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.
Merger mania gripped the Internet sector, sending shares of acquisition targets flying, while some suitors got roughed up a bit.
flew 39 1/8, or 28.6%, to 183 5/16 after
agreed to buy it in a $4.2 billion stock deal. Kana shed 23 7/8, or 9.2%, to 240 1/2.
fared relatively better, losing 8 1/2 to 228 5/8 after it said it entered a $2.8 billion stock deal to acquire
. Shares of InterVu popped 8 5/8, or 7.4%, to 129 3/8. The deal, which values InterVu at $140 a share, calls for Akamai to issue 9.3 million shares for all outstanding shares of InterVu.
For today, at least,
$2.95 billion acquisition of
wasn't producing any winners. Lucent lost 3/8 to 56 5/8, while Ortel fell 10 7/16, or 5.9%, to 168 1/16.
Mergers, acquisitions and joint ventures
, a joint venture between
, said it made a pact with
to test and develop Internet-compatible mobile services. AOL lost 3/16 to 57 5/8, Ericsson inched up 1/16 to 85 3/4 and Nokia rose 5/8 to 192 5/8. AOL Europe also said it would test its WAP gateway for Web-compatible cell phones and SMS messaging and Mail by Phone services with
. Wit SoundView initiated coverage of Nokia with a buy rating and a long-term price target of 220.
inched up 1/16 to 23 1/16 after it agreed to buy France's
, a distributor of high-tech components and systems, for an undisclosed sum.
lost 3/4 to 42 1/4 after it said it is in the final stages of negotiations to acquire
Arisco Products Alimenticios
, the large, privately-held Brazilian food company, in a deal worth about $752 million including assumed debt.
slipped 5/8 to 25 3/8 after it won a legal victory in its proposed $500 million hostile takeover of rival
. Shorewood rose 2 1/16, or 12.9%, to 18. The decision paves the way for Chesapeake to pursue its tender offer, currently set to expire at the end of this month, for a majority of Shorewood's shares.
fell 11/16 to 19 5/16 after it said it would buy
in a $2.44 billion stock deal. Inprise/Borland rose 5/16 to 13 1/4. The terms call for Inprise shareholders to gain 44% control of Corel.
rose 1/16 to 22 3/4 after saying it and
will set up a joint venture to launch E*Trade in South Korea.
inched up 1/4 to 84 1/4 after it said it entered a three-year deal with
National Discount Brokers
, which would make NBD.com Go2Net's exclusive brokerage service. National Discount Brokers rose 3 7/8, or 16.3%, to 27 11/16. According to the terms, Go2Net, along with Vulcan Ventures, would invest $30 million in National Discount Brokers for the purchase of 1 million shares of National Discount Brokers. Go2Net said it would also get $7.5 million from NBD.com during the deal and its chairman and CEO Russell Horowitz would take a seat on the National Discount Brokers board.
rose 1 to 40 after it agreed to a 50/50 joint chemicals venture with
, which would have combined assets of more than $6 billion. Chevron inched up 1/2 to 79 1/16.
Dresdner Kleinwort Benson
upgraded Phillips to add from hold.
gained 15/16 to 36 11/16 after it said it would acquire
for $90 billion. Warner-Lambert gained 2 9/16 to 97 1/8. Warner-Lambert's board is expected today to favor the deal, which would form the largest U.S. pharmaceutical company. The latest agreement does not carry a break-up fee or a collar to lock in a price range for Warner Lambert in case of a sharp price swinging in Pfizer. The agreement axed
American Home Products'
initial plans, announced in November, for a $58 billion merger with Warner-Lambert. American Home, which will collect a $1.8 billion break-up fee, closed up 2 15/16, or 6.5%, to 48 7/16.
The Pfizer and Warner-Lambert union calls for Pfizer to pay 2.75 shares for every share of Warner-Lambert at 98.31 a share. According to sources, Warner-Lambert could receive up to nine of the 15 seats on Pfizer's board.
Donaldson Lufkin & Jenrette
raised Pfizer to market performance from underperformance and cut Warner-Lambert to market performance from buy. Separately, Merrill Lynch upgraded Pfizer to near-term buy from accumulate.
For more on this merger, take a look at the
story written by
Polo Ralph Lauren
gained 2 1/8, or 15%, to 16 1/4 after it said it entered a 30-year joint venture with
and its two affiliates
Ralph Lauren Media
. The venture would sell Polo American products through broadcast, cable, print and the Web. GE inched up 1/8 to 141 11/16 and NBC Internet lost 5/8 to 73 7/8.
lost 3/8 to 35 1/2 after it said it bought a 12% stake in
, a Hong Kong Web company which operates financial and investment information sites.
, a unit of General Electric, is also a major investor, Reader's Digest said.
climbed 3 5/8, or 10.4%, to 38 15/16 after it said it will receive $250 million in financing from investment firm
Hicks Muse Tate & Furst
and will use the funds to expand its network in the U.S. and increase its customer base.
dropped 12 5/8, or 19.9%, to 50 5/16 after it said it has agreed to buy
in a stock deal valued at $415 million.
Earnings/revenue reports and previews
slipped 3/4, or 8.3%, to 8 1/4 after it reported fourth-quarter earnings of 10 cents a share, in line with both the five-analyst estimate and the year-ago report.
slipped 1/4 to 31 11/16 after it posted fourth-quarter earnings of 71 cents a share, beating the 13-analyst estimate of 66 cents and up from the year-ago 37 cents.
lost 4, or 22.2%, to 14 1/4 after it posted fourth-quarter earnings of 17 cents a share, missing the 11-analyst estimate of 21 cents and down from the year-ago 28 cents. Banc of America cut its rating on Sykes to market perform from a strong buy.
rose 11/16 to 38 7/8 after it reported a fourth-quarter loss of 16 cents a share, narrower than both the six-analyst estimate of a 26-cent loss and the year-ago 20-cent loss.
Offerings and stock actions
climbed 11 13/16, or 24.5%, to 59 3/4 after it said it agreed to sell 1.8 million shares at 42 a share through a private placement offering.
Deutsche Banc Alex. Brown
raised its price target on the stock to 83 from 44.
rose 3/16 to 8 after it set a 3.8 million-share repurchasing program.
Group 1 Software
gained 1, or 5.3%, to 23 5/8 after it set a 3-for-2 stock split.
was unchanged at 13 after it set a share-repurchasing program of up to 4 million shares.
Donaldson Lufkin & Jenrette cut its rating on the steel industry to market perform from outperform. DLJ cut
USX-U.S. Steel Group
to market perform from buy.
Shares of LTV slipped 7/16, or 13.2%, to 2 1/8 and Metals USA stumbled 5/16 to 8 1/16, while U.S. Steel Group slid 7/16 to 23 7/8.
Deutsche Banc Alex. Brown raised its rating on
to strong buy from buy.
Credit Suisse First Boston
reinstated coverage of
Applied Micro Circuits
as a strong buy and set a price target of 240. Shares of Applied Micro Circuits soared 25 1/8, or 13.5%, to 213 9/16.
Salomon Smith Barney
initiated coverage of
Avis Rent A Car
with a buy rating and a price target of 29. Shares of Avis Rent A Car declined 5/16 to 21 1/4.
First Boston raised its six-month price target on
to 46. Shares of Autodesk popped 3 7/8, or 11.8%, to 36 9/16.
downgraded the rating of
to market performer from buy. Basin Exploration skidded 2 15/16, or 27.1%, to 9 1/16.
First Boston analyst Wendell Laidley said he is concerned about the implications of Karen Willem's resignation as CFO of
given her active operational role within the senior management team, although the business remains solid. Shares of Brio Technology retreated 5 13/16, or 16.6%, to 29 1/2.
Wit SoundView analyst Truc Do upgraded
to strong buy from buy and raised his long-term price target to 160 from 120. Cisco Systems lifted 3 15/16 to 125 3/16.
Warburg Dillon Read
upped its rating on
to buy from hold. Shares of Covance shot up 1 1/16, or 7%, to 16 1/4.
Banc of America upped its rating on
to strong buy from buy. Digital Insight bounced up 9 1/2, or 19.6%, to 57 7/8.
Morgan Stanley Dean Witter
raised its rating on
to outperform from neutral and set a price target of 50. FileNet hopped 2 3/8, or 8%, to 32 1/16.
J.P. Morgan downgraded the rating of
to market perform from buy. Hartford Financial shed 1 15/16 to 39 15/16
Banc of America raised its rating on
to strong buy from buy. Shares of Manugistics added 1 7/16 to 56 3/8.
Salomon Smith Barney analyst Jack Grubman reiterated his buy rating on
. Shares of MCI WorldComm climbed 3 3/8, or 7.6%, to 47 7/8.
Salomon Smith Barney upped
rating to buy and set a price target of 170. Shares of MedImmune tacked on 12 5/8, or 9.7%, to 142 1/16.
raised its rating on
to near-term buy from near-term accumulate, saying its intermediate-term range for its shares is 42. Shares of Noble Drilling bounced 1 3/8 to 31 15/16.
Merrill Lynch upped its intermediate-term rating on
to buy from neutral. Shares of Praxair added 5/8 to 42.
Deutsche Banc Alex. Brown reinstated coverage of
with a buy rating. Shares of SpectraSite Holdings shed 1 3/16, or 5.6%, to 20 1/8.
said that it upped its fiscal 2000 EPS estimate on
to $7.20 per ADR from $6.33 and its 2001 estimate to $7.91 per ADR from $6.90, while reiterating its hold rating. Shares of Telmex leaped 5, or 7.7%, to 69 5/8.
First Boston upgraded
to buy from hold. Shares of Toll Brothers lifted 1/4 to 17 1/16.
J.P. Morgan cut the rating for
to market perform from buy. Shares of Travelers Property slid 1 5/8 to 33 5/16.
Wit SoundView rolled out coverage of
with a strong buy rating and a long-term price target of 55. Shares of Uniroyal Technology mounted 5, or 13.8%, to 41.
edged up 3/16 to 14 9/16 after it said it has tapped Larry Washow to replace the retiring John Hughes as the company's CEO. AMCOL said Washow would take over the position in May 2000.
skidded 1 3/16, or 8.3%, to 14 15/16 after it said it tapped its president, Doron Cohen, as its new CEO.
declined 1 1/2 to 114 1/8 after it said it will introduce a new brand of personal computer devices designed for Web access in the second quarter, as part of a plan to regain momentum in its PC business and return to profitability.
United Parcel Service
slid 7/16 to 55 15/16 after it said it has formed a new division, UPS e-ventures, to identify and develop new businesses related to supply chain management and e-commerce.
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