Procter & Gamble's (PG) - Get Report dropped 9 5/16, or 8.3%, to 103 1/4 after The Wall Street Journal reported that its board intends to meet by phone to discuss the possibility of acquiring Warner-Lambert (WLA) and American Home Products (AHP) , citing people familiar with the situation. Warner-Lambert lost 1 3/4 to 92 and American Home Products gained 1 7/8 to 48.

For more on this

story, check out the coverage provided by

TheStreet.com/NYTimes.com's

joint newsroom.

Microsoft

(MSFT) - Get Report

fell 2 3/16 to 103 3/4 after it said it will invest $100 million in

VerticalNet

(VERT)

as part of a marketing and distribution deal. VerticalNet soared 56 7/16, or 29.2%, to 252 1/16.

For more on this

story, check out the coverage provided by

TheStreet.com/NYTimes.com's

joint newsroom.

Mergers, acquisitions and joint ventures

Corel

(CORL)

climbed 3 , or 15.7%, to 22 1/8 after it announced a multimillion-dollar deal with the

Department of Justice

. Corel will supply software for more than 55,000 staff in a three-year agreement, but did not disclose the value of the deal.

Dassault Systems

(DASTY)

added 2 to 67 1/4 after it said it signed a deal for

Boeing

(BA) - Get Report

to use some of its software products as the core of a set of engineering computing standards. Shares of Boeing fell 13/16 to 45 11/16.

FrontLine Capital Group

(RSII)

added 5/8 to 58 7/8 after it said it plans to buy

CarrAmerica Realty's

(CRE)

executive office suites affiliate for $380 million in cash. Shares of CarrAmerica rose 11/16 to 22 1/8.

Philip Morris

(MO) - Get Report

gained 2.5% to 22 after its Kraft Foods unit said it would buy nutrition-bar maker

Balance Bar

(BBAR) - Get Report

for $268 million. Balance Bar bounced up 5 5/16, or 38.5%, to a record 19 1/8.

For more on this

story, check out the coverage provided by

TheStreet.com/NYTimes.com's

joint newsroom.

Earnings/revenue reports and previews

(

Earnings estimates from First Call; new highs and lows on a closing basis unless otherwise specified. Earnings reported on a diluted basis unless otherwise specified.

)

Air Products and Chemicals

(APD) - Get Report

fell 15/16 to 28 15/16 after it posted first-quarter earnings of 56 cents a share, beating the nine-analyst estimate of 51 cents and the year-ago 55 cents.

Ball

(BLL) - Get Report

lost 15/16 to 41 after it posted fourth-quarter earnings of 59 cents a share, beating the nine-analyst estimate of 54 cents. The year-ago loss of 61 cents includes charges.

Caterpillar

(CAT) - Get Report

inched up 1/4 to 47 3/8 after it reported fourth-quarter earnings of 67 cents a share, beating the 21-analyst estimate of 64 cents.

For more on Cat's

cash flow, check out the coverage provided by

TheStreet.com/NYTimes.com's

joint newsroom.

Constellation Energy

(CEG)

gained 5/8 to 29 after it reported fourth-quarter operating earnings of 33 cents a share excluding a charge, beating the 11-analyst estimate of 22 cents and the year-ago earnings of 9 cents.

FPL Group

(FPL) - Get Report

rose 1 1/8 to 44 after it reported fourth-quarter earnings of 57 cents a share, in line with the 19-analyst estimate and up from the year-ago 54 cents.

W.R. Grace

(GRA) - Get Report

gained 3/8 to 12 3/8 after it said it expects fourth-quarter earnings to be between 60 cents and 66 cents a share, well above the five-analyst estimate of 40 cents. Grace said earnings were aided by an increase in sales and productivity.

Pulte

(PHM) - Get Report

rose 1/4 to 18 3/8 after it reported fourth-quarter earnings of $1.60 a share, flying past the 10-analyst estimate of $1.22 and the year-ago 87 cents.

Lucent

(LU)

rose 1/4 to 52 3/4 after it reported first-quarter earnings of 36 cents a share last night, missing the 27-analyst estimate by a penny and down from the year-ago 48-cent profit. Earlier this month, the company cautioned investors that its first-quarter profits could fall as much as 25% as a result of purchasing delays and manufacturing problems, which the company expects to have resolved by the end of the second quarter.

In reaction to the profit warning, analysts scaled back their consensus estimate to 37 cents a share from 54 cents. Today,

Credit Suisse First Boston

cut 2000 earnings estimates on the stock to $1.25 from $1.35 a share.

Sun Microsystems

(SUNW) - Get Report

fell 2 3/16 to 84 7/16 after last night posted second-quarter earnings of 21 cents a share, beating the 21-analyst estimate of 20 cents a share and the year-ago report of 16 cents a share. The company attributed its 30% increase in net income to the robust demand for its workgroup and high-end servers.

CSFB upped its 2000 earnings view on Sun to 90 cents from 89 cents.

PaineWebber

upped its rating on Sun Micro to attractive from neutral and boosted its price target and

Lehman Brothers

raised its price target to 105 and reiterated its buy rating.

Tribune

(TRB)

tacked on 1/2 to 49 1/16 after it reported fourth-quarter earnings of 43 cents a share, in line with the 15-analyst estimate and up from the year-ago 36 cents.

Offerings and stock actions

Broadbase Software

(BBSW)

jumped 8 1/8, or 9.8%, to 92 1/2 said it filed with the

Securities and Exchange Commission

to offer up to 3 million shares of the company's common stock.

Kerr-McGee

(KMG)

lost 1 1/8 to 63 15/16 said it will offer 9 million common shares.

Pet.com's

(IPET)

IPO was set at 7.5 million common shares that may be priced between $9 and $11 a share.

Merrill Lynch

is slated to serve as the deal's lead underwriter.

Smithfield Foods

(SFD)

said it added 1 million shares to its current stock repurchasing program.

Vitria Technology

(VITR)

said it intends to file to sell about 4 million common shares.

Analyst actions

Morgan Stanley Dean Witter

raised its rating on

Acme Communications

(ACME)

to outperform from neutral. Shares of Acme Communications popped 1 1/2, or 5.4%, to 29 1/8.

CSFB started coverage of

Allergan

(AGN) - Get Report

as a strong buy and set a price target of 67. Shares of Allergan edged up 2 5/16 to 52 15/16.

U.S. Bancorp Piper Jaffray

cut its 2000 estimates on shares of

AmeriTrade Holding

(AMTD) - Get Report

to a loss of 24 cents from a loss of 9 cents, due to the success of its interactive financial services division, OnMoney. Shares of AmeriTrade Holding slid 1 3/16, or 6.3%, to 17 5/8.

PaineWebber

upped its rating on

Andrew

(ANDW)

to buy from neutral. Shares of Andrew shed 1 to 23 7/8.

Deutsche Banc Alex. Brown

cut its rating on

Artesyn Technologies

(ATSN)

to market perform from buy. Shares of Artesyn Technologies bounced 15/16, or 5.8%, to 17 1/16.

Morgan Stanley Dean Witter

raised

BellSouth's

(BLS)

rating to outperform from neutral and

SBC Communications

(SBC)

to strong buy from outperform. Shares of BellSouth climbed 1 1/4 to 46 3/4 and SBC Communications lifted 1 7/8 to 42 7/8.

First Boston upped its price target on

Carrier Access

(CACS)

to 85 from 65. Shares of Carrier Access advanced 2 7/16 to 67 1/2.

CSFB boosted

Chartered Semiconductor's

(CHRT)

2000 earnings estimate to 84 cents from 71 cents. Shares of Chartered Semiconductor rose 9 13/16, or 11.8%, to 92 3/4.

Warburg Dillon Read

started coverage of

Detroit Diesel

(DDC)

with a hold rating and a price target of 23. Shares of Detroit Diessel lost 5/16 to 17 11/16.

Merrill Lynch

upgraded

EDS

(EDS)

to near-term buy from near-term accumulate. Shares of EDS advanced 2 9/16 to 70 15/16.

Merrill Lynch

upped its intermediate-term rating on

Enron

(ENE)

to buy from accumulate. Shares of Enron mounted 4 1/4, or 6.3%, to 71 5/8.

First Boston upped its 2001 earnings estimate on

Flextronics

(FLEX) - Get Report

to $1.47 from $1.30. Shares of Flextronics tacked on 8 3/8, or 18%, to 54 7/8.

Goldman Sachs

cut its rating on

Fortune Brands

(FO)

to market perform from market outperform. Shares of Fortune Brands skidded 1 1/4 to 30 7/8.

U.S. Bancorp Piper Jaffray

sliced its rating on

Horizon Organic

(HCOW)

to neutral from buy, after the company issued a profit warning yesterday. Shares of Horizon Organic declined 1 7/8, or 18.8%, to 8 1/4.

Lehman Brothers

upped its price target on

IDEC Pharmaceuticals

(IDPH)

to 136 from 117. Shares of IDEC shot up 25 1/8, or 20.5%, to 147 3/4.

Lehman also raised its price target on

Infonet Services

(IN)

to 37 from 32. Shares of Infonet lifted 1 15/16, or 6.4%, to 31 13/16.

Bear Stearns

raised

Inktomi's

(INKT)

2000 earnings view to breakeven from a loss of 6 cents. Shares of Inktomi bounced 11 7/8, or 11.8%, to 112 9/16.

Morgan Stanley Dean Witter

rolled out coverage of

Jones Lang LaSalle

(JLL) - Get Report

with an outperform rating. Shares of Jones Lang LaSalle moved 4 15/16, or 49%, to 15.

First Boston raised its price target on

Lattice Semiconductor

(LSCC) - Get Report

to 75 from 65. Shares of fell 13/16 to 59 1/8.

First Boston started coverage of

Mid Atlantic Medical Services

(MME)

with a hold rating.

CIBC

raised its rating on

Mirage Resorts

(MIR)

to buy from hold. Shares of Mid Atlantic Medical shed 1/16 to 10.

Donaldson Lufkin & Jenrette

sliced its rating on

Robert Mondavi

(MOND)

to market perform from buy. Shares of Robert Mondavi declined 4 13/16, or 10.2%, to 36 3/4.

First Boston raised its price target on

NetIQ

(NTIQ)

to 93 from 41. NetIQ shares skidded 1 7/8 to 69 5/8.

First Albany

cut

Pervasive Software

(PVSW)

to neutral from buy. Shares of Pervasive Software retreated 3 1/16, or 20.3%, to 12.

First Boston raised its 2000 earnings estimates on

PMC-Sierra

(PMCS)

to $1.50 from $1.30. Shares of PMC-Sierra soared 16 13/16, or 9.6%, to 1991 1/4.

Rouge

(ROU)

said it is not in merger talks with any Brazilian company and knows of no other reason for its stock gain. The company said it would take a $2.5 million charge for plant repairs. Shares of Rouge climbed 11/16, or 9.4%, to 7 15/16.

Lazard Freres

said analyst Mark Picard raised his investment rating on

Sears

(S) - Get Report

to outperform from hold and set a 12-month price target of 43. Shares of Sears dwindled 1/16 to 32.

Merrill upped its earnings estimates on

Taiwan Semiconductor

(TSM) - Get Report

to 89 cents a share and upped its price target to 80 from 50. Shares of Taiwan Semiconductor rose 2 to 54 5/8.

Goldman Sachs

raised its rating on

Union Pacific

(UNP) - Get Report

to market outperform from market perform. Shares of Union Pacific added 1 3/4 to 43 3/4.

Warburg Dillon Read

started coverage of

Vital Signs

(VITL)

with a buy rating and set a price target of 32. Shares of Vital Signs gained 11/16 to 25.

J.P. Morgan

reinstated coverage of

Wal-Mart

(WMT) - Get Report

with a long-term buy rating and a price target of 70. Shares of Wal-Mart were slipping 15/16 to 62 7/16.

Miscellany

Eastman Chemical

(EMN) - Get Report

lost 1 3/16 to 43 11/16 after it said it would assume a fourth-quarter, $17 million restructuring charge for its plans to shut down its sorbate production factory, which is expected to close on June 30. Rob Carlstrom, business unit director of organic intermediates, attributed the plant closing to the sorbate product line's poor performance.

Pratt & Whitney

, a division of

United Technologies

, said it would cut its workforce by 1,700 jobs, or 8.5%, by year's end due to a decline in engine deliveries. The latest reduction comes after the company announced its plans to let go 2,000 employees last August. The company said that the layoffs would most affect workers at its Connecticut facility. Shares of United Technologies climbed 1 5/16 to 60 5/8.

The Heard on the Street column in

The Wall Street Journal

takes a look at how so-called dinosaur banks have successfully muscled into the online world, easily taking market share away from a number of Internet-only banks that popped up in the mid-1990s. Shares of

Net Bank

(NTBK)

, one of the largest pure Internet bank plays, have felt the pain, falling 77% from an April peak, the story says. Shares of Net Bank skidded 1 1/4, or 6.5%, to 18.