Dutch telecom company

Equant

(ENT) - Get Report

is being pursued as an acquisition by

France Telecom

(FTE)

and separately by

Global Crossing

(GBLX)

, according to

The Wall Street Journal

. Equant could fetch $10 billion. Equant boosted 6 3/4, or 15.9%, to 49 1/8; France Telecom moved up 2 1/2 to 155 7/16; Global Crossing dipped 1/16 to 28 9/16.

The newspaper reported that although Equant is further along in negotiations with France Telecom, preliminary talks could intensify quickly between Equant and Global Crossing because France Telecom's right to exclusive talks with Equant recently expired.

For additional coverage of this

story, see a separate story from the

TheStreet.com/NYTimes.com

joint newsroom.

Mergers, acquisitions and joint ventures

Adelphia Communications

(ADLAC)

said it entered a $836 million deal to purchase

GS Communications

and another Virginia cable system. According to Adelphia, the newly acquired systems would mean 155,000 new subscribers for the company. The deals are expected to close in the fourth quarter of 2001. Adelphia Communications climbed 1 1/16 to 44 15/16.

America Online

(AOL)

and

Target

(TGT) - Get Report

said that have agreed to a pact, calling for Target to offer its merchandise on AOL shopping sites. America Online slipped 1 3/4 to 51.

BellSouth

(BLS)

expects to up its interest in Colombian wireless operator

Celumovil

to 50.35%, the company confirmed after the close. BellSouth will buy the stakes in Celumovil held by

AT&T Wireless

(AWE)

and

Chase Manhattan's

(CMB)

Chase Manhattan International Finance

, which total 16.55%. BellSouth is also seeking to purchase shares from a Colombian industrial group called

Valores Bavaria

. BellSouth rose 1 7/16 to 47 7/16.

Broadcom

(BRCM)

said it would buy

Innovent Systems

, a radio-frequency integrated-circuits maker that develops products for the Bluetooth standard, in a stock deal valued at about $440.1 million, based on Monday's closing stock price.

Broadcom, which already owned about 13% of Innovent and has invested in the company since its inception last year, will acquire the company in exchange for three million newly issued Class A common shares. The deal is expected to close within 60 days. Both of the companies' boards approved the acquisition, but Innovent shareholders haven't yet voted. Broadcom hopped 5 11/16 to 152 3/8.

Goldman Sachs Group

(GS) - Get Report

,

Merrill Lynch

(MER)

and

Morgan Stanley Dean Witter

(MWD)

have entered a venture to create an electronic bond trading system called

BondBook

. The venture is the first of its kind to receive joint broker/dealer support for a single electronic trading market with sizeable credit support and trading activity. Trading is set to begin in the fourth quarter of 2000 and will include investment-grade and high-yield corporate bonds and municipal bonds. The firms said that they have tapped

Putnam Investments

to serve as the chair of an external advisory board.

Separately, Goldman Sachs said it agreed to a $300 million pact with

Boston Consulting Group

and

General Atlantic Partners

, involving investments in online businesses of offline companies.

iFormation

will work with established companies to set up online businesses and couple new start ups with larger companies to develop e-commerce ventures. Goldman Sachs lifted 1 13/16 to 85 1/8; Merrill Lynch increased 1 1/2 to 110; Morgan Stanley Dean Witter advanced 2 9/16 to 83 3/8.

Intel

(INTC) - Get Report

and

Microsoft

(MSFT) - Get Report

said they are jointly developing a standard to use Bluetooth wireless technology in connecting cellular phones with computers. Bluetooth, which is based on a low-cost, shortwave radio link for computers and wireless communication devices, is a joint creation of several telecommunications and electronic companies including

Nokia

(NOK) - Get Report

and

Ericsson

(ERICY)

. Intel popped 6 7/16, or 5.2%, to 131 1/2, while Microsoft added 1 to 67 7/8.

The

Nasdaq said three electronic communications networks have signed on to its electronic market for trading exchange-listed stocks, which include those listed on the

New York Stock Exchange. The agreement will allow

Bloomberg Tradebook

,

BRUT

and

MarketXT

to post quotes and trade within the

Nasdaq InterMarket

, formerly known as the Third Market. Nasdaq said it is currently negotiating similar deals with

Reuters

(RTRSY)

unit

Instinet

and

REDIBook

ECNS.

Sykes Enterprises

(SYKE) - Get Report

, which provides vertically integrated, technology-based solutions and services worldwide, will sell its wholly owned subsidiary

SHPS

to

Welsh Carson Anderson & Stowe

for an enterprise value of $170 million. The deal calls for Sykes to receive $165.5 million in cash and to retain a 6.5% interest in SHPS going forward. Welsh Carson anticipates a gain of about $92.9 million from its investment in SHPS. The agreement is subject to normal regulatory approval and is expected to be completed before the end of the month. Sykes Enterprises plunged 3 3/4, or 18.4%, to 16 5/8.

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Earnings/revenue reports and previews

Anixter International

(AXE) - Get Report

said it would report second-quarter earnings between 53 cents and 55 cents a share, beating the three-analyst estimate of 45 cents a share and the year-ago profit of 33 cents. Anixter International gained 1/4 to 29 3/8.

Best Buy

(BBY) - Get Report

posted first-quarter earnings of 34 cents a share, in line with the 16-analyst estimate and up from the year-ago 22-cent profit. Best Buy traded up 4 5/8, or 7.8%, to 63 5/8.

Kemet

(KEM) - Get Report

said it would post first-quarter earnings that would top the four-analyst estimate of a 50-cent profit by 50%. Kemet Chairman and CEO David Maguire attributed the results to solid capacity and price increases. Kemet jumped 6, or 20.6%, to 35 3/16.

NBC Internet

(NBCI)

late yesterday warned it sees lower-than-expected second-quarter and 2000 revenues and wider-than-expected losses because of low advertising sales and a restructuring. The six-analyst estimated loss for the second quarter is 70 cents a share, while the seven-analyst estimate for 2000 is a loss of $2.84. The company said it sees profits after noncash expenses in 2002.

NBCi partially blamed disappointing results on "lower-than-expected sales revenues associated with a soft dot-com advertising market," which could foreshadow troubles for other Net firms that rely on consumer ad revenues. NBCi dropped 7, or 28.4%, to 17 5/8.

Pier 1 Imports

(PIR) - Get Report

posted first-quarter earnings of 17 cents a share, a penny better than the 14-analyst estimate and up from the year-ago 13-cent profit. Pier 1 Imports increased 7/16 to 9 9/16.

UST

(UST) - Get Report

warned investors that its second-quarter earnings report would be 2% below its year-ago profit, missing the seven-analyst estimate of 74 cents a share. The chewing tobacco maker blamed the shortfall on softer premium brand sales and increased costs. UST declined 1/2 to 16 1/2.

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Offerings and stock actions

Lehman Brothers

priced a 5 million-share IPO for

Intuitive Surgical

(ISRG) - Get Report

at $9 a share. Intuitive Surgical gained 1/64 to 9 1/64.

OpenTV

(OPTV)

said it plans to file for a 2.25 million secondary offering of Class A ordinary shares. The shares, which are held by

News Corp

(NWS) - Get Report

affiliate,

News America

represent a 3.2% interest in the company. OpenTV added 5/16 to 56 3/8.

Polymedica

(PLMD)

set a 1 million share repurchasing program. Polymedica lifted 1 3/4, or 5%, to 36 3/4.

Zebu, a company that specializes in technology used to streamline insurance application processes, withdrew its $64 million initial public offering. San Francisco-based Zebu said it does not plan to proceed with the IPO at this time, according to

Reuters

. The offering was being managed by

Deutsche Banc Alex. Brown

,

U.S. Bacorp Piper Jaffray

and

Cochran Carnoia

, but the number of shares and their price range had not yet been disclosed. The company applied for a Nasdaq listing of "ZEBU."

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Analyst actions

This morning, Dow component

Hewlett-Packard

(HWP)

was downgraded to market perform from buy at

Sanford Bernstein

Hewlett-Packard slipped 7, or 5.5%, to 119.

The firm also lowered its earnings estimates for H-P to 81 cents from 83 cents a share for the third quarter of this year and its full-year estimate to $3.51 from $3.54 a share.

UBS Warburg

downgraded three oil companies --

Chevron

(CHV)

,

Occidental

(OXY) - Get Report

and

Texaco

(TX) - Get Report

-- to hold from buy. Chevron stumbled 1 1/8 to 91 3/4 and Occidental declined 3/8 to 22 5/8, while Texaco fell 9/16 to 57 9/16.

Upgrades

CSX

(CSX) - Get Report

: UP to buy from market perform at

Deutsche Banc Alex. Brown

. CSX tacked on 3/16 to 21 1/16.

EarthWeb

(EWBX)

: UP to strong buy at

WR Hambrecht

; price target: 25. EarthWeb popped 1 13/16, or 13.6%, to 15 1/16.

Equitable Resources

(EQT) - Get Report

: price target UP to 60 from 50 at Lehman Brothers. Equitable Resources advanced 3/4 to 49 1/2.

MGM Grand

(MGG)

: fiscal 2001 earnings estimate UP to $1.85 a share from $1.65 at

Donaldson Lufkin & Jenrette

. MGM Grand tacked on 5/16 to 33 7/16.

Downgrades

Allstate

(ALL) - Get Report

: fiscal 2000 earnings estimate to $2.70 from $2.80 at

Goldman Sachs

. Allstate skidded 3/16 to 26 5/8.

EDS

(EDS)

: DOWN to neutral from buy at

PaineWebber

; price target to 50 from 65-70. EDS stumbled 1 1/4 to 41 3/8.

NBC Internet: DOWN to market outperformer from buy at

Goldman Sachs

.

Northrop Grumman

(NOC) - Get Report

: DOWN to buy from strong buy at

SG Cowen

. Northrop Grumman skidded 1 11/16 to 73 111/6.

Spieker Properties

(SPK)

: DOWN to outperform from recommended buy at Goldman Sachs. Spieker fell 1 1/4 to 48 15/16.

W.W. Grainger

(GWW) - Get Report

: DOWN to performer from recommended buy list at Goldman Sachs. W.W. Grainger lost 3/4, or 2.1%, to 34 3/4.

Initiations

Anesta

(NSTA)

: NEW strong buy at

Thomas Weisel

; price target: 38. Anesta hopped 1 1/8, or 6.2%, to 19 1/8.

Broadvision

(BVSN) - Get Report

: NEW outperform at

Salomon Smith Barney

; price target: 62. Broadvision lifted 3 1/8, or 6.3%, to 52 1/8.

Burlington Resources

(BR) - Get Report

: UP to outperform from neutral at

Lehman Brothers

. Burlington Resources declined 5/16 to 42.

CoolSavings.com

(CSAV)

: NEW strong buy at Thomas Weisel. CoolSavings.com tacked on 1/8 to 6 1/8.

E.piphany

(EPNY)

: NEW buy at Salomon Smith Barney; price target: 135. E.piphany climbed 10 13/16, or 12.3%, to 98 1/16.

Internet Capital Group

(ICGE)

: NEW outperform at

Lazard Freres

; price target: 48. Internet Capital slipped 5/8 to 34.

NextCard

(NXCD)

: NEW strong buy at WR Hambrecht; price target: 27. NextCard mounted 1/4 to 11 1/16.

Nogatech

(NGTC)

: NEW buy at WR Hambrecht. Nogatech slipped 1 13/16, or 20.4%, to 7 1/16.

Nordson

(NDSN) - Get Report

: NEW buy at

Credit Suisse First Boston

; price target: 62. Nordson advanced 1 13/16 to 52 1/16.

Pixelworks

(PXLW) - Get Report

: NEW buy at Salomon Smith Barney; price target: 29. Pixelworks shed 5/16 to 22 7/16.

Vignette

(VIGN)

: NEW buy at Salomon Smith Barney; price target: 64. Vignette moved up 7/16 to 38 1/2.

US Unwired

(UNWR)

: NEW buy at CSFB; price target: 25. US Unwired stumbled 7/8, or 5.8%, to 14.

Group Moves

    Bear Stearns' REIT analyst Ross Smotrich raised the price targets for nine of the stocks he currently covers:
  • Aimco (AIV) - Get Report raised to 46 from 44; Aimco tacked on 7/32 to 42 1/16.
  • Archstone Communities (ASN) to 24 1/2 from 22; Archstone Communities edged up 1/8 to 23.
  • AvalonBay Communities (AVB) - Get Report to 45 from 40; AvalonBay added 3/16 to 41 1/2.
  • Boston Properties (BXP) - Get Report to 40 from 36. Boston Properties bounced 3/16 to 36 11/16;
  • Equity Residential (EQR) - Get Report to 50 1/2 from 48. Equity Residential climbed 9/32 to 46 13/16 ;
  • Essex Property Trust (ESS) - Get Report to 45 from 37. Essex Property lifted 9/16 to 41 1/16;
  • Gables Residential (GBP) to 27 1/2 from 24. Gables Residential was unchanged at 25 7/16;
  • Pacific Gulf Properties (PAG) - Get Report to 24 1/2 from 22 1/2. Pacific Gulf bounced 1/2 to 23 1/2; and
  • Post Properties (PPS) to 48 1/2 from 43 1/2. Post Properties climbed 1/2 to 45 3/16.

PaineWebber initiated coverage of four personal care companies:

  • Colgate-Palmolive (CL) - Get Report at neutral; price target: 59. Colgate-Palmolive declined 1 7/8 to 55 9/16.
  • Clorox (CLX) - Get Report at buy; price target: 50. Clorox advanced 3, or 7.4%, to 43 1/2.
  • Dial (DL) - Get Report at strong neutral; price target: 15. Dial tacked on 1/8 to 13 5/8.
  • Procter & Gamble (PG) - Get Report at attractive; price target: 66. Procter & Gamble climbed 3/16 to 56 9/16.

Back to top

Circuit City

(CC) - Get Report

jumped 1 3/16 to 35 7/8 after it said it tapped Alan McCollough to serve as it CEO. McCollough would replace Richard Sharp, who will remain as chairman.

The

Justice Department

, along with 17 states involved in the antitrust lawsuit against Microsoft, asked Judge Thomas Penfield Jackson to ignore the company's efforts to dismiss a breakup order following the ruling last week. Government lawyers also outlined plans for the appeals process and set potential target dates for imposing the ordered breakup. Microsoft hopped 1 to 67 7/8.

Ford

(F) - Get Report

missed federal fuel-economy targets for 1999, according to

The Wall Street Journal

. A federal report said the car maker, which has said it wants to be an environmental leader in its industry, used technology to boost its cars' horsepower instead of to improve gas mileage. Ford was the only Big Three auto company that missed the federal fuel economy standards for passenger cars. Ford slid 3/16 to 49 15/16.

In an effort to regain market share,

General Motors

(GM) - Get Report

will broaden its offering of lower-priced pickups and sport-utility vehicles, the

Journal

reported. The car company, which is losing money on many of its small cars because rival foreign brands are pushing profit margins down, said it hoped less-affluent consumers will buy trucks and SUVs rather than small cars. General Motors shed 11/16 to 68 5/16.

Nice Systems

(NICE) - Get Report

launched a new technology called Customer Experience Management that it said would manage customer contact centers. Reuters said the technology will be integrated into

Lucent's

(LU)

customer relationship management products as well as being used in conjunction with applications belonging to

Cisco

(CSCO) - Get Report

,

Nortel

(NT)

,

Genesys

,

eGain Communications

(EGAN) - Get Report

,

Siebel Systems

(SEBL)

and

Kana Communications

(KANA)

.

Nice Systems bounced 3 5/8, or 5.3%, to 71 1/2 and Lucent edged up 9/32 to 59 5/16, while Cisco climbed 2 7/8 to 65. Nortel advanced 2 3/4 to 63 1/4 and eGain lost 11/16, or 5.4%, to 11 7/8, while Siebel Systems leaped 10 7/8, or 7.8%, to 150 1/4. Kana slid 1 3/8 to 53.

Philip Morris'

(MO) - Get Report

head of U.S. tobacco operations said he ordered the slogan in its advertising campaign for Virginia Slims cigarettes changed from "Find your voice" after being deposed by a lawyer in a class-action suit against the company, the

Journal

reported. The lawyer suggested the ad might be offensive to smokers who have throat cancer. Philip Morris skidded 5/16 to 27 7/16.

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