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(Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified. New highs and lows on a closing basis unless otherwise specified.)



was among the tech titans that jumped on the strength of earnings reports today. The stock climbed 17 1/8, or 14.8%, to 133 1/8. Merrill Lynch upgraded the stock to buy/buy from accumulate/buy with a price target of 200.

Bristol-Myers Squibb

(BMY) - Get Bristol-Myers Squibb Company Report

shed 14 1/2, or 22.3%, to 50 5/8 after it said it was voluntarily withdrawing its request for marketing approval of Vanlev, a hypertension drug it has said is by far the most important experimental medicine in its drug pipeline. The company, citing safety questions raised by U.S. regulators, said it intended to refile the application early next year.

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Earnings/revenue reports and previews

Lucent Technologies


gained 3 3/4, or 6.3%, to 63 after posting second-quarter net income of 23 cents a share, a penny ahead of the 31-analyst estimate and up from the year-ago 17 cents. Net income for the quarter totaled $754 million, up from the year-ago $535 million.

Separately, Lucent said it is changing its global manufacturing strategy to focus on high-end process manufacturing and systems integration. Lucent said it is spinning off its enterprise networks unit, which employs about 7,000 workers.

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rose 1 1/4 to 62 after last night, reporting better-than-expected earnings for the third quarter, topping estimates by 2 cents. The Internet giant posted earnings of 11 cents a share, or $271 million, vs. 4 cents, or $104 million, in the same period a year ago.

Analysts surveyed by First Call/Thomson Financial projected earnings of 9 cents. AOL posted revenue for the quarter of $1.84 billion vs. $1.25 billion a year ago.

Credit Suisse First Boston

upped its fiscal 2000 earnings estimate to 46 cents a share from 35 cents.

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American Airlines parent



inched up 7/16 to 34 5/16 after it posted first-quarter earnings of 57 cents a share, well above the 11-analyst estimate of 40 cents and the year-ago 11 cents.

Applied Industrial Technologies


edged up 1/8 to 15 1/16 after it recorded third-quarter results of 40 cents a share, ahead of the four-analyst estimate of 35 cents a share and the year-ago 30 cents.

Borg Warner Automotive

(BWA) - Get BorgWarner Inc. Report

, an automotive parts maker, added 11/16 to 39 7/8 after it said it expects first-quarter earnings to be 7 cents above the consensus estimate of $1.46 a share.



slipped 3/4 to 63 7/8 after it said first-quarter operating profit came in at $2.3 billion, with earnings of $1.62 a share, ahead of the four-analyst estimate of $1.58, and up from the year-ago $1.57.



, an Internet service provider, dropped 1, or 6.1%, to 15 1/2 despite posting an operating loss of 43 cents a share in the first-quarter, narrower than the 12-analyst estimate of a loss of 49 cents.

Computing giant


(IBM) - Get International Business Machines Corporation Report

dropped 7 1/8, or 6.4%, to 104 3/8 after it reported a 3%

rise in its first-quarter earnings, exceeding Wall Street's estimates. The increase was driven by strength in the company's server business and its Internet application software and business services units.

The Armonk, N.Y.-based company's first-quarter net income rose to $1.52 billion, or 83 cents a share, compared with $1.47 billion, or 78 cents a share, a year earlier. A poll of analysts by First Call/Thomson Financial had forecast earnings of 78 cents a share.

Merrill Lynch

lowered its second-quarter revenue growth DOWN to 3% from 6%.

Robertson Stephens

cut IBM's fiscal 2000 revenue estimate to $91.4 billion from $93 billion and its fiscal 2001 earnings estimate to $4.85 from $4.95 a share, while Credit Suisse First Boston sliced its fiscal 2000 sales growth forecast to 5.1% from 8.5%.

Unlike other Wall Street analysts,

Bear Stearns

raised IBM's fiscal 2000 earnings estimate to $4.30 from $4.25 a share.

Chip giant


(INTC) - Get Intel Corporation Report

slid 9 15/16, or 7.7%, to 119 1/16 after it reported first-quarter earnings of 88 cents a share, which includes a tax benefit of 17 cents a share. The 32-analyst estimate was for 69 cents a share and the year-ago earnings were 58 cents. Revenue rose to $8 billion from $7.1 billion in the year-ago period. Credit Suisse First Boston raised its price target on the stock to 160 from 150.

Mirage Resorts


inched up 1/16 to 20 after it posted first-quarter earnings of 31 cents a share, better than the 14-analyst 24-cent estimate and the year-ago 28 cents.


(QCOM) - Get Qualcomm Inc Report

climbed 2 9/16 to 114 3/4 after it reported second-quarter pro forma earnings of 26 cents a share, 2 cents better than the 18-analyst estimate and up from the year-ago 18 cents a share. The company also said it is comfortable with the third-quarter 16-analyst estimate of 27 cents a share.

R.J. Reynolds Tobacco


lost 1/16 to 18 13/16 after saying it expects net earnings to be flat this year, with earnings rising as a result of share repurchases. The company also announced it will not settle class-action lawsuits that threaten to bankrupt the industry.


(SAP) - Get SAP SE Report

, the German business software company, lost 1 7/16 to 48 3/8 after it said pretax profit for the first quarter, including charges for its employee stock appreciation rights program, fell 45%.


(WSO) - Get Watsco, Inc. Report

edged up 1/2 to 12 9/16 after it posted first-quarter earnings of 11 cents a share, better than the eight-analyst estimate of 9 cents a share and the year-ago 8 cents.

Offerings and stock actions

Biotech firm


(GERN) - Get Geron Corporation Report

edged up 1/8 to 21 1/16 after it said it isn't going ahead with its planned 3 million-share follow-on public offering due to current market conditions. The company said it plans to file an amendment to the registration statement it filed with the

Securities and Exchange Commission

on March 13 to change the filing to a shelf registration statement.

Global Crossing


rose 1/16 to 29 7/8 after it said it has filed with the SEC for an IPO for its

Global Center Group




slipped 4 1/2, or 7.4%, to 57 1/2 after it announced it priced an offering of about 8.39 million shares of its common stock at $59.625 a share.

Shares in


(SYK) - Get Stryker Corporation Report

grew 5 3/4, or 8.4%, to 73 15/16 today, after the company said it set a 2-for-1 stock split.

Analyst actions




was up 1/16 to 27 15/16: UP to strong buy from buy at

Wit Soundview

; price target: 40.

Kulicke & Soffa

(KLIC) - Get Kulicke & Soffa Industries, Inc. Report

rose 4 11/16 to 76 7/8: price target UP to 155 from 90 at Credit Suisse First Boston.

Network Associates


fell 7/8 to 23 5/8: UP to attractive from neutral at

Bear Stearns



(PGR) - Get Progressive Corporation Report

sank 9 1/16, or 12.6% to 63 1/6: UP to buy from long-term buy at

J.P. Morgan


Siebel Systems


slumped 8 5/8, or 6.8%, to 118 1/4: UP to buy from attractive at Bear Stearns.

Sprint PCS


rose 5/8 to 54: UP to attractive from neutral at Bear Stearns.


(TER) - Get Teradyne, Inc. Report

edged up 49/256 to 92 1/8: UP to buy from attractive at Bear Stearns.



(CAT) - Get Caterpillar Inc. Report

dipped 2 1/4, or 5.6%, to 37 5/8: DOWN to neutral from buy at

Salomon Smith Barney



(INSW) - Get International Seaways, Inc. Report

plummeted 3 1/4, or 54.7%, to 2 11/16: DOWN to market performer from market outperformer at

Goldman Sachs

and down to hold from accumulate at



Sagent Technology


dived 10 29/32, or 60.2%, to 7 7/32: DOWN to market performance from buy at

Donaldson Lufkin & Jenrette



Anadarko Petroleum

(APC) - Get Anadarko Petroleum Corporation Report

was up 2 1/16, or 5.7% to 38 1/16: NEW strong buy at

Warburg Dillon Read

; price target: 65.



lost 14 3/4, or 9.4%, to 142 1/4: NEW buy at Credit Suisse First Boston; fiscal 2000 earnings UP at Merrill Lynch to 79 cents a share from 70 cents and fiscal 2001 earnings estimates UP to $1.07 a share from 83 cents.



dropped 2 1/8, or 13.6%, to 13 1/2: NEW buy at Warburg Dillon Read; price target: 28.


(VSAT) - Get ViaSat, Inc. Report

was off 1 1/16 to 33 1/16: NEW buy at Merrill Lynch; price target: 53.

Group Moves

CS First Boston rolled out coverage of three houseware retailers:


Deutsche Telekom

(DT) - Get Dynatrace, Inc. Report

dropped 4 3/4, or 6.7%, to 66 3/8 after CEO Ron Sommer, at a news conference, said that in the long run, his company in the U.S. "will be at least as strongly represented as we are now in Germany and Europe,"



Standard Register

(SR) - Get Spire Inc. Report

lost 1/2 to 14 3/8 after it said CEO Peter Redding will step down on July 1. Redding will be 62 in June and will be eligible for full retirement.