Midday Movers: Biogen, ViroPharma, Netcentives and Universal Access

Motorola (MOT Quote) plunged 24 3/4, or 16.5%, to 125 9/16 this. The company posted first-quarter earnings yesterday evening of 59 cents a share, a penny better than the 29-analyst estimate and up sharply from last year's 28 cents. The company also announced that semiconductor unit sales had risen 24% and orders were up 21%.

Additionally, Motorola forecasted record second-quarter earnings of 67 cents, 3 cents below analysts' estimates. The company expects second-quarter revenue to reach $9.5 billion. Motorola predicts full-year 2000 revenue of $39.8 billion and earnings per share of $3.14. The shares were downgraded to long-term buy from buy at J.P. Morgan.

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Mergers, acquisitions and joint ventures

Chase (CMB Quote) lost 1 11/16 to 86 7/16 after it announced, as expected, that it has offered to buy British investment bank and money management firm Robert Fleming Holdings for $7.7 billion in cash and stock. The new company will be called Chase Flemings.

Also, Fleming has entered into an agreement with mutual fund company T. Rowe Price Associates (TROW Quote), under which Fleming will sell to T. Rowe Price its 50% interest in an existing joint venture for $780 million. T. Rowe Price advanced 3/4 to 41. ...