Company Report: 724 Solutions, Liberty Media, Nortel and Stamps.com

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Seagate Technology (SEG) , the leading maker of computer disk drives, said it would be acquired by an investor group, Silver Lake Partners, in a complex deal that also provides for the sale of Seagate's 33% stake in Veritas Software (VRTS) - Get Report back to that company.

The Veritas stake accounts for most of Seagate's stock market value. The companies valued the stock and cash deal at $20.2 billion. Seagate Technology lost 7 1/2, or 10.1%, to 66 1/2, while Veritas Software advanced 2 3/4 to 145 1/4.

For more on the deal, check out a

story written last night by

TheStreet.com-NYTimes.com

joint newsroom.

Internet software developer

724 Solutions

(SVNX)

declined 12 1/2, or 8.8%, to 130 after it said it would acquire

ezlogin.com

for $127 million in stock to get technology that will give banking customers one-password access to all accounts.

Mergers, acquisitions and joint ventures

BellSouth

(BLS)

and

SBC Communications

(SBC)

could announce as early as next week an agreement to merge their U.S. cellular phone systems, according to

The Wall Street Journal

. BellSouth fell 1/4 to 47, while SBC Communications dropped 3/8 to 41 7/8.

British Telecommunications

(BTY)

,

AT&T's

(T) - Get Report

AT&T Wireless Services

and

Microsoft

(MSFT) - Get Report

unveiled plans to cooperate in the wireless Internet arena. The companies said they'll get together to develop new wireless broadband applications for consumer and business markets. British Telecommunications lost 9 1/4 to 187 3/4, AT&T dropped 2 1/2 to 57 3/4 and Microsoft descended 3 13/16 to 103 3/8.

For more on this

story, see coverage from

TheStreet.com/NYTimes.com's

joint newsroom.

Internet venture firm

CMGI

(CMGI)

was down 2 3/16 to 109 5/8 after it announced a strategic alliance with

Primedia

(PRM)

, a publishing company. As part of the alliance, CMGI will acquire 8 million shares of Primedia, or approximately 5%, in exchange for 1.53 million shares of CMGI.

Liberty Media

(LDIG)

will also invest $200 million in cash in Primedia in exchange for a 5% stake and 1.5 million warrants. Primedia jumped 4 3/8, or 16.1%, to 31 1/2, while Liberty Media fell 3 1/8, or 7.8%, to 36 3/4.

Online broker

E*Trade

(EGRP)

set a marketing pact with hotel giant

Marriott International

(MAR) - Get Report

. E*Trade moved down 11/16 to 28 13/16, while Marriott lost 3/16 to 31 1/16.

Nationwide Mutual Insurance

, a U.S. insurer, is acquiring

Gartmore Investment Management

, an investment management concern, from

Royal Bank of Scotland Group

for $1.6 billion.

For more on this

story, see coverage from

TheStreet.com/NYTimes.com's

joint newsroom.

Neoforma

(NEOF)

will acquire

Eclipsys

(ECLP)

for about $1.45 billion in stock. Neoforma said the deal includes a break-up fee of about $43 million.

Neoforma also agreed to buy

HEALTHvision

, a privately held Internet health care company affiliated with Eclipsys. Less than a month ago, Eclipsys made an unsolicited $2 billion bid to buy

Shared Medical Systems

(SMS)

. Neoforma slumped 10 1/2, or 34.6%, to 19 7/8; Eclipsys dropped 2 9/16, or 9.9%, to 23 1/4 and Shared Medical fell 2 15/16, or 5.4%, to 51 1/16.

Nortel

(NT)

lost 11 3/8, or 8.5%, to 123 1/4 after it said it had raised its ownership in joint ventures with Germany's

DaimlerChrysler

(DCX)

and France's

Aerospatiale-Matra

to give it more leverage to expand into Europe's high-tech market.

Separately, DaimlerChrysler confirmed a report that it was in cooperation talks with South Korea's

Hyundai Motors

only days after announcing an allegiance with Japan's

Mitsubishi Motors

. DaimlerChrysler advanced 11/16 to 65 11/16.

Ogden

(OG)

said it agreed to sell its food and beverage concessions and venue management businesses to

Aramark

for $236 million including $11 million in assumed debt, as it continues to divest its nonenergy assets. Ogden moved up 7/16 to 13 9/16.

Stamps.com

(STMP) - Get Report

announced three new marketing partnerships with

Automatic Data Processing

(AUD)

, NetLedger and

Register.com

(RCOM)

. Stamps.com slumped 2 9/16, or 11.1%, to 20 1/2; Automatic Data Processing lost 3/16 to 47 7/16 and Register.com fell 3 15/16, or 5.2%, to 72 1/8.

Earnings/revenue reports and previews

(

Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.

)

Adelphia Communications

(ADLAC)

, a cable company based in Coudersport, Pa., posted a fourth-quarter loss of $1.05 a share, a little worse than the two-analyst estimated loss of $1.03, but narrower than the year-ago loss of $1.06. Adelphia Communications declined 1 1/8 to 46 1/2.

Ask Jeeves

(ASKJ)

said it would assume "significant" charges associated with acquisitions beginning in the first quarter. The company, which did not say how hefty the charges would be, said it would acknowledge goodwill from its January purchase of the

Evergreen Project

and its acquisition of

Direct Hit Technologies

in February. Ask Jeeves slipped 3 1/2, or 5.1%, to 65.

ESC Medical

(ESCM)

said it expects that strong demand for its medical devices will push first-quarter sales above the year-ago $31.3 million. ESC Medical lost 1 3/16, or 8.9%, to 12 1/8.

PepsiCo

(PEP) - Get Report

said it sees its first-quarter earnings in line with the

First Call/Thomson Financial

13-analyst estimate of 28 cents a share. The company attributed the solid profit to strength in its

Frito-Lay

snack food division and its juice business, but added that high prices were problematic for its North American Pepsi-Cola unit.

Chairman and CEO Roger Enrico said he also expects fiscal 2000 earnings to meet the 16-analyst estimate of $1.38 a share. Enrico said the company's share repurchasing program is being exercised faster than expected. PepsiCo climbed 2 3/8, or 7.1%, to 35 5/8.

SuperValu

(SVU)

posted fourth-quarter earnings of 52 cents a share, a penny better than the six-analyst estimate and better than the year-ago 45 cents. SuperValu gained 13/16 to 17 15/16.

Offerings and stock actions

Aztec

(AZTC)

said it is proceeding with plans for an IPO of 20% of its e-solutions unit. The company also said it is making significant progress in divesting nonstrategic voice and data units. Aztec was down 11/16, or 8.7%, to 7 3/16.

Dress Barn

(DBRN)

said its board approved the repurchase of up to $50 million in common stock. Dress Barn lifted 7/8, or 5.5%, to 16 11/16.

Warburg Dillon Read

priced 4.5 million shares of

Luminex

(LMNX) - Get Report

at $17 each, the lower end of the estimated $17-$19 range. The Austin, Texas-based company develops technology designed to simplify biological testing for the life sciences industry. Luminex jumped 5 7/8, or 34.6%, to 22 7/8.

For more on this

story, see coverage from

TheStreet.com/NYTimes.com's

joint newsroom.

Micron Technology

(MU) - Get Report

set a 2-for-1 stock split. Micron Technology fell 13 1/4, or 9.8%, to 121 1/4.

Nexell

(NEXL)

said it plans a 1-for-4 reverse split. Nexell stumbled 2 7/16, or 36.7%, to 4 3/16.

Regeneron

(REGN) - Get Report

said its 2.6 million-share offering priced at $29.75 a share. Regeneron declined 1 to 28 11/16.

Analyst actions

Warburg Dillon Read

announced research changes on the following financial sector stocks:

BankAmerica

(BAC) - Get Report

UP to hold from reduce and price target lifted to 63 from 55,

First Union

(FTU)

UP to buy from strong buy,

Huntington Bancshares

(HBAN) - Get Report

DOWN to hold from buy,

KeyCorp

(KEY) - Get Report

DOWN to hold from buy ,

Northern Trust

(NTRS) - Get Report

DOWN to hold from buy,

Wells Fargo

(WFC) - Get Report

UP to strong buy from buy and price target UP to 60 from 52.

BankAmerica slid 1 5/16 to 50 11/16 and First Union stumbled 7/8 to 35 1/8, while Huntington Bancshares fell 3/4 to 21 1/8. Key Corp lost 1/4 to 18 3/4 and Northern Trust skidded 13/16 to 64 1/2, while Wells Fargo declined 1/4 to 39 3/16.

Advanced Micro Devices

(AMD) - Get Report

: year-end price target UP to 75 at

Robertson Stephens

. AMD popped 4 1/4, or 7.7%, to 59.

Bemis

(BMS) - Get Report

: UP to buy from hold at

Credit Suisse First Boston

. Bemis edged up 1 5/8 to 35 11/16.

Cabletron Systems

(CS) - Get Report

: DOWN to market perform from market outperform at

Goldman Sachs

. Cabletron sank 21 1/8, or 42.3%, to 28 3/4.

Celadon Group

(CLDN)

: NEW buy at

ABN Amro

. Celadon was unchanged at 25 1/8.

Chubb

(CB) - Get Report

: UP to buy from neutral at

Salomon Smith Barney

; price target: UP to 85 from 60. Chubb shot up 6 1/16, or 9.9%, to 66 7/8.

Dense-Pac

(DPAC)

: NEW rating of strong buy at

Thomas Weisel

. Dense-Pac hopped 1 7/16, or 20.5%, to 8 7/16.

Dole Food

(DOL) - Get Report

: UP to market outperform from market perform at Goldman Sachs. Dole added 13/16 to 18 9/16.

DSP Group

(DSPG) - Get Report

: price target UP to 80 to 85 from 70 to 75 at

SG Cowen

. DSP Group skidded 7 5/8, or 10.9%, to 61 15/16.

J.D. Edwards

(JDEC)

: UP to outperform from neutral at

Morgan Stanley Dean Witter

. J.D. Edwards shed 1 1/4 to 31 1/18.

Enron

(ENE)

: price target UP to 90 from 80 at

PaineWebber

. Enron slipped 4 7/16, or 5.8%, to 72 1/16.

IMS Health

(RX)

: DOWN to hold from buy at CSFB. IMS Health shed 3/8 to 16 3/8.

Isle of Capri Casinos

(ISLE)

: NEW buy with $14 price target at Alex. Brown. Isle of Capri Casinos stumbled 1/16 to 11.

Journal Register

(JRC)

: DOWN to neutral from accumulate at

Merrill Lynch

.

Hollinger International

(HLR)

: DOWN to neutral from accumulate at Merrill Lynch. Journal Register fell 11/16 to 14 3/16 and Hollinger International lost 3/8 to 11 1/16.

Lante

(LNTE)

: UP to strong buy from buy with a price target of 90 at Alex. Brown. Lante gained 5/8 to 30.

Micron Technology

(MU) - Get Report

: price target UP to 180 from 150 at Thomas Weisel. Micron Technology skidded 13 1/2, or 10%, to 121.

Pier 1

(PIR) - Get Report

: UP to buy from hold with a 12-month price target of 14 at CSFB. Pier 1 tacked on 3/8 to 9 1/2.

Razorfish

(RAZF)

: NEW buy with a price target of 47 at

J.P. Morgan

. Razorfish stumbled 2 1/2, or 7.6%, to 30.

Sapient

(SAPE)

: NEW buy and a price target of 130 at

W.R. Hambrecht

. Sapient declined 2 5/16 to 81 3/8.

Silicon Storage Technology

(SSTI) - Get Report

: NEW rating of strong buy and price target of 120 a share at CSFB. Silicon Storage Technology stumbled 4 3/8, or 5.6%, to 73 3/4.

Sycamore Networks

(SCMR)

: rating UP to buy from neutral; price target set at 200 at

Lehman Brothers

. Sycamore jumped 4 9/16 to 129 1/2.

U.S. Steel

(X) - Get Report

: first-quarter earnings estimate UP to 40 cents a share from 31 cents at

Salomon Smith Barney

. U.S. Steel hopped 1 9/16, or 6.7%, to 24 9/16.

VA Linux Systems

(LNUX)

: NEW buy at W.R. Hambrecht. VA Linux gained 5/16 to 62 3/4.

Williams Communications

(WMB) - Get Report

: rating UP to attractive from neutral at PaineWebber. Williams skidded 7/16 to 43 7/16.

Miscellany

Standard & Poor's

said that Veritas would replace

Pep Boys

(PBY) - Get Report

(but what'll happen to Manny, Mo and Jack?) in the

S&P 500

. S&P added that

Edwards Lifesciences

(EW) - Get Report

will fill Veritas' former spot in the

S&P MidCap 400

and Pep Boys would fill in for 911 services provider

Rural/Metro

(RURL)

in the

S&P SmallCap 600

.

Daizytek International

(DZTK)

fell 3/16 to 15 11/16 after it said it hired

Chase Hambrecht & Quist

to advise it on the spinoff of its electronic commerce software and service subsidiary

PFSweb

(PFSW) - Get Report

. Daisytek shareholders will receive about 0.8 PFSweb share for each Daisytek share held. PFSweb lost 1 1/4, or 6.4%, to 18.

The Heard on the Street column in the

Journal

said Wall Street's concerns about

Globalstar Telecommunications

(GSTRF)

have put chairman Bernard Schwartz and his team on the defensive. Amid disappointing early subscriber sign-ups, phone distribution problems and regulatory holdups, the company is slashing prices and hoping for more time to show progress to its investors. Globalstar skidded 1/8 to 13 3/4.