drugstore.com's 5 Million-Share IPO Priced Above-Range at $18

drugstore.com's (DSCM:Nasdaq) 5 million-share IPO priced above-range at $18 by Morgan Stanley Dean Witter. The price range for the online drugstore's offering initially was set for $9 to $11 and then was raised to $15 to $17.

Major Indices INDEX CHANGE % VALUE YR TO DATE Dow 115.88 +1.1% 10,979.04 +19.5% S&P 500 15.08 +1.1% 1362.84 +10.8% Nasdaq 60.31 +2.3% 2679.50 +22.2% Russell 2000 3.61 +0.8% 446.48 +5.9% TSC Internet 6.29 +1.1% 570.81 +40.5% TREASURY BOND CHANGE VALUE YIELD 30-Year 9/32 89 16/32 6.014%

In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Alliant Energy (LNT) reported second-quarter earnings of 49 cents a share, including a 27-cent pre-tax gain from the sale of about 640,000 McLeodUSA (MCLD) shares. The three-analyst view called for operating earnings of 25 cents vs. the year-ago 16 cents.

BioChem Pharma (BCHE) reported second-quarter earnings of 33 cents Canadian a share vs. the year-ago 26 cents Canadian. The company did not provide U.S.-dollar-denominated results, but according to current exchange rates, the second-quarter earnings were 22 cents a share. That's a penny better than the 11-analyst estimate and up from the year-ago 17 cents.

Computer Sciences (CSC) reported first-quarter earnings of 48 cents, in line with the 16-analyst estimate and up from the year-ago 40 cents. In a Dow Jones interview, CEO Van Honeycutt backed the 18-analyst estimate of $2.54 a share for fiscal 2000.

Cox Communications (COX) posted second-quarter net income of 90 cents a share, including a pretax gain related to its remaining 32% interest in Cox PCS. The six-analyst estimate called for an operating loss of 5 cents vs. the year-ago loss of 3 cents.

Foster Wheeler (FWC) reported second-quarter earnings of 33 cents a share, 2 cents better than the seven-analyst outlook and up from the year-ago 32 cents. The company said it plans to cut 1,600 positions from its workforce of 11,000 and would lower its dividend 71%, in an effort to boost profitability. Foster Wheeler said it expects to take a $35 million third-quarter charge for the cost-cutting program.

HomeBase (HBI) warned its second-quarter earnings will come in around 22 cents to 24 cents a share due to slower sales growth. The five-analyst view called for earnings of 27 cents vs. the year-ago 32 cents.

MediaOne (UMG) reported a second-quarter loss from continuing operations of 31 cents a share, 6 cents narrower than the four-analyst view. The year-ago profit of $40.27 a share included a $24.8 billion gain on MediaOne's separation from U S West (USW).

Mylan Laboratories (MYL) said its first-quarter results will miss the Street's forecasts because of lower net sales and increased operating expenses. The 12-analyst outlook called for earnings of 33 cents a share vs. the year-ago 28 cents.

TheStreet.com Inc. (TSCM), the publisher of this Web site, reported a second-quarter operating loss of 30 cents a share vs. the year-ago loss of 61 cents. The four-analyst estimate called for a loss of 37 cents.

Ticketmaster Online-CitySearch (TMCS) reported a second-quarter loss of 31 cents a share, 2 cents narrower than the four-analyst expectation but wider than the year-ago 30-cent loss. The company said its third-quarter ticket sales might fall behind its strong second-quarter results but would still be strongly higher year over year.

VoiceStream Wireless (VSTR) reported a second-quarter loss of $1.39 a share including a charge, compared with a year-ago operating loss of 59 cents. The company did not provide a per-share operating figure. The 14-analyst estimate called for an operating loss of 81 cents.

In other earnings news:

Upside Surprises
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts
Allegheny Energy (AYE)	2Q	55c	48c	44c	6
Amdocs (DOX)	3Q	13c	12c	4c	13
BOK Financial (BOKF)	2Q	41c	39c	40c	1
Boston Properties (BXP)	2Q	72c	71c	63c	13
Celestica (CLS)	2Q	31c	28c	12c	16
CTG Resources (CTG)	3Q	13c	5c	2c	2
Delphi Financial (DFG)	2Q	$1.02	$1	86c	2
Department 56 (DFS)	2Q	$1.04	99c	81c	4
R.H. Donnelley (RHD)	2Q	49c	48c	45c	1
Dreyers Grand Ice Cream (DRYR)	2Q	24c	23c	13c	2
Egghead.com (EGGS)	1Q	-34c	-42c	-24c	6
eToys (ETYS)	2Q	-17c	-19c	-4c	6
Excel Switching (XLSW)	2Q	16c	15c	13c	7
InfoSpace.com (INSP)	2Q	1c	-4c	2c	5
Insituform Technologies (INSUA)	2Q	25c	23c	16c	4
ITC DeltaCom (ITCD)	2Q	-23c	-25c	-10c	11
Marimba (MRBA)	2Q	-6c	-8c	-13c	14
Mentor Graphics (MNTR)	1Q	28c	22c	28c	7
MindSpring (MSPG)	2Q	11c	9c	5c	10
Montana Power (MTP)	2Q	44c	40c	39c	6
Nortel Networks (NT)	2Q	55c	50c	40c	23
O'Reilly Automotive (ORLY)	2Q	46c	45c	35c	8
Papa John's (PZZA)	2Q	40c	39c	28c	11
Peco Energy (PE)	2Q	44c	31c	69c	13
Pegasus Systems (PEGS)	2Q	15c	14c	12c	4
Racing Champions (RACN)	2Q	-9c	-12c	12c	5
SDL (SDLI)	2Q	18c	16c	4c	10
Union Pacific Resources (UPR)	2Q	6c	-7c	-13c	14
Walter Industries (WLT)	4Q	35c	33c	28c	4
Wild Oats Markets (OATS)	2Q	25c	24c	21c	10

Downside Surprises
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts
Cleco (CNL)	2Q	59c	61c	63c	3
Conectiv (CIV)	2Q	31c	33c	28c	5
Cotelligent (CGZ)	1Q	1c	4c	25c	4
EFTC (EFTC)	2Q	-19c	-17c	16c	4
EMS Technologies (ELMG)	2Q	24c	26c	23c	4
Frozen Food Express (FFEX)	2Q	8c	14c	18c	2
Schlotzsky's (BUNZ)	2Q	22c	24c	21c	4
Spacelabs Medical (SLMD)	2Q	27c	29c	-3c	6
Wicor (WIC)	2Q	19c	20c	16c	6

In-Line Reports
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts
Aflac (AFL)	2Q	47c	47c	37c	14
Allen Telecom (ALN)	2Q	0c	0c	5c	5
Archstone Communities (ASN)	2Q	49c	49c	44c	12
Big Flower (BGF)	2Q	38c	38c	38c	5
Century Business (CBIZ)	2Q	15c	15c	10c	6
Coinstar (CSTR)	2Q	-26c	-26c	-46c	5
Columbia Sportswear (COLM)	2Q	-1c	-1c	2c	8
Interface (IFSIA)	2Q	12c	12c	22c	6
International Rectifier (IRF)	4Q	6c	6c	1c	4
Metamor Worldwide (MMWW)	2Q	17c	17c	13c	6
PC Connection (PCCC)	2Q	29c	29c	26c	4
Pericom Semiconductor (PSEM)	4Q	18c	18c	16c	3
Shared Medical Systems (SMS)	2Q	72c	72c	67c	16
World Color Press (WRC)	2Q	28c	28c	25c	8

Mergers, acquisitions and joint ventures

The Massachusetts Department of Telecommunications and Energy approved the planned $950 million merger of BEC Energy (BSE) and Commonwealth Energy System (CES).

IBM (IBM) agreed to buy Mylex (MYLX) for $12 a share, or about $240 million, in cash.

Offerings and stock actions

Credit Suisse First Boston priced American National Can's (CAN:NYSE) 30 million-share IPO below-range at $17. In other new issues, Liberate Tech's (LBRT:Nasdaq) 6.25 million-share IPO was priced above-range at $16 by CSFB.

Ryan Beck priced National Medical Health's (NMHC:Nasdaq) 2 million-share first offering midrange at $7.50. Elsewhere, BancBoston Robertson Stephens priced Packeteer's (PKTR:Nasdaq) 4 million-share IPO above-range at $15. The company is a software provider, and the price range for its offering was raised to $12 to $14 from $10 to $12.

Finally, Merrill Lynch priced Quokka Sports' (QKKA:Nasdaq) 5 million-share initial offering midrange at $12. The company is an online sports entertainment programmer.

Immunex (IMNX) set a 2-for-1 stock split effective Aug. 12.

Sybase (SYBS) set a buyback of up to $75 million worth of its common stock. The plan is a continuation of a $25 million buyback program authorized last year.

Miscellany

Gibraltar Steel (ROCK) said it hired Bear Stearns for advice on future strategic alternatives.

National Computer Systems (NLCS) was awarded a five-year contract valued at $122.5 million to provide assessment and testing services to the Florida Department of Education.

The Justice Department asked a federal judge to find Smith (SII) and Schlumberger (SLB) in criminal and civil contempt for allegedly violating a 1994 court order to allow the merger of Dresser Industries and Baroid.

>To order reprints of this article, click here: Reprints