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British Telecommunicationsundefined shed 37 1/4, or 19.2%, to 156 1/2 after it reported third-quarter earnings of $1.29 per ADR excluding charges, down from $1.51 a year ago. The single-analyst estimate according to First Call/Thomson Financial was for $1.45. The company said it would slash about 10% of manager jobs, or about 3,000 people over the next six to nine months. Merrill Lynch cut its rating on the stock to accumulate from buy.

Time Warner


jumped 7 9/16, or 9.7%, to 85 1/2 after it reported fourth-quarter earnings of 20 cents a share, well above the 12-analyst estimate of 16 cents and the year-ago 11 cents a share.

Mergers, acquisitions and joint ventures



slipped 1/16 to 45 after it joined forces with Malaysia's

Star Cruises

for a joint cross-marketing deal which mirrors some airline alliances. Star told


it is confident of winning control of Norwegian cruise group

NCL Holding


after teaming up with Carnival, its former rival in a bidding war. NCL lost 1 5/16 , or 7.1%, to 17 1/16.

Charles Schwab


fell 1/16 to 35 9/16 after it said it would buy day-trading firm


in a stock deal valued at about $488 million. Schwab will exchange about 13.7 million unregistered shares of its common stock for all outstanding shares, options and equity rights of CyBerCorp.

Schwab also announced it will reduce certain trading commissions by 50%. Online equity commissions for the most active retail customers will drop to $14.95 from $29.95 when more than 60 "qualifying" trades are made in a quarter. Schwab said customers must have $50,000 in household assets at Schwab to qualify for the new pricing.

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gained 2 1/8, or 11.2%, to 21 3/16 after it said

Kohlberg Kravis Roberts

will invest $550 million in the company, which includes a combination of voting preferred stock and warrants. The company said the investment will help accelerate earnings growth.

First Commerce Bancshares


rose 1 1/2 to 34 after it said it will be acquired by

Wells Fargo


in a deal valued at $480 million, or $35.95 a share. Shares of Wells Fargo lost 1 3/16 to 39.



dropped 1 3/16 to 48 5/8 after it announced a deal with



to track vehicles between factories and dealerships. UPS dropped 3 1/8, or 5.1%, to 58 1/4.

General Electric


lost 1 15/16 to 134 1/16 after it said one of its units will supply $4 billion in services to a subsidiary of

Duke Energy


. Duke dipped 1 to 56 9/16.



fell 1 3/8 to 100 1/16 after it said it has agreed to purchase a chip manufacturing plant form

Rockwell International


and put in $1.5 billion into the facility. Intel expects to begin making flash memory at the Colorado Springs, Co. plant by later this year.

Bell Canada's

Sympatico will form a joint venture with



. Shares of Lycos fell 1 5/8 to 72 15/16. Bell Canada, which will own 71% of the joint venture, will pay Lycos for license fees, and Sympatico will access Lycos features.






are moving significantly closer to agreeing to merger terms, the


reported. Pfizer is showing a willingness to slightly sweeten its bid and Warner is apparently relaxing earlier price targets, the story said, citing people familiar with the situation. Pfizer lost 1 1/8 to 35 7/8 while Warner-Lambert edged down 3/4 to 94 7/8

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jumped 5 11/16 to 142 1/16 and



inched up 7/16 to 80 7/16 after the companies said they will develop a wireless appliance system. Ericsson said the new products, based on the Bluetooth communications technology that replaces plugs and cords, will run on Qualcomm's wireless technology.



lost 9/16 to 24 5/16 and



moved down 2 3/16 to 100 13/16 after the companies said they have signed a three-year deal for the development of interactive and online marketing for Unilever's key brands in France, Germany and Britain.

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.




inched up 1/16 to 32 1/2 after it posted fourth-quarter earning of $1.36 a share, in line with the nine-analyst estimate and up from the year-ago $1.35 profit.

Dollar Thrifty Automotive


gained 1/8 to 20 3/16 after it posted fourth-quarter earnings of 28 cents a share, ahead of the six-analyst estimate of 21 cents and the year-ago 14 cents.



added 5/16 to 16 1/4 after it reported fourth-quarter earnings of 39 cents a share, in line with the nine-analyst estimate and above the year-ago 33 cents.



shed 27 3/8, or 20.6%, to 106 despite reporting fourth-quarter earnings of 15 cents a share, in line with the eight-analyst estimate and up from the year-ago 12 cents a share.



rose 5/8 to 24 1/16 after it posted fourth-quarter earnings of 49 cents, well above the three-analyst estimate of 42 cents and the year-ago 47 cents.

L-3 Communications


rose 2 1/4, or 5.5%, to 43 1/4 after it posted fourth-quarter earnings of 68 cents a share, beating the six-analyst estimate of 65 cents and the year-ago 48 cents a share.

Marsh & McLennan


moved down 2 7/8 to 94 11/16 after it reported fourth-quarter earnings of 82 cents a share, in line with the 15-analyst estimate and up from the year-ago 70 cents.

Nabisco Group


slipped 1/8 to 8 7/16 after it posted fourth-quarter earnings of 37 cents a share, in line with the lone-analyst estimate and up from the year-ago 32 cents.

Qwest Communications


gained 13/16 to 42 11/16 after it posted fourth-quarter earnings of 4 cents a share, in line with the 23-analyst estimate and up from year-ago earnings of 1 cent.



lifted 15/16 to 46 after it reported fourth-quarter earnings of 34 cents a share, a penny better than the 24-analyst estimate and up from the year-ago 28 cents.

Times Mirror


fell 1 1/8 to 58 13/16 after it reported fourth-quarter earnings of $1.03 a share, in line with the 12-analyst estimate and up from the year-ago 87 cents.

Tommy Hilfiger


tacked on 1 7/16, or 11.6%, to 13 13/16 after it posted fourth-quarter earnings of 62 cents a share, ahead of the

First Call/Thomson Financial

14-analyst estimate of 59 cents and the year-ago 61 cents.

Offerings and stock actions



said it set a $30 million share repurchasing program. Shares of Keebler slid 5/16 to 22 7/16.

R.J. Reynolds


said it raised its share repurchasing plan up to $100 million. Shares of R.J. Reynolds fell 3/16 to 17.



said it set a 20 million-share repurchasing program. Shares of Sherwin-Williams lost 15/16, or 5%, to 17 1/2.

Credit Suisse First Boston

priced a 4 million-share offering for



at $17 a share. The shares soared 30 1/2, or 179.4%, to 47 1/2.

Analyst actions

Goldman Sachs




to its recommended list from market perform. Shares of Agco shed 1/16 to 11 13/16.

Goldman raised

Airborne Freight


to market outperform from market perform. Shares of Airborne Freight gained 1 1/16, or 5.6%, to 20.

Merrill Lynch




to its focus one list, saying the shares have the potential to rise 28% in the next 12 months. Shares of Cigna hopped 1 7/8 to 73 3/4.

Goldman upped

CNH Global


to its recommended list from market perform. CNH Global edged up 5/16 to 14 1/4.

Goldman upgraded



to its recommended list from market perform. Shares of Deere slipped 1/8 to 42 5/8.

Robertson Stephens

upped its rating on



to buy from long-term attractive. Shares of eToys bounced 2 1/2, or 17.2%, to 17.

Merrill Lynch cut

Integrated Electrical


to near-term neutral from buy. Shares of Integrated Electrical declined 4 1/16, or 47.4%, to 4 1/2.

Credit Suisse First Boston




to strong buy from buy and raised its price target to 227 from 105. Shares of Interwoven hopped 18, or 14.1%, to 145 9/16.

Banc of America

sliced its rating on



to market perform from buy. The company warned investors that its fourth-quarter earning would greatly miss analyst expectations and said it has retained

Morgan Stanley Dean Witter

to advise the company. Shares of Inso dwindled 20 9/16, or 58.3%, to 14 3/4.

Donaldson Lufkin & Jenrette




to top pick from buy. Shares of MedQuist tacked on 1 7/8, or 8.8%, to 23.

CSFB lifted its earnings estimate and price target on




Morgan Stanley Dean Witter

raised Nokia's target and rated the stock a strong buy. Salomon raised Nokia's price target to 245 from 225. Shares of Nokia rose 1/2 to 185.

Salomon Smith Barney

upped its rating on

Pharmacia & Upjohn


to outperform from neutral. Shares of Pharmacia & Upjohn mounted 4 1/4, or 8.7%, to 53 1/16.

Salomon Smith Barney raised its rating on



to outperform from neutral. Shares of Polaroid climbed 3/16 to 25 3/8.

Merrill raised its near-term rating on

Quaker Oats


to buy from accumulate. Shares of Quaker Oats advanced 7/16 to 56 1/2.

Lehman Brothers

analyst James Barlage raised his price target on

Texas Instruments


to 150 from 95. Shares of Texas Instruments climbed 6 1/4, or 5.5%, to 119 3/8.


upped its price target on



to 220 from 145. Shares of TMP shot up 12 1/16, or 8.6%, to 151.


Bethlehem Steel


was unchanged at 6 5/8 after it said it is cutting 500 workers, or 15% of its salaried workforce to improve its position in the domestic steel industry, which the company said has been hurt by foreign imports. The company said it expects to complete the job cuts by Jan. 31, 2001.

Ticketmaster Online-CitySearch


was lifting 3 3/4, or 10.3%, to 40 after it said it would start selling tickets nationwide to smaller venues such as nightclubs, museums and amusement parks.

Brill Media Holdings

, publisher of media watchdog magazine

Brill's Content

, has agreed to form a partnership with





, a unit of General Electric;




Ingram Book Group




The New York Times

reported. The venture, which will launch a Web site called

, raises the issue of whether

Steven Brill

is compromising the magazine's independence, the story says. Shares of CBS hopped 1/8 to 58 3/4 and Primedia lifted 1/2 to 18 3/16.

General Motors


declined 3 7/8 to 81 3/8 after it said it named president Richard Wagoner as CEO, who will take the reins from Jack Smith.

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The Heard on the Street column in the


said the once frowned-upon practice of "flipping," or buying and quickly selling shares of an IPO, is starting to gain acceptance on Wall Street. In some cases, underwriters even ask for a stock to be flipped back to them in order to resell shares to investors hungry for more stock, the story said

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Corrections and Clarifications.