed flat at 25 3/16.

Whitman (WH Quote) said it agreed to buy PepsiAmericas(PAS Quote). The terms call for Whitman to pay $3.80 in cash for each share of PepsiAmericas and take on about $330 million in debt. Whitman gained 3/8 to 14 1/8, while PepsiAmericas slid 13/16, or 17.1%, to 3 15/16.

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After Friday's Close

Avis (AVI Quote) announced that its board of directors has formed a committee to consider a proposal from Cendant (CD Quote). Business-services provider Cendant last Tuesday offered to buy the outstanding shares of the car rental company it doesn't already own for $29 a share in cash, or about $750 million.

Last week, Avis stock jumped more than 21%. Shares of Avis closed today down 1/4 to 31 3/16, while Cendant advanced 5/16 to 13.

General Electric's (GE Quote) financial services arm, GE Capital, is close to buying Chartered Trust, the consumer finance business of U.K.-based banking group Standard Chartered, according to the Sunday Telegraph. The paper said Associates First Capital, the leasing business spun off by Ford (F Quote), and General Motors' (GM Quote) leasing business, GMAC, are also believed to have put in bids for Chartered Trust. General Electric moved ahead 11/16 to 56 7/8; Ford slipped 9/16 to 27 3/16; General Motors declined 2 7/16 to 67 9/16.

Swissair is trying to put a crimp in the merger talks between British Airways (BAB Quote) and KLM Royal Dutch Airlines (KLM Quote) by offering itself as a partner to British Airways, according to the U.K.'s Financial Mail. British Airways lifted 7/8 to 53 7/16, while KLM Royal Dutch Airlines climbed 7/16 to 26 3/4.

A Swissair spokesman declined to comment on the rumors, according to Reuters -- except to say that whenever there are merger talks in the airline business, "Swissair's name automatically always comes up."

Wal-Mart (WMT Quote) is considering a 6 billion ($9 billion) bid for Boots, the British health products retailer, the The Independent reported Sunday.

Despite its acquisition of supermarket chain Asda last year, Wal-Mart has so far been stymied in its push to develop a large U.K. presence. The acquisition would mark a departure from the usual for Wal-Mart, however, as the Boots chain is somewhat high-end. Wal-Mart staggered 1 7/8 to 49.

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Analyst actions

Lehman Brothers added Vodafone AirTouch(VOD Quote) to its recommended global portfolio. The firm also upped its telecom weighting to 8% from 6%.

Meanwhile, Morgan Stanley Dean Witter rolled out coverage of the telecom giant with a strong buy rating. Vodafone slipped 1 5/8 to 38 9/16.

Upgrades

Enron(ENE Quote): price target UP to 105 from 75 at Banc of America; price target to 115 from 97 at Donaldson Lufkin & Jenrette. Enron added 11/16 to 87 5/8.

Dura Pharmaceuticals(DURA Quote): 12-month price target UP to 35 from 28 at ING Barings. Dura Pharmaceuticals was unchanged at 21 15/16.

Highwoods Properties (HIW Quote): UP to market outperform to market perform at Goldman Sachs. Highwoods tacked on 3/16 to 24 15/16.

Intel(INTC Quote): fiscal 2000 EPS UP to $1.74 a share from $1.70 at Lehman Brothers; fiscal 2001 EPS UP to $1.90 from $1.85. Intel bounced 1 1/2 to 72 1/16.

Tyco(TYC Quote): price target UP to 75 a share from 65 at Banc of America. Tyco lifted 1 to 55 3/4.

VeriSign(VRSN Quote): UP to intermediate-term buy from accumulate at Merrill Lynch; calendar 2000 EPS UP to 24 cents a share from 21 cents; calendar 2001 EPS UP to 47 cents a share from 43 cents. VeriSign jumped 2 15/16 to 162 11/16.

Downgrades

AFLAC(AFL Quote): DOWN to neutral from outperform at Lehman Brothers. AFLAC tacked on 7/16 to 55 1/8.

R&B Falcon: DOWN to neutral from buy at PaineWebber. Falcon was unchanged at 25 3/16.

PerkinElmer(PKI Quote): DOWN to market performer from buy at Banc of America. PerkinElmer tacked on 5/8 to 79 3/4.

Initiations

Apria Healthcare (AHG Quote): NEW buy at DLJ; mid-20s price target. Apria Healthcare edged up 1/4 to 14 11/16.

Blue Martini Software(BLUE Quote): NEW buy at U.S. Bancorp Piper Jaffray; added to recommended-for-purchase list at Goldman Sachs. Blue Martini slid 1 1/4 to 63 1/4.

Coca-Cola Femsa(KOF Quote): NEW buy at J.P. Morgan; price target: 27. Coca-Cola Femsa climbed 5/8 to 19.

Gemini Genomics(GMNI Quote): NEW buy at Chase Hambrecht & Quist; price target of 22; NEW strong buy at SG Cowen. Gemini Genomics tacked on 7/16 to 16 5/16.

IMS Health(RX Quote) was unchanged at 17 3/16 after it was started as a NEW buy at Salomon Smith Barney; price target: 23.

KeySpan(KSE Quote): NEW outperform at Lehman Brothers; price target: 42. The stock sunk 1 3/8 to 33 7/16.

Mainspring(MSPR Quote): NEW outperform at Morgan Stanley; price target: 24; NEW buy at Chase H&Q, price target: 25. Mainspring slid 5/8 to 16.

Sonus Networks(SONS Quote): NEW buy at Piper Jaffray; 12-month price target: 214. Sonus dropped 8 to 176.

TyCom(TCM Quote) was 1 7/8, or 5%, higher to 39 5/8, after it was started as a NEW intermediate accumulate, long-term buy at Merrill Lynch; NEW buy at UBS Warburg with a 12-month price target of 63; and NEW buy at J.P. Morgan with a 12-month price target of 63.

Group Moves

Lehman Brothers changed ratings on three financial stocks:

• Commerce Bancorp(CBH Quote) was down 7/16 to 50 9/16 after it was cut DOWN to outperform from buy.

• Commerce Bancshares (CBSH Quote) edged up 1/8 to 35 11/16 after it was raised to buy from outperform.

• Cullen/Frost Bankers(CFR Quote): DOWN to neutral from outperform. It was off 5/8 to 30 3/4.

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Offerings and stock actions

Internet consulting firm Fort Point Partners said it was withdrawing plans to launch a $69 million IPO. The company didn't give a reason for the withdrawal, though others have dropped IPOs because of "unfavorable" market conditions. The company had applied for a Nasdaq listing under the symbol "FTPT."

McClain Industries (MCCL Quote), a manufacturer of waste-disposal equipment, announced that it will repurchase up to 100,000 of its own shares. The stock ended the day unchanged at 5.

ReplayTV's IPO is the latest casualty of unfavorable market conditions. The company has canceled the plan to offer 8.5 million share in a price range of $13 to $15 a share. ReplayTV had applied for a Nasdaq listing under the ticker "RPTV."

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Miscellany

The Securities and Exchange Commission announced that the Japanese unit of Boston Scientific (BSX Quote) recorded more than $75 million in false sales in 1997 and 1998. According to the SEC, employees of the Japan unit "carried out a scheme to record false sales to independent distributors in order to boost Boston Scientific Japan's sales revenue." Boston Scientific, a manufacturer of medical devices, consented to an SEC order to cease and desist from committing violations without admitting or denying the SEC findings. Boston Scientific moved up 1 7/16 to 17 13/16.

Bristol-Myers Squibb (BMY Quote) was boosted 2 11/16, of 5.3%, to 53 11/16 after a positive cover story in Barron's.

Barron's contended that the third-largest U.S. drug-maker is undervalued. The magazine pointed out that the company has a number of drugs that are in late-stage testing or awaiting government approval. Moreover, its second-biggest seller, the ovarian-cancer treatment Taxol, may avoid expected competition from generic drug manufacturers for more than two years.

Compaq(CPQ Quote) CEO Michael Capellas told Reuters on Friday that the computer industry is seeing strong demand, but that there are severe component shortages.

"I don't think there's any question there's a component shortage like we've never seen in the industry," he said in the interview. "We are absolutely facing it like everybody else." Capellas reconfirmed that the company would match analyst expectations that Compaq would earn $1.08 per share this year. Compaq inched up 1/16 to 33 3/16.

Ford(F Quote) lost 9/16, sliding to 27 3/16, after saying it would idle production for two weeks in three truck-assembly plants to free up about 70,000 tires for the Firestone recall efforts, Reuters reported. The move, which cuts Ford's third-quarter production schedule by 25,000 units, will impact earnings.

The Federal Aviation Administration is expected to push for the accelerated inspection of 2,500 General Electric commercial aircraft engines to look for possible hazardous cracks, reported The Wall Street Journal. GE was 11/16 higher to 56 7/8.

Biotechnology company MedImmune (MEDI Quote) was 1 7/16 to 69 15/16 after announcing that it would speed up by several months its planned appointment of CFO David Mott as chief executive.

The Federal Trade Commission has called for additional information to complete its antitrust review of Philip Morris' (MO Quote) acquisition of Nabisco Holdings (NA Quote), according to Philip Morris. This type of request is common for transactions of this size. Philip Morris was up 3/16 to 32 3/16, while Nabisco fell 5/16 to 53 5/8.

Verizon(VZ Quote), the company formed by the merger of GTE and Bell Atlantic, tentatively settled negotiations with striking workers Sunday. Verizon hopped up 5/8 to 43 1/16.

About 87,000 telephone operators and technicians walked off the job 15 days ago when their contracts expired. At issue was what the representative unions said were excessive overtime hours, as well as forced relocation and job security due to the merger.

TheStreet.com/NYTimes.com joint newsroom covered the negotiations in an earlier story.

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By the Numbers

NYSE Percent Winners
Name	Price	Change	%
National Health Investors (NHI Quote)	7 3/16	1	16.2%
Cable Design Technologies (CDT Quote)	44	4 9/16	11.6%
C & D Technologies (CHP Quote)	49 1/2	4 3/4	10.6%
Manufacturer's Services (MSV Quote)	20 13/16	1 13/16	9.5%
Boston Scientific (BSX Quote)	17 13/16	1 7/16	8.8%

NYSE Percent Losers
Name	Price	Change	%
Luby's (LUB Quote)	6 1/4	1 3/4	21.9%
Valassis (VCI Quote)	29 3/4	3 3/8	10.2%
Imco Recycling (IMR Quote)	7 7/16	3/4	9.2%
Community Health Systems (CYH Quote)	17	1 5/8	8.7%
Transocean Sedco Forex (RIG Quote)	53 1/2	4 3/16	7.3%

Nasdaq Percent Winners
Name	Price	Change	%
Clearnet Communications (CLNT Quote)	44	13	41.9%
Evoke Communications (EVOK Quote)	7 3/32	2 1/16	41%
Microstrategy (MSTR Quote)	29 5/8	8 5/8	41.1%
JMAR Technologies (JMAR Quote)	8 13/16	2 1/16	30.6%
Pegasystems (PEGA Quote)	5 3/8	1 1/4	30.3%

Nasdaq Percent Losers
Name	Price	Change	%
Symbollon (SYMBA Quote)	5	1 5/16	20.8%
Ulticom (ULCM Quote)	41 1/2	9 13/16	19.1%
Pixelworks (PXLW Quote)	25 1/8	4 7/8	16.2%
Integrated Services (ICST Quote)	22 3/16	3 9/16	13.8%
Network Access Solutions (NASC Quote)	6 1/2	1	13.3%

The data on NYSE and Nasdaq percent winners and losers are filtered to exclude stocks whose previous day's volume was less than 25,000 shares; whose last price was less than 5; and whose net change was less than 1/2.

Dow Point Winners
Name	Price	Change	%
Boeing Company (BA Quote)	47 3/4	2 1/16	4.51%
Citigroup (C Quote)	76 7/8	2 25/32	2.81%
United Technologies (UTX Quote)	63 1/2	2	3.25%
Intel (INTC Quote)	72 1/16	1 1/2	2.13%
IBM (IBM Quote)	121 7/16	1	0.83%

Dow Point Losers
Name	Price	Change	%
WalMart (WMT Quote)	48 3/4 1/16	2 1/8	4.18%
Alcoa (AA Quote)	33 1/16	1 3/16	3.47%
International Paper (IP Quote)	32 3/4	1 3/16	3.50%
Hewlett Packard (HWP Quote)	32 3/4	1 3/16	3.50%
Eastman Kodak (EK Quote)		64	3/4%

Dow point gain and loss data are based on New York closing prices and do not reflect late composite trading.

Large-Cap Nasdaq Movers
Name	Price	Change	%
Cisco (CSCO Quote)	65 1/2	2	3.15%
Dell (DELL Quote)	38 3/4	none	0.0
Ericsson (ERICY Quote)	19 11/16	1/8	0.63%
Intel (INTC Quote)	72 1/16	1 9/16	2.21%
Microsoft (MSFT Quote)	70 5/8	9/16	0.79%
Oracle (ORCL Quote)	83 3/16	1 3/4	2.15%
Qualcomm (QCOM Quote)	59	1 1/8	1.88%
Sun Microsystems (SUNW Quote)	122 1/16	3/8	0.31%
WorldCom (WCOM Quote)	35 1/8	3/8	1.08%
Yahoo! (YHOO Quote)	130 7/16	4 7/8	3.90%

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