A handful of IPO's hit the market today with mixed results. MetLife's (MET) - Get Report 202 million-share offering got a lukewarm reception, ending the day up marginally from its offering price. The stock rose 3/4, or 5.3%, to 15 after Credit Suisse First Boston priced shares at $14.25 each, within the expected range of $13 to $15.
Meanwhile investors snapped up shares of doughnut maker
which popped 16, or 76.2%, to 37 in its debut.
Deutsche Banc Alex. Brown
priced 3 million shares of at $21 each, above the estimated range of $18 to $20.
For more on how these IPOs
fared today, see coverage from
joint newsroom. And see the
Offerings and stock actions
section below for more IPO results.
was a big gainer on the Big Board, moving 16 3/16, or 14.1%, to 131 after
raised the stock to strong buy from buy and set a year-end price target of 200.
Mergers, acquisitions and joint ventures
combining their U.S. wireless operations, creating the second-largest wireless carrier in the country. The largest wireless company in the U.S. is
, the joint venture between
. BellSouth and SBC said the new wireless operation will serve 16.2 million subscribers and be able to reach 175 million potential customers from coast to coast. SBC will own 60% of the new company, while BellSouth will own 40%. The companies said the operation will have $10.2 billion in revenue. BellSouth gained 1/2 to 49 3/8 while SBC inched up 5/16 to 46 5/16.
American Home Products
lost 2 9/16 to 52 15/16 and Ireland's
gained 1 5/8 to 48 1/2 after the companies said they have formed a research alliance to develop a vaccine that may be used to treat mild to moderate Alzheimer's disease and perhaps to prevent the onset of the disease.
announced they plan to invest $2 billion over three years to deliver seamless, global e-commerce services via a network of 44 Internet data centers in 16 countries. Concert is a $7 billion AT&T and BT telecommunications venture. AT&T lost 1 5/8 to 54 7/8, while British Telecommunications added 5/16 to 180 1/16.
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, a manufacturer and marketer of optical networking systems, announced a pact with
, a high-speed Internet access provider. CIENA dropped 3 to 99 1/8, while PSI Net lost 2 3/8, or 7.5%, to 29 1/4. The three-year agreement calls for CIENA to supply optical networking solutions for PSINet's global backbone network.
management board has decided unanimously to scrap its merger with
. According to
, the announcement came after speculation that the two banks were ready to abandon the merger, announced last month, over a dispute about the fate of Dresdner's
investment banking unit. The union would have created the world's largest bank.
declined to comment on rumors that it would launch a bid for Dresdner. Citigroup slipped 7/16 to 58 9/16.
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story, see coverage from
, a drug company focused on cancer treatment, gained 2 7/8, or 6.7%, to 46 after it announced that it has acquired exclusive sales and marketing rights to a cancer vaccine developed by
in exchange for a $20 million equity investment in AVI BioPharma. AVI BioPharma added 11/16, or 5.8%, to 12 9/16.
Earnings/revenue reports and previews
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.
Advanced Micro Devices
climbed 7 3/8, or 12.1%, to 68 1/2 after it said it expects to report record sales of more than $1 billion in the quarter ended Sunday. AMD reported record sales of $968.7 million in the previous quarter.
raised its intermediate-rating on AMD to accumulate from neutral and its long-term rating to buy from neutral.
fell 4 3/4, or 9.1%, to 47 5/8 after it scaled its long-term growth target back to 15% from its initial 15% to 20% projected range. The company will take a $400 million charge in the first quarter related to its operations in India. But CFO Gary Fayard also pointed out that the company had lowered its estimate of a pretax restructuring to be taken later this year, to $725 million from an earlier estimate of $800 million.
Coke is also reducing the estimated number of jobs it will cut in its restructuring, to 5,200 from the 6,000 originally forecast in January. The restructuring is expected to be completed by the end of the month. Fayard said worldwide sales volume in the first quarter had grown by 3%.
reiterated its buy rating on the stock.
lost 7/16 to 57 9/16 after it said it would continue restructuring its performance coating unit with the closure of two of its plants and a workforce reduction of 900 jobs. The company said along with closing two of its plants in Germany and Great Britain, it would scale back operations at other European facilities. DuPont said that it would assume a second-quarter restructuring charge for the changes, which will save the company roughly $80 million before taxes.
Gabelli Asset Management
gained 5/8 to 17 1/2 after saying it expects to post first-quarter earnings of at least 44 cents a share, beating the two-analyst estimate of 40 cents a share.
gained 1 1/16 to 41 after it reported a 1% increase in March
, popped 7 1/4, or 12.5%, to 65 3/16 after it said it would likely post fourth-quarter earnings of 37 cents a share, beating the 11-analyst estimate of 35 cents. The chipmaker said sales could be higher than $140 million, up 36% from the year-ago report.
sailed up 7, or 23%, to 37 1/2 after it announced it foresees record first-quarter earnings of 62-67 cents a share, compared with the year-ago 38 cents. The current 15-analyst estimate calls for Sears to come in at 46 cents. The company also stated that it sees full-year earnings-per-share growth in the low to mid-teens. The retailer's same-store sales for March were up 3.8%.
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gained 1 1/4, or 19.4%, to 7 11/16 after it said it sees a third-quarter loss of 20 cents to 25 cents a share, above the 11-analyst estimate of a 42-cent per-share loss.
Offerings and stock actions
hopped 11 5/8, or 83%, to 25 5/8 in its trading debut. Merrill Lynch priced 4 million-shares midrange at $14 a share. Oratec, based in Menlo Park, Calif., produces medical devices that use controlled thermal energy to treat spine and joint disorders.
gained 7, or 53.9%, to 20 after
priced 4.25 million shares at at $13 each, the low end of the expected $13-to-$15 range. Ulticom, a subsidiary of
, provides networking signaling software for wireless, wireline and Internet communications services. Comverse rose 2 7/16 to 86 1/8.
Banc of America Securities
6.75 million-share IPO at the lower end of the estimate price range at $13.50 a share. The estimated price range was $13 to $15 a share. Vyyo, based in Cupertino, Calif., is a supplier of broadband wireless access systems. Vyyo's bounced 6 3/4, or 50%, to 20 1/4.
Kaneb Pipeline Partners
Suburban Propane Partners
: STARTED as outperform;
: STARTED as a buy at
. Buckeye Partners stumbled 3/16 to 25 1/4 and Kaneb Pipeline Partners added 9/16 to 25 7/16, while Suburban Propane Partners climbed 5/16 to 19 3/8. Teppco Partners declined 1/4 to 21 5/8.
: UP to outperform from neutral at Salomon Smith Barney; first-quarter estimates UP to 40 cents a share from 22 cents and fiscal 2000 estimate UP to $4.20 from $3.46 a share. AMR mounted 1 7/8, or 5.7%, to 34 5/16.
: UP to outperform from neutral; price target of 46 at
Morgan Stanley Dean Witter
. Aspect Medical edged up 5 5/8, or 17.5%, to 37 3/4.
: NEW outperform at
. Bioshield Technologies shed 7/8 to 23 3/4.
: DOWN to attractive from buy at PaineWebber. Bristol-Myers skidded 1 9/16 to 64 7/16.
: NEW buy at
Warburg Dillon Read
; price target of 36. Dentsply International added 1/16 to 27 1/2.
: NEW strong buy at
; price target: 50. eBenX slid 5/16 to 24 5/16.
: UP to trading buy from market outperformer at
. Freemarkets sank 27 11/16, or 21.5%, to 101 and Calico Commerce advanced 2 9/16, or 9.2%, to 30 3/16.
: UP to buy from market performance at
Donaldson Lufkin & Jenrette
. i2 Technology gained 10 9/16, or 11.1%, to 105.
: NEW buy rating at Credit Suisse First Boston; price target: 55. NEW buy at
; price target: 50. OTG Software skidded 3 1/8, or 8.8%, to 32 3/8.
: 2000 EPS view UP to $3.74 and 2001 EPS view to $4.29 at
Salomon Smith Barney
. Philip Morris gained 3/16 to 22 3/8.
TTI Team Telecom
: STARTED as a strong buy with a 41 price target at
. TTI Team Telecom stumbled 2 5/8, or 8.8%, to 27.
: NEW strong buy at Warburg Dillon Read; 12-month price target: 89. Visible Genetics climbed 3/8 to 33.
: UP to outperform from buy with a 48 price target at ABN Amro. Western Wireless jumped 5 3/4, or 14.6%, to 45.
The judge who presided over
antitrust case has set a remedies hearing for May 24. Judge Thomas Penfield Jackson handed down his decision on Monday, saying that the software giant infringed on U.S. antitrust laws by creating a monopoly over the operating system for PCs. Jackson said that the
and 19 states that filed the proceedings against Microsoft could file separate briefs no later than April 28 if they can't come to an agreement on the remedies. Microsoft skidded 2 3/16 to 86 3/8.
lost 13/32 to 53 29/32 after it unveiled its new line of PowerApp appliance servers for web site management such as directing traffic flow. Dell also said it formed an e-commerce pact with
edged up 7/16 to 46 9/16 after it said it has "Web-enabled" its Postage By Phone System. The new service, dubbed PostageByPhone.com, will allow Pitney Bowes customers to reset their postage meters online.