Evening Update: Market Woes Cut Into Exult's IPO, Scuttle 2Bridge's

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M&A Earnings/revenue Offerings/stock actions Miscellany

Market volatility continues to frighten away prospective IPOs. Following the close of trading, one company cut terms on its planned offering ... again, while a second company pulled out altogether. Exult, an online human resources management firm, said the terms of its IPO have been lowered, this time to 6 million shares at between $10 to $12 each, from 9 million shares for $13 to $15 each. The company now expects to net about $60.1 million based on the new terms, about 48% below the $116 million expected under previous terms. The original conditions set on April 25 were for 14 million shares at $14 to $16 a share.

2Bridge, which provides software that lets customers develop online business workplaces known as eHubs, withdrew its planned $57.5 million offering, citing market conditions.

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Major Indices INDEX CHANGE % VALUE YR TO DATE Dow 129.87 1.23% 10,652.20 -7.3% S&P 500 28.21 1.99% 1448.81 -1.4% Nasdaq 181.59 5.34% 3582.50 -12.0% Russell 2000 17.62 3.41% 492.43 -2.4% TSC Internet 58.29 7.36% 849.92 -26.3% NOTE CHANGE PRICE YIELD 10-Year Treasury 22/32 102 7/32 6.188%

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

Mergers, acquisitions and joint ventures

A consortium of U.S. utilities that teamed up earlier this year to develop an Internet-based B2B marketplace named Commerce One (CMRC Quote) as its primary technology partner. The group of 15 utilities also said it added six members: Carolina Power & Light (CPL Quote); DTE Energy (DTE Quote); Dominion Resources (D Quote); El Paso Energy (EPG Quote); GPU (GPU Quote) and Ontario Power Generation.

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