AT&T's MediaOne Buy Gets Justice Approval; Federal-Mogul Issues Earnings Warning

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Earnings/revenue Offerings/stock actions Miscellany

The Justice Department said it gave its approval for AT&T(T Quote) to acquire MediaOne Group, citing the divestiture of MediaOne's stake in Web access provider Road Runner, as the only stipulation. AT&T already holds a controlling stake in Excite@Home(ATHM Quote), the biggest Internet access provider. The merger must still receive Federal Communications Commission approval.

Major Indices INDEX CHANGE % VALUE YR TO DATE Dow -211.43 -2.01% 10,323.92 -10.2% S&P 500 -17.53 -1.25% 1381.52 -6.0% Nasdaq -65.26 -2.00% 3205.35 -21.2% Russell 2000 -5.58 -1.21% 456.16 -9.6% TSC Internet -24.48 -3.17% 746.77 -35.3% TSC New Tech 30 -84.82 -16.65% 424.57 -31.2% NOTE CHANGE PRICE YIELD 10-Year Treasury 18/32 101 23/32 6.398%

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

Earnings/revenue reports and previews

Ditech Communications(DITC Quote), a fiber-optic communication equipment maker, posted fourth-quarter earnings of 54 cents a share, beating the four-analyst estimate of 43 cents and up from the year-ago penny loss.

Federal-Mogul(FMO Quote), an auto parts maker, warned investors that its second-quarter and fiscal-2000 results would miss consensus estimates. The company said it would report second-quarter earnings of about 65 cents a share, below the nine-analyst estimate of a $1.12 profit, while fiscal-2000 earnings should come in at $3.00, which is also short of the 10-analyst estimate of $3.87.

Federal-Mogul blamed the shortfall on softness in the North American aftermarket results and negative currency fluctuations.

Puma Technology(PUMA Quote) reported a third-quarter loss of 6 cents a share, narrower than the three-analyst estimate of a 12-cent loss but wider than the year-ago penny loss.

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Offerings and stock actions

BJ's Wholesale(BJ Quote) said it increased its current stock buyback plan to $100 million from $50 million.

Duke Energy Field Services, a division of Duke Energy (DUK Quote)and Philips Petroleum(P Quote) said it pushed back its plans for a 26.3 million-share IPO due to the recent market volatility.

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Miscellany

Standard & Poor's said Agilent(A Quote) would replace holding company Nacco(NC Quote) in the S&P 500 Index.

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