Separately, Microsoft and
said they would team up to link the Windows operating system to non-Windows systems.
dropped 4 7/8 to 200 and
climbed 1 to 60 5/8 after the companies said AOL's
will be offered on Nokia mobile phones.
Research in Motion
gained 8 13/16, or 6.3%, to 147 3/4 after it said it struck a supply deal with AOL and
for its interactive pagers. Compaq, which said it cut prices on DeskPro PCs by up to 16%, slipped 1/2 to 25 1/2.
Mergers, acquisitions and joint ventures
jumped 4 9/16, or 12.2%, to 42 after it said it had decided to explore strategic alternatives and would allow suitors to look at confidential data. Dexter is the target of a $930 million unsolicited bid from
International Specialty Products
. International Specialty was unchanged at 6 1/16.
Online auctioneering giant
could make a $1.6 billion bid to acquire
Independent on Sunday
reported. Citing unnamed industry sources, the newspaper reported that five-year-old eBay was said to be interested in buying 256-year-old Sotheby's.
U.S. Justice Department
has been investigating price-fixing allegations involving Sotheby's and rival
. Also, the two auction houses face dozens of civil lawsuits accusing them of collusion. Last week, two key execs at Sotheby's resigned. eBay fell 5 3/4 to 145 1/16 and Sotheby's gained 1 13/16, or 9.3%, to 21 5/16.
and telecom operator
said they are forming a joint firm, called
, to deliver mobile Web services to the automotive industry. Ericsson rose 3/8 to 98, Volvo edged down 1/16 to 23 7/16.
said some of its units have agreed to deliver Ericsson phones to customers in Asia and Africa. Brightpoint inched up 3/8 to 12 3/4.
lost 2 9/16, or 16.5%, to 13 after it said it is buying
for $6 billion. Columbia Energy climbed 2 5/16 to 59 3/8.
NiSource will also assume $2.5 billion in Columbia debt. Upon completion of the deal, Columbia and NiSource will become wholly owned divisions of a new holding company. Under terms of the deal, Columbia shareholders may receive $70 a share in cash for each share of Columbia they own, plus $2.60 in a zero coupon debt security with a forward equity contract, called SAILS. Columbia shareholders also have the option to receive, in lieu of cash and SAILS, new holding company stock for up to 30% of outstanding Columbia shares.
Under the common stock option, each Columbia share will be exchanged for $74 a share in new holding company stock, subject to a collar. If the average NiSource share price during the 30 days preceding the closing of the deal is greater than $16.50, Columbia shareholders will receive shares of new holding company stock valued at $74 for each Columbia share. However, if the average NiSource share price during the 30 days prior to closing of the transaction is $16.50 or below, Columbia shareholders will receive 4.4848 shares of new holding company stock for each Columbia share. Columbia closed Friday at 57 11/16, while NiSource closed at 15 9/16.
For more on this
story, check out the coverage from
lost 5 1/2, or 7.5%, to 68 and
slipped 19/32 to 61 21/32 after the companies said they will merge in a stock swap. Mission Critical shareholders will get 0.9413 shares of NetIQ per share.
lost 2 to 68 5/8 after it said it would join with
for an online B2B retail exchange called
. Sears gained 1 7/16, or 5.6%, to 27 5/16.
said they planned to combine their online buying efforts for suppliers in a single Net portal.
Ford and GM said as part of their combo, Ford would swap half of its stake in Oracle's
unit for half of GM's stake in
Salomon Smith Barney
raised its price target on Oracle to 85 from 50.
lost 15/16 to 27 9/16 after it agreed to acquire Kentucky-based
for $3.2 billion. PowerGen is offering $24.85 a share and expects the deal to be complete by early 2001. LG&E gained 6 1/8, or 38.9%, to 21 7/8.
dropped 7 1/2, or 15.5%, to 40 3/4 after saying it is acquiring
in a stock swap valued at $290 million.Mustang.com moved up 3 3/4, or 14.5%, to 29 5/8.
dropped 1 5/8 to 79 1/16 after it and
said they will offer high-speed wireless networks.
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.
rose 2 3/16 to 65 11/16 after it posted fourth-quarter operating profit of $2.4 billion. Adjusted for one-time effects, operating profit was $2.7 billion. Fourth-quarter net income came in at $1.1 billion and on an adjusted basis $1.6 billion. Fourth-quarter revenues totaled $41.7 billion. Separately, DaimlerChrysler said it would seek approval to buyback 10% of its shares.
Offerings and stock actions
added 5 1/4 to 179 1/2 after it set a 2-for-1 stock split.
rose 1 11/16 to 39 after it said it will repurchase up to 2 million shares during the fiscal year ended June.
rose 2 1/4 to 111 3/4 after it approved a 2-for-1 stock split.
shed 10 to 253 after it approved a 2-for-1 stock split.
Credit Suisse First Boston
initiated coverage of
with a buy rating. Alamosa PCS declined 2 3/8, or 8.1%, to 26 5/8.
to near-term accumulate from neutral. Alstom tacked on 1/4 to 22 5/8.
Morgan Stanley Dean Witter
American International Group
to strong buy from outperform. American International Group bounced 3 9/16 to 87 3/16.
to buy from strong buy. Conexant slumped 18 13/16, or 16.2%, to 96 13/16.
started coverage of
as a strong buy and set a price target of 150. Critical Path lifted 4 3/16, or 5.4%, to 81 11/16.
started coverage of
as attractive. Digital Lightwave fell 3 5/16 to 86 7/16.
Merrill Lynch initiated coverage of
with an intermediate-term accumulate rating and a long-term buy rating. Dobson added 3/16 to 21 7/8.
as a buy. Hispanic Broadcasting climbed 2 to 88 1/4.
to strong buy from buy. Informatica rose 12, or 8.3%, to 156.
CSFB reinstated coverage of
with a buy rating. King Pharmaceuticals declined 1 1/2 to 49 1/4.
Morgan Stanley upgraded
to strong buy from outperform. MBNA mounted 1 1/16 to 22 7/16.
started coverage of
at buy. Maxim Pharmaceuticals lifted 1/4 to 72 3/4.
at outperform and set a price target of 150. Quantum Effect sank 16 1/4, or 15.1%, to 91.
to near-term accumulate from buy. Sara Lee added 1/16 to 14 15/16.
to buy from neutral. Schering-Plough stumbled 3/16 to 34 13/16.
Morgan Stanley raised
to outperform from neutral and set a price target of 49. Charles Schwab was unchanged at 37 7/8.
CSFB initiated coverage of
with a strong buy rating. SkillSoft added 1 1/8, or 7.2%, to 16 3/4.
CSFB initiated coverage of
with a buy rating. Telaxis declined 5 13/16, or 7.6%, to 70.
initiated coverage of
with a market outperform rating. Turnstone Systems gained 4 1/2 to 165.
In an unexpected announcement,
, chairman and co-CEO of the financial services powerhouse, has told the board he is retiring effective at the company's annual shareholders meeting on April 18th.
will become chairman and sole CEO of Citigroup, effective at the meeting.
Also, Weill told the board, taking into account his own plans for retirement, he intends to work with a committee of the board on a plan of succession, with the goal of coming up with a successor within two years. Citigroup mounted 1 3/8 to 49 3/8.
slid 1/8 to 14 1/2 after it named Thomas Kilian president and COO.
named Don Hutchinson as CEO of Work.com. Excite@Home declined 5/8 to 33 3/8, while Dow Jones gained 2 to 60 1/8.
is selling its Illinois, Missouri and Ohio newspaper assets.
Midwest Express Airlines'
pilots ratified a five-year contract with the airline, which is based in Milwaukee. The airline is a unit of
Midwest Express Holdings
. Journal Register added 5/8, or 5.2%, to 12 1/2, while Midwest Express Holdings edged up 7/16 to 24 1/2.
Securities and Exchange Commission
has notified 52 companies audited by
that conflicts of interest involving firm employees' personal investments in the companies could affect the integrity of their financial statements
The Wall Street Journal
reported, citing people at the auditing firm. The list of companies notified included
and Compaq. Compaq announced last week it was switching auditors. Lucent Technologies 1 1/16 to 58 3/16.
The Heard on the Street column in the
reported that a top rulemaking panel at the
Financial Accounting Standards Board
is considering whether the rules should be changed to restrict Internet businesses from including the entire value of product sales or services they arrange between suppliers and buyers online in their revenue figures. For many dot-com companies, such revenue is an important part of their financial health at a time when they have no profits to show, according to the story.