Earnings reports dominated a fair share of market action today.
jumped 36 5/16, or 14.2%, to a record 292 5/16 after it posted fourth-quarter earnings of 25 cents a share, ahead of the 11-analyst estimate of 23 cents and the year-ago 11 cents.
looked robust, gaining 3 15/16, or 7.3%, to 57 7/8 following its fourth-quarter earnings report. The company posted earnings of 88 cents, ahead of the 21-analyst estimate of 83 cents, and up from the year-ago 67 cents.
On the flipside,
were looking a bit ill, falling 10 1/16, or 39.2%, to 15 5/8 after the company posted 24% drop in fourth-quarter profits last night. Negative research compounded the slide.
Donaldson Lufkin & Jenrette
Morgan Stanley Dean Witter
all downgraded the stock.
A number of IPOs turned in solid debut performances as well (see table below).
Mergers, acquisitions and joint ventures
Bank of Scotland
CEO Peter Burt told employees that the bank lost in its offer for
National Westminster Bank
Royal Bank of Scotland
is expected to prevail as the winner in the takeover battle for NatWest. NatWest ADRs dropped 6 3/4, or 5.9%, to 108.
lost 2 11/16 to 117 13/16 after it said it has agreed to buy
for $407 million in stock. uBid popped 3 11/32, or 12.5%, to 30 1/32. The deal calls for CMGI to issue 0.2628 of its share for each uBid share.
slipped 7/16 to 36 3/8 after it said it will acquire privately held
to complement its wiring device product line.
lost 3/4 to 51 3/16 and
gained 1 5/16 to 42 1/4 after the companies said they will form a joint pipeline project in Florida.
gained 7/16 to 21 15/16 after it said it entered a $260 million deal to acquire
. The transaction calls for Equifax to buy the Direct Marketing, Data Information Services/Polk Verity, Compusearch/Prospects Unlimited of Polk Canada and Polk City Directory units of R.L. Polk.
lost 1 1/4, or 8.4%, to 13 9/16 after it said it entered a $775 million cash deal to acquire
. Ingersoll-Rand lost 2 9/16, or 6%, to 40 3/16. According to Flowserve, the purchase would either not affect or be slightly dilutive to fiscal 2000 earnings, before contributing to the following year's report.
climbed 13/16 to 42 3/8 after it said that it entered a deal with Canada-based
to broaden its optical network.
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.
slipped 3/4 to 36 15/16 after it reported first-quarter pro forma earnings after yesterday's close of 25 cents a share, before the retained interest in its Internet portal
. The result edged out the 16-analyst estimate of 20 cents a share, and the year-ago pro forma 23 cents.
said he does not see Disney becoming an Internet/entertainment company like
, saying Disney is already large enough and has strong enough content.
posted a narrower-than-expected pro forma loss of 30 cents a share, compared with the two-analyst estimate of a loss of 47 cents. The year-ago loss was 12 cents a share. Go.com lost 1 to 27.
For more details on Go.com's
earnings, see coverage from
rose 1 11/16 to 49 13/16 after it posted fourth-quarter earnings of 42 cents a share, a penny ahead of the 24-analyst estimate and above the year-ago 15 cents. The company denied it made any concessions to European regulators regarding its planned acquisition of
. MCI also said it remains comfortable with analysts' 2000 earnings estimates and expects its annual revenues to increase 13.5%.
In other earnings news:
Offerings and stock actions
popped 16 5/8, or 28.7%, to 74 5/8 after it set a 2-for-1 stock split.
inched up 1/16 to 20 3/8 after it said it set a 1 million-share repurchasing program.
added 1/2, or 5.9%, to 8 15/16 after it said it authorized a 2 million-share buyback plan.
gained 1 to 53 1/2 after it announced a 3-for-2 stock split.
lost 1 5/8 to 86 after it said it would file with the
Securities and Exchange Commission
for a 5 million-share secondary offering.
slipped 1/8 to 151 3/8 after it set a 2-for-1 stock spilt.
rose 1 1/16, or 5.9%, to 19 1/16 after saying it will buy back up to 5 million of its shares.
downgraded its rating on
to market perform from long-term buy. It also lowered its 2000 earnings estimate for the company to $2.55 from $2.80 per share. Shares of Allstate edged up 9/16 to 20 1/2.
As noted above, the firm also downgraded UnumProvident to market perform from buy. DLJ downgraded the stock to buy from top pick and Morgan Stanley Dean Witter axed UnumProvident's rating to outperform from strong buy.
launched coverage of
Shares of Activism declined 1/2 to 14 7/16 and Electronic Arts were popping 5 3/4, or 7.1%, to 86, while Midway Games shed 1/8 to 15 7/16. Take-Two slid 7/16 to 14 1/8 and THQ retreated 5/8 to 18 1/4.
raised its price target on
to 115 from 110, while lifting its 2000 earnings estimates to $6.35 from $6.15 a share. Shares of Chase edged up 1/4 to 83 1/8.
price target to 37 from 30.
target was lifted to 65 from 60. Shares of News Corp. lifted 5/16 to 58 5/16.
raised its price target on
to 100 from 34. Shares of Globix shot up 5 1/8, or 13.5%, to 42 7/8.
sliced its fiscal 2000 earnings estimates on
to 3 cents from 32 cents a share. Shares of IDX Systems lost 7 7/8, or 18.3%, to 36 1/2.
started coverage of
with a buy rating and a price target of 100. Shares of NBCi skidded 1/4 to 70 1/2.
to near-term accumulate from neutral. Shares of Parker Hannifin slipped 7/8 to 37 13/16.
Warburg Dillon Read
initiated coverage of
with a hold rating and a price target of 42. The firm also launched coverage on
at a buy with a price target of 25. Shares of Phillips Petroleum fell 1/8 to 38 and Occidental Petroleum shed 1/16 to 18 15/16.
Credit Suisse First Boston
to strong buy from buy and set a low-60's price target. Shares of C.H. Robinson finished the day at 47 3/16.
ING Barings launched coverage of
at a strong buy with a price target of 18. Shares of 3DO added 5/8, or 6.4%, to 10 9/16.
Goldman Sachs upgraded
to trading buy from market outperform. Shares of Temple-Inland bounced 2 1/8 to 54 3/4.
analyst Peter Mirsky started coverage of magazine publisher
with a strong buy rating and a 12- to 18-month price target of 66 to 72. Shares of TV Guide lost 2 1/4, or 5.8%, to 39 1/4.
Warburg Dillon Read downgraded
to hold from strong buy on valuation, the firm said. Shares of United Payors finished the day at 25 7/8.
Morgan Stanley Dean Witter resumed coverage of
as a strong buy. Shares of Vodafone tacked on 3 1/4, or 6.1%, to 56.
ING Barings initiated coverage of
with an outperform rating. Shares of Watson Electronics slipped 1/16 to 42 3/8.
said rumors that CEO
is sick are "100% false," according to
. It also said it had no plans for a stock buyback.
The statement, which was unusual for the quiet company, apparently was spurred by comments on message boards over the past couple of days that Buffett was seriously ill.
said that it would conduct further probes involving
, in addition to its investigation of Windows 2000 antitrust issues. Shares of Microsoft moved up 1 3/4 to 106.
said it launched a fare sale with price reductions of up to 40%. Shares of United Airlines skidded 1 3/16 to 51 5/16.