Jackpot Enterprises


was a big gainer, jumping 7, or 49.6%, to 21 1/8 after it said it was converting itself into an Internet investment company and would examine alternatives for its traditional gaming business. The company said it would create a $100 million Internet fund and take a 35% interest in

Digital Boardwalk



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.


Mergers, acquisitions and joint ventures


(IBM) - Get Report

gained 2 7/8 to 105 7/8 after it agreed to an Internet B2B commerce pact with






. The deal, which will help firms launch B2B marketplaces, calls for IBM to make minority investments in i2 and Ariba. Ariba gained 6 1/2 to 331, while I2 popped 13.2%, to 190 5/8.

J.P. Morgan

started coverage of


with a buy rating.


(APEX) - Get Report

rose 6 1/8, or 17%, to 42 1/8 after it agreed to a merger with

Cybex Computer


. Cybex lost 3 13/16, or 8.5%, to 41. APEX said its shareholders would own 55% of the newly formed company. The deal would be accretive to earnings before extraordinary items within a year. APEX said it has tapped Stephen Thorton as chairman, president and CEO of the merged company.


(CNA) - Get Report

slipped 3/8 to 24 3/4 after it said it is contemplating a possible sale of its individual life insurance and life reinsurance divisions. The insurer said it has brought

Donaldson Lufkin & Jenrette

on board to explore the possible sale.





are negotiating a possible deal that could form the world's third-biggest carmaker,

The Wall Street Journal

reported. Sources told the


that the pact is not certain. DaimlerChrysler gained 1 13/16 to 61 13/16.

Deutsche Bank


Dresdner Bank

are moving closer to a $29.74 billion merger,

The Wall Street Journal

reported. According to the paper, the potential merger would create a financial-services operation with over $1.2 trillion in assets.

Internet Capital Group


dropped 3 1/16 to 138 1/8 after it said it would pay $22 million in cash and $635 million in stock for a majority stake in


. J.P. Morgan initiated coverage of the stock with a buy rating.

Occidental Petroleum

(OXY) - Get Report

slipped 1/8 to 17 7/16 after it said it has entered a $3.6 billion deal to acquire

Altura Energy


BP Amoco




. BP Amoco gained 2 5/16 to 53. Occidental said the purchase would add 50 cents a share to its fiscal 2000 earnings.


(PNK) - Get Report

rose 1 3/4, or 9.1%, to 21 after it said

Harveys Casino Resorts

has launched a $625 million offer for Pinnacle. According to the terms, Harveys would pay $25 a share for Pinnacle, which owns eight casinos in Nevada, Mississippi, Louisiana and Argentina.

PNC Bank

(PNC) - Get Report

slipped 1/16 to 36 5/8 and

Perot Systems

(PER) - Get Report

rose 1 1/4, or 5.9%, to 22 5/16 after the companies said they have entered a venture to create a B2B digital marketplace for billing called





fell 2 5/16 to 53 11/16 after CEO Joe Nacchio told


that the reason for Qwest's planned merger with

U.S. West


"still holds." U.S. West rose 1 1/2 to 69 5/8.

Offerings and stock actions



, the Japanese email service appealing to investors hungry for Asian stocks, burst out of the IPO gates on the


Wednesday afternoon.

The stock, which

Morgan Stanley Dean Witter

priced at $24.50 on Monday, opened at 96, 292% above its offer price, soaring to a high of 101 before coming back down. It closed up 101 1/2, or 414.2%, to 126.

The company's success wasn't a surprise (


took a look at Crayfish

last week). Investors were eager to welcome the entry by

Hikari Tsushin

, a Japanese Internet investment firm that rivals powerhouse


and has a 50.1% stake in Crayfish. Crayfish was also hot on the heels of other Asian Nasdaq successes, including




Korea Thrunet



Japanese investors will also have a shot at getting in on Crayfish on Friday, when it goes public on the

Tokyo Stock Exchange's

recently launched high-tech



FirstWorld Communications


gained 8, or 47.1%, to 25 in its trading debut.

Lehman Brothers

priced 10 million shares at $17 last night, the top of the estimated $15 to $17 range. The company provides network-based Internet, data and communications services.

Credit Suisse First Boston

priced a 4.5 million-share IPO for



at $10 a share. The stock jumped 5 3/4, or 57.5%, to 15 3/4.

Be Free


slid 12 3/4, or 13.1%, to 84 1/4 after it said it filed for a 4.5 million-share secondary offering.

Mechanical Technology


gained 4, or 6.1%, to 69 3/4 after it set a 3-for-1 stock split.



rose 1 13/16 to 72 7/16 after it priced a 2.45 million-share secondary offering at $68.25 a share.

Payless Shoesource


jumped 6 5/8, or 15.9%, to 48 3/8 after it said it would self-tender up to 25% of its 29.6 million outstanding shares. Payless said it would buy 7.5 million shares through the offering, which has a set price range between $48 and $53 a share. Separately, Payless said it upped its fiscal 2000 growth estimate to 20% from 15%.

TCF Financial


slipped 7/16 to 18 5/8 after it said it will buy back 4.1 million, or 5%, of its shares.