A first-rate earnings preview boosted JDA Software's (JDAS Quote) shares 3 3/8, or 23.1%, to 18. The company reported this morning that it expects first-quarter earnings to beat analysts' expectations. The three-analyst consensus calls for JDA Software to come in at 3 cents a share. Based on preliminary figures, JDA said it anticipates software license revenue to be approximately $15 million, more than double the year-ago $7.4 million.
Mergers, acquisitions and joint ventures
Warnaco Group (WAC Quote) has made a second bid for privately held fashion house Calvin Klein, The Wall Street Journal reported. Warnaco made another bid for the company in the wake of the failure of merger talks between Calvin Klein and Tommy Hilfiger (TOM Quote), the newspaper reported, citing people familiar with the situation. The new bid is said to be under the $1 billion asking price and is subject to due diligence, the newspaper reported. Warnaco Group remained unchanged at 10 7/8. Separately, Tommy Hilfiger said it anticipates overall revenue for fiscal 2001 will be unchanged to 5% lower as compared with fiscal 2000. It warned that it expects net income for the year ending March 31, 2001, to be 30% to 40% lower than fiscal 2000, excluding special charges to be taken in the fourth quarter of fiscal 2000. The company expects fourth-quarter earnings, before special charges, to come in toward the lower end of the previously stated range of 35 cents to 45 cents. The 15-analyst estimate calls for the company to earn 39 cents a share in the fourth-quarter fiscal 2000 period. Tommy Hilfiger also said its board had approved a stock-buyback program of up to $150 million. Merrill Lynch downgraded the Tommy Hilfiger shares to neutral from accumulate. Salomon Smith Barney also cut the shares to neutral from outperform. Tommy Hilfiger got hit this afternoon: the company's shares fell 4 5/16, or 31.2%, to 9 1/2.
Dreyer's (DRYR Quote) upped its stock offer for ice cream competitor Ben & Jerry's Homemade (BJICA Quote) to roughly $35-$38 a share, reported The Wall Street Journal. Dreyer's lost 1 1/8 to 25, while Ben & Jerry's Homemade gained 1 11/16, or 5.2%, to 34 1/4. VF (VFC Quote) said it will buy North Face (TNFI Quote) for $2 a share. VF shares were unchanged at 25 1/16 and North Face was up 21/32, or 53.9%, to 1 27/32. Earnings/revenue reports and previews
(Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.) Healtheon/WebMD's (HLTH Quote) stock price jumped 6 15/16, or 31.7%, to 28 5/8 after it announced that it anticipates first-quarter revenues to exceed $62 million and it expects to post a loss before non-cash charges of less than $90 million. The company said it expects to announce its first-quarter results late this month or in early May. Separately, two directors of Healtheon/WebMD, Jim Clark and John Doerr, have asked the company to grant an exception to its trading window restrictions so they can buy up stock -- Clark wants to buy up to $200 million, while Doerr intends to invest up to $20 million.
Activision (ATVI Quote), a video-game maker, fell 1 15/16, or 17.5%, to 9 1/8 after it reported that is taking a pretax charge of $66 million as part of a restructuring. The company expects the actions will result in pretax savings of $11 million in fiscal year 2001. Cerner(CERN Quote) hopped 5 3/8, or 21.5%, to 30 3/8 following news that it expects to post first-quarter earnings of roughly 7 cents a share, which would beat the 18-analyst estimate of 3 cents. MBNA (KRB Quote), a bank holding company for MBNA America Bank, foresees first-quarter earnings of 28 cents a share, in line with the 23-analyst estimate and up from the year-ago 22 cents. MBNA climbed 4 5/8, or 21%, to 26 5/8. Starbucks (SBUX Quote) said Howard Schultz will step down as CEO to take a more visionary role at the company, focusing on long-term strategy. Schultz, whose resignation will be effective June 1, will stay on as chairman of the Seattle-based company and will assume the newly created title of chief global strategist. He will be succeeded by COO and President Orin Smith. The company also reported that March same-store sales 
rose 10%. Shares of Starbucks were up 1 1/16 to 38 5/8. Offerings and stock actions
Credit Suisse First Boston priced a 5.5 million-share for Numerical Technologies(NMTC Quote) above its expected $11-$13 price range, at $14 a share. Numerical Technologies hopped 12 3/8, or 88.4%, to 26 3/8. After Goldman Sachs priced a 4-million share offering for SABA Software(SABA Quote) above its expected $12-$14 price range at $15 a share, SABA 's stock soared 20 1/2, or 136.6%, to 35 1/2.
ASM International (ASMI Quote), the Dutch semiconductor equipment maker, set the price for its offer of 5 million shares at $29 a share. The company is offering 3.5 million shares and Applied Materials (AMAT Quote), as selling shareholder, is offering 1.5 million. The stock price rose 4, or 13.8%, to 33. Finisar(FNSR Quote) upped the size of its secondary offering to 7.7 million shares from 7 million. The offering is priced at $100 a share. Finisar rose 1 5/16 to 101 3/4. Bear Stearns priced a 10 million-share IPO for GoAmerica (GOAM Quote) at the top end of its $14-$16 price range at $16. GoAmerica lifted 3/16 to 16 3/16. KPN Telecom (KPN Quote) boosted 11 1/4, or 10.7%, to 116 1/4 after the company reported that its shareholders would vote to set a 2-for-1 stock split on April 27. J.P. Morgan and Credit Suisse First Boston priced a 10 million-share IPO for Lexicon Genetics (LEXG Quote) at the low end of its $22 to $24 price range, $22. Lexicon Genetics slumped 3 3/4, or 17.1%, to 18 1/4. Chase H&Q priced a 4 million-share IPO for LivePerson(LPSN Quote) below its expected price of $10, at $8 a share. LivePerson gained 1 13/16, or 22.7%, to 9 13/16. Robertson Stephens priced a 7.7 million-share IPO for Opus360(OPUS Quote) in the middle of its expected price range of $9 to $11, at $10 a share. Opus360 advanced 3, or 30%, to 13. CIBC World Markets priced a 7.5 million share offering for Tanox(TNOX Quote) midrange at $28.50 a share. Analyst actions
This morning, Donaldson Lufkin & Jenrette upgraded its rating on athletic shoe and clothing giant Nike (NKE Quote) to buy from market perform. Nike gained 1 3/16 to 42 3/4.
Allied Waste(AW Quote) slipping 13/16, or 10.8%, to 6 11/16: DOWN to neutral from buy at PaineWebber. ATMI (ATMI Quote) gained 1 3/8 to 46 3/8: STARTED with a market outperform rating at Goldman Sachs. Bowater(BOW Quote) falling 1/2 to 49: UP to buy from neutral at Bears Stearns. Cognos(COGN Quote) climbed 5 13/16, or 10.4%, to 72 7/16: price target UP to 100 from 70 at Prudential Securities. DuPont(DD Quote) rose 11/16 to 57: UP to buy from neutral at PaineWebber; price target of 70. This morning, Merrill Lynch analyst David Anders initiated or reinstated coverage of the gaming industry on several stocks including: Argosy Gaming (AGY Quote) at accumulate with a 19 price target, Aztar (AZR Quote) INITIATED at accumulate, Gtech (GTK Quote) at accumulate, Harrah's (HET Quote) at accumulate and a 26 price target, International Game Technology (IGT Quote) at accumulate, Mandalay (MBG Quote) at accumulate with a 23 price target, MGM Grand (MGG Quote) at buy with a 32 price target and Station Casinos (STN Quote) at accumulate and a 28 price target. Argosy added 3/16 to 14 3/4, Aztar rose 7/16 to 10, Gtech gained 7/16 to 19 9/16, Harrah's rose 3/8 to 19 7/16, International Game Technology rose 1/8 to 23, Mandalay moved up 3/4 to 18, MGM moved up 1 3/8, or 5.4%, to 26 3/4 and Station Casinos rose 3/8 to 24 1/8. Global Crossing (GBLX Quote) gained 1 to 38 7/16: coverage STARTED as an outperform at Lehman Brothers. Energen (EGN Quote) added 1/16 to 17 13/16: UP to buy from attractive at PaineWebber. Homegrocer.com (HOMG Quote) inched 1/4 to 44: coverage STARTED with an outperform at Morgan Stanley Dean Witter. Jupiter (JPTR Quote) lifting 1 15/16, or 5.9%, to 34 3/4: price target UP to 49 from 45 at DLJ. Matrix One (MONE Quote) moving up 8 1/8, or 30.7%, to 35 1/8: rating UP to "recommended for purchase" list from outperform at Goldman Sachs. McLeodUSA(MCLD Quote) gained 5 1/8, or 7.1%, to 77 3/16: NEW buy at Credit Suisse First Boston; price target of 116. Midway Games (MWY Quote) dropped 6 5/16, or 44.2%, to 7 15/16: rating DOWN to hold from buy at ING Barings. Ribozyme Pharmaceuticals (RZYM Quote) added 2, or 10.1%, to 21 7/8: STARTED as a buy at Chase H&Q. Safeguard Scientifics (SFE Quote) rose 8 3/8, or 16.7%, to 58 15/16: UP to strong buy at Prudential Securities; STARTED as a buy with a 100 price target at Lehman Brothers. SDL (SDLI Quote) sailed up 12 7/16, or 7.4%, to 181 1/16: NEW buy rating at Thomas Weisel by analyst Max Schuetz. Tosco (TOS Quote) tacked on 1 7/16 to 30 15/16: rating UP to buy from hold and price target set at 40 at ABN Amro. Viatel (VYTL Quote) gained 1 1/4 to 42 1/2: STARTED with a strong buy rating and a 90 price target at ING Barings. Miscellany
Prosecutors in the federal antitrust probe of auction house giants Sotheby's (BID Quote) and Christie's have evidence that a plan to restrict competition by fixing commissions charged to buyers was set in motion by the chairmen of the two firms at the time, The New York Times reported, citing people involved in the probe. The two chairmen, Sotheby's A. Alfred Taubman and Christie's Sir Anthony Tennant, talked about the arrangement in person and then instructed their chief executives to carry out the plan, according to the Times story. Sotheby's was lately down 1/4 to 16 15/16.
The Inside Wall Street column this week in Business Week written by Gene Marcial says that Hughes Electronics (GMH Quote), the satellite company, 69% of whose stock is owned by General Motors (GM Quote), is a buyout target. Hughes was lately rising 2 1/2 to 123 1/2. The column also offers up bullish pieces on Carolina Power & Light (CPL Quote) and CVS (CVS Quote), the pharmacy chain. Carolina Power slipped 1/16 to 32 3/8 while CVS was off 1/4 to 38 9/16. Kmart (KM Quote), the discount retailing chain, inched up 1/8 to 9 1/4 after saying it is voluntarily recalling about 280,000 "Little Ones" children's decorative lamps, which it said can short-circuit and pose a fire hazard. The Heard on the Street column in the Wall Street Journal discusses how investors can get stung by rookie analysts' inflated recommendations, such as SG Cowen Thomas Bock's strong buy recommendation and price target for QXL.com (QXLC Quote) yesterday.
