is negotiating a possible acquisition of
, which would give Deutsche access to the U.S., Asia and Latin America, people familiar with the matter said, reported in
According to the source, the two companies have not agreed on a price. Yesterday,
reported that Deutsche launched an offer to buy
. Qwest rose 1 1/4 to 59 1/4, Deutsche Telekom gained 8 13/16, or 10%, to 97 1/16 and Global Crossing gained 3 7/16, or 6.8%, to 54 3/8.
priced a 23 million-share IPO for
unit at $38 a share, above the expected range of $30 to $32.
initiated coverage of Palm -- which began trading today -- with a buy rating and set a 90 price target on the stock. Palm jumped 57 1/16, or 150.1%, to 95 1/16.
3Com will receive 532 million shares from the offering and will divest the shares within six months by handing them over to its stockholders.(
looked at a fund offering its lucky investors a piece of the Palm IPO in a separate
Mergers, acquisitions and joint ventures
gained 2 13/16, or 5.3%, to 55 13/16 after it said
WellPoint Health Networks
ING America Insurance Holdings
, a unit of
launched a $10.2 billion takeover bid for Aetna, one day before Aetna ousted its CEO and began examining its operations. WellPoint lost 1 1/8 to 60 3/4. Aetna said WellPoint and ING America Insurance Holdings made a $70-a-share offer, which included $44 in cash and $26 in WellPoint stock. Last night, WellPoint and ING confirmed they were interested in Aetna.
For more on the Aetna situation, take a look at the
story written by
is anticipated to block the proposed three-way aluminum industry combination of
because of competition concerns, according to published reports. Alcan lost 1 3/16 to 33 1/4, while Pechiney gained 3/4 to 27.
Grupo Financiero Banorte
said they formed an e-commerce venture focused on the business-to-business market in Latin America. Hewlett-Packard rose 3/8 to 134.
lost 1/4 to 9 7/8 after it said it will sell its
. Tera lost 1 1/8, or 10.2%, to 9 7/8.
shed 12 1/16 to 299 15/16 after saying it has licensed
browser technology for use in its digital cable set-top boxes. Spyglass sailed up 15 1/4, or 22.8%, to 82 1/4.
Earnings/revenue reports and previews
Earnings estimates from First Call; new highs and lows on a closing basis unless otherwise specified. Earnings reported on a diluted basis unless otherwise specified.
rose 1/2 to 19 1/2 after it said February same-store sales rose 1.7%.
gained 3 1/8, or 6.7%, to 49 5/8 after it posted second-quarter net income of 39 cents a share, in line with the 22-analyst estimate and up from the year-ago 33 cents.
was unchanged at 17 3/8 after it said its February same-store sales were flat.
Federated Department Stores
inched up 1/8 to 36 7/16 after it said February same-store sales rose 5.3%.
Goody's Family Clothing
rose 3/32 to 6 3/4 after it said February same-store sales rose 4%, and announced some changes to its accounting methods. The company has adopted certain accounting changes related to sales returns and leased departments. Goody's said the changes won't have an impact on the company's annual net earnings for fiscal 1998 and fiscal 1999.
However, Goody's said its previously issued statements of operations for the four quarters of fiscal 1998 and the first three quarters of fiscal 1999 will be restated to account for these changes. Goody's said the change will either increase or decrease some previously reported quarterly net earnings by a penny a share.
lost 3/4 to 14 3/4 after it said February same-store sales fell 2.4%.
rose 3/8 to 22 after it said February same-store sales rose 11.2%.
gained 2 1/4, or 10.5%, to 23 3/4 after it posted a fourth-quarter loss of $2.00 a share including items. The six-analyst estimate called for a loss of $1.43, while the year-ago loss was $1.33. The company said it was exploring options for certain nonstrategic assets and also seeks to better focus on core European and U.S. operations.
was unchanged at 27 5/8 after it said February domestic same-store sales rose 3.1%.
lost 1 1/16 to 22 after it reported fourth-quarter earnings of 57 cents a share, beating the three-analyst estimate of 55 cents, but lower than the year-ago 66 cents. The company said investigations and lawsuits could have a material impact on its results.
dropped 4 11/16, or 17.8%, to 21 5/8 after it reported fourth-quarter earnings of 28 cents a share, in line with the 21-analyst estimate and up from the year-ago 22 cents.
inched up 1/4 to 16 3/4 after it said February same-store sales rose 4%.
Thanks to an extra shopping day last month,
said February same-store sales by retailers across the nation rose 4.8%. TeleCheck, a unit of
, is a check acceptance company.
slipped 15/16 to 24 11/16 after it said February same-store sales were up 11.5%.
rose 1 9/16 to 50 9/16 after it said February same-store sales rose 6.1%.
Morgan Stanley Dean Witter
lifted Wal-Mart to strong buy from outperform.
Offerings and stock actions
set a 3-for-2 stock split and filed a secondary offering of 1.84 million shares.
gained 2.1%, to 8 13/16 after it said its board approved the repurchase of up to $60 million in stock.
Harbor Florida Bancshares
slipped 1/16 to 10 5/16 after it said its board approved the repurchase of up to 2.36 million shares, or 9% of its common stock.
jumped 12 1/8, or 17.4%, to 81 7/8 after its board approved a 2-for-1 stock split.
gained 1/4 to 17 1/4 after its board authorized a two-year extension of its $100 million stock repurchase program.
IPO sailed up 11 13/16, or 78.8%, to 26 13/16 after it was priced at $15 a share last night, above the expected range of $12 to $14. The company is an online yellow pages provider based in Westboro, Ma.
Morgan Stanley Dean Witter
started coverage of
with an outperform rating and a price target of 50. Administaff added 1 5/8 to 41 7/8.
raised its 2000 earnings estimates on
American Eagle Outfitters
to $2.32 from $2.20. American Eagle Outfitters gained 1 1/2, or 5.8%, to 27 1/8.
said analyst Glenn Engel cut earnings estimates on
to $3.40 from $3.55 and
Delta Air Lines'
2000 estimates to $7.15 from $7.55. AMR declined 1/8 to 54 5/8 and Delta skidded 1 5/8 to 43 13/16.
Deutsche Banc Alex. Brown
started coverage of
Bed Bath & Beyond
with a strong buy rating. Bed Bath & Beyond lifted 1/2 to 27 1/4.
Alex. Brown raised
to buy from market perform.
raised Bristol-Myers to buy from attractive and set a price target of 77. Meanwhile, PaineWebber cut the stock's price target to 65 and lowered its EPS estimates.
cut Bristol-Myers to market perform-outperform from outperform-outperform and sliced its intermediate price target to 58 from 70. Bristol Myers mounted 1 5/8 to 52 7/8.
analyst Mark Specker raised his price target on
to 400 from 300. Brocade Communications jumped 13 1/4 to 311 13/16.
DB Alex. Brown initiated coverage of
with a strong buy rating. Cost Plus advanced 3 1/2, or 18.7%, to 22.
Thomas Weisel Partners
analyst Perry Boyle increased estimates on
to a loss of 9 cents from a loss of 12 cents a share in the first quarter, and to earnings of 10 cents from an expected loss of 8 cents for the year. DoubleClick gained 2 7/8 to 83 7/16.
Separately, DoubleClick's CEO Kevin O'Connor, said in a statement that he made a "mistake by planning to merge names with anonymous user activity across Web sites in the absence of government and industry privacy standards" and that DoubleClick hasn't "implemented this plan, and has never associated names, or any other personally identifiable information, with anonymous user activity across Web sites."
"We commit today, that until there is agreement between government and industry on privacy standards, we will not link personally identifiable information to anonymous user activity across Web sites," O'Connor said.
Last month, DoubleClick, in a filing with the
Securities and Exchange Commission
, admitted it was the subject of a
Federal Trade Commission
probe regarding its collection and maintenance of info concerning Internet users.
Warburg Dillon Read
started coverage of
as a buy. EMC slipped 2 to 116.
said it started
with a buy rating and set a price target of 125. Firepond fell 8, or 8.3%, to 88.
Donaldson Lufkin & Jenrette
cut its rating on
to market perform from buy. Gap retreated 3 5/8, or 7.5%, to 44 1/4.
DLJ started coverage of
with a buy rating. HealthAxis lost 7/8 to 28.
to near-term buy from accumulate. Health Management bounced 2 1/8, or 19.7%, to 12 7/8.
Merrill Lynch raised its rating on
to near-term accumulate from neutral. Knight/Trimark moved up 2 3/16 to 49 7/16.
Credit Suisse First Boston
target price to 175 from 125. HNC Software climbed 12 29/32, or 12.8%, to 113 3/8.
Banc of America Securities
said analyst Chris Crespi raised his rating on
to strong buy from buy. Lucent Technologies mounted 3 3/8 to 72.
Salomon Smith Barney
to outperform, and lifted its price target to 11 per ADR. Metrogas declined 1/16 to 9 1/16.
started coverage of
with an attractive rating and set a price target of 85. Network Peripherals shed 1 to 67 13/16.
analyst John Powers raised his rating on
to a strong buy from a buy. Preview Systems added 2 13/16 to 71 13/16.
DB Alex. Brown upgraded
to strong buy from buy. Proxicom gained 2 1/8 to 47 1/8.
price target to 150. Radiant Systems soared 28 1/8, or 50.9%, to 83 3/8.
said they have entered a deal to set up e-commerce marketplaces for retailers. The deal calls for Microsoft to take an undisclosed equity stake in Radiant and support product development. The venture would help small and mid-sized retailers buy supplies for their businesses.
analyst Greg Schroeder raised his rating on
to buy. Starbucks slipped 1 1/2 to 33 1/4.
Morgan Stanley increased
price target to 105 from 80. Telemig popped 11, or 13.5%, to 92.
Goldman Sachs downgraded
to market outperform from its recommended list. Unisys lost 1/2 to 29 9/16.
Thomas Weisel analyst Eric Ross raised the price target on
to 130 from 95. Veeco Instrument fell 1 1/2 to 96 3/4.
Lehman Brothers analyst Daniel Fletcher raised his price target on
to 80 from 55. Viatel slipped 3 9/16, or 5.2%, to 65.
Lehman Brothers analyst Bill Garrahan raised his price target on
to 62 from 52. Williams Communications gained 2 1/4 to 51 5/8.
DB Alex. Brown started coverage of
with a buy rating and set a 37 price target on the stock. Williams-Sonoma shed 1 1/16 to 31 7/16.
declined 7/16 to 12 7/16 after it said its
tobacco unit has filed a complaint in federal court against
R.J. Reynolds Tobacco
alleging that R.J. Reynolds has entered into "illegal pricing" deals with retailers, prompting retailers to hike the price of non-R.J. Reynolds discount cigarettes, hurting Liggett, consumers and other tobacco manufacturers. R.J. Reynolds was off 1/4 to 17 13/16.
lifted 9/16 to 11 15/16 after it said it hired Morgan Stanley Dean Witter to advise it on strategic options.
Personal financial information keyed into
Web site has been seeping out to advertisers, and the company has moved rapidly to address the problem, the
reported. Intuit fell 1 11/16 to 46 9/16.
Food and Drug Administration
has issued an "approvable letter" for its drug
, which is used to treat multiple forms of multiple sclerosis. Immunex said the letter follows a recommendation for approval made last month by the FDA's Peripheral and Central Nervous System Drugs Advisory Panel. Immunex bounced 1 15/16 to 220 15/16.
The Heard on the Street column in the
looks at Salomon Smith Barney's progress in extracting extra securities business from
roster of banking clients. Both are units of
, created by the merger of Travelers Group and Citicorp in 1998.
Wall Street wants to know whether the year-old financial supermarket will become the new model for other banks and securities firms, the story says. Citigroup lost 1/8 to 51 1/2.