Mergers, acquisitions and joint ventures
added 5/16 to 18 3/4 after its said it will form a joint venture with
Bedrock Partners II
. The companies plan to spend $250 million to acquire and renovate 15 to 20 hotels over the next two to three years. Crestline will provide about 10% of the equity for the joint venture, while the
will raise an additional $75 million of third party equity for the fund.
Crestline said in a release the joint venture plans to acquire about mid-priced properties with "significant turnaround potential," renovate the properties and then reposition the hotels as upscale properties.
Crestline Capital's management division,
Crestline Hotels & Resorts
, will manage most or all of the hotels.
announced it signed a non-binding letter of intent for a development joint venture valued at about $422 million. CarrAmerica is expected to have a 35% stake in the joint venture.
The proposed venture would encompass five premium-quality suburban office parks in four high-growth markets. The closing of the proposed venture, which is anticipated to be occur early in the third quarter 2000, is subject to the negotiation of a definitive agreement between the parties as well as CarrAmerica's board of directors' approval and other conditions. CarrAmerica bounced 11/16 to 25 5/8.
declined 1/8 to 26 5/8 after it refuted a report by
The Wall Street Journal
that says the company quietly upped its bid for
to $70 a share from $66.
A Unilever spokesman told
the companies haven't engaged in formal talks since the original bid was placed in early May, but he said that didn't rule out informal "conversations."
Bestfoods rejected Unilever's first offer as inadequate. Bestfoods slid 15/16 to 64 15/16.
is said to be in talks about making a possible bid for
, according to St. Paul, Minn.-based television station KSTP-TV, citing "well-placed sources."
The station, which listed its report on its Web site www.kstp.com, said that American Airlines chief executive Don Carty and Northwest president and chief executive John Dasburg have discussed a possible merger and that one or more merger announcements could be made public in the coming days.
American Airlines, the world's second-largest airline, is a unit of Fort Worth, Texas-based AMR Corp. Northwest is based in St. Paul. AMR tumbled 1 1/8 to 28 5/16 and Northwest Airlines jumped 6 3/8, or 21.9%, to 35 7/16.
Federal Communications Commission
is set to approve
proposed acquisition of
, reported in
The Wall Street Journal
According to the
, AT&T will have to sell either its stake in
, MediaOne's 25% interest in
Time Warner Entertainment
or individual cable systems. AT&T tacked on 1/8 to 35 1/16 and MediaOne stumbled 3/8 to 67, while Liberty Media was up slightly at 45. Time Warner jumped 5 15/16, or 7.6%, to 83 15/16.
is negotiating the sale of its e-commerce division,
, to compete with Web retailer
. For more, take a look at the
coverage out of
joint newsroom. iVillage edged up 7/32 to 8 1/8.
GE Medical Systems, a unit of
, agreed to buy
in a stock swap worth about $150 million. GE will determine the actual number of shares it will swap based on trading prices prior to closing the transaction, which the companies expect to occur by the third quarter.
GE Medical Systems agreed to pay $17 a share in stock. Madison, Wis.-based Lunar, which makes technology for assessing osteoporosis and metabolic bone diseases, had 8.6 million shares outstanding as of April 26, so the total value of the transaction amounts to $146.2 million.
The transaction is subject to Lunar shareholder and government approval. Lunar chairman and CEO Richard Mazess agreed to vote his shares, representing about 30% of Lunar's outstanding shares, in favor of the transaction. The boards of both GE and Lunar approved the merger. General Electric popped 5/16 to 52 11/16 and Lunar jumped 5 1/4, or 47.1%, to 16 3/8.
signed a definitive sale agreement with
Stone & Webster
in which Jacobs will acquire substantially all of Stone & Webster's assets in exchange for $150 million in cash and stock and the assumption of nearly all Stone & Webster's liabilities shown on its March balance sheet, standby letters of credit, and its liabilities under a new credit facility from Jacobs entered into on May 9, pursuant to which up to $50 million of credit is being made available to enable Stone & Webster to operate its businesses until the asset sale is completed.
As a condition of the proposed transaction, Stone & Webster, which expects to continue operating its businesses in the normal course during the reorganization process, will be seeking bankruptcy court approval of the asset sale and credit agreement. Jacobs hopped 1 5/16 to 34 13/16.
CEO Robert Davis said during the
Silicon Alley Reporter International Network 2000 Conference
that he sees combined revenues from its merger with
to surpass Yahoo's revenues by 2001 or early 2002. Lycos advanced 6 15/16, or 10.8%, to 71 3/16 and Terra climbed 5 5/8, or 12.7%, to 49 5/8.
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Offerings and stock actions
shot up 8 3/16, or 12%, to 76 3/16 after it set a 2-for-1 stock split.
hopped 2 1/16 to 57 after it announced a three-for-two stock split for shareholders of record as of June 12, to be distributed June 21.
The company makes generic and brand-name drugs and sells its branded products through subsidiary Monarch Pharmaceuticals.
, which sells networking products that connect the Internet to cable, satellite and digital television networks, withdrew its proposed $93.15 million IPO, citing market conditions. The offering was supposed to be managed by
Dain Rauscher Wessels
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: UP to outperform from hold at
. GPU lost 1/16 to 29 3/16.
: UP to a buy from outperform at
Salomon Smith Barney
; price target UP to 100 from 75; price target also raised at
to 100 from 75. Micron Technology bounced 4 5/16, or 5.8%, to 77 13/16.
: fiscal 2000 EPS UP to $1.36 from $1.38 a share at
. Samina lifted 3 9/16, or 5.1%, to 72 1/2.
: second-quarter EPS DOWN to $1.04 a share from $1.14 at
. Dana skidded 1/4 to 25 1/4.
: DOWN to market performer from buy at
Banc of America
. Gadzooks stumbled 1/2 to 9 13/16.
: second-quarter earnings estimates DOWN to 23 cents from 26 cents at
; fiscal 2000 earnings estimates DOWN to $1.19 a share from $1.20; fiscal 2001 earnings estimates DOWN to $1.40 from $1.43. Kmart declined 1/8 to 8 1/2.
: DOWN to buy from strong buy at
Credit Suisse First Boston
. Progressive lost 4 9/16 to 93 1/8.
: NEW intermediates accumulate, long-term buy rating. chinadot.com climbed 4 1/16, or 17%, to 27 7/8.
: NEW buy at
; price target of 32. Dianon bounced 4 1/2, or 19.1%, to 28 1/16.
: NEW strong buy at
by analyst Jim Fowler. Homestore.com hopped 1 13/16, or 6.5%, to 29 9/16.
analyst Eugene Nowak raised 2000 and 2001 EPS estimates for leading energy firms to reflect strong commodity prices. Companies mentioned in the report include:
- ExxonMobil (XOM) - Get Report : 2000 EPS UP to $4.00 from $3.85 and 2001 EPS up to $4.10 from $3.95. ExxonMobil lost 3 3/4 to 79 3/16.
Chevron (CHV) : 2000 EPS UP to $6.50 from $6.10 and 2001 EPS up to $5.75 from $5.55. Chevron stumbled 7/16 to 90 9/16.
Kerr-McGee (KMG) : 2000 EPS UP to $6.50 from $5.95 and 2001 EPS up to $5.00 from $4.80. Kerr-McGee fell 2 5/16 to 57 7/16.
Phillips Petroleum (P) : 2000 EPS up to $5.75 from $5.20 and 2001 EPS up to $5.10 from $4.60. Phillips Petroleum shed 2 3/8 to 54 5/8.
Texaco (TX) - Get Report: 2000 EPS up to $4.40 from $4.05 and 2001 EPS up to $4.10 from $3.80. Texaco skidded 1 7/8 to 54 1/8.
Amerada Hess (AHC) - Get Report: 2000 EPS up to $7.75 from $7.50 and 2001 EPS up to $5.70 from $5.30. Amerada Hess declined 3 1/2, or 5.2%, to 62 13/16.
Unocal (UCL) : 2000 EPS up to $2.50 from $2.00 and 2001 EPS up to $2.40 from $1.95. Unocal skidded 1 9/16 to 36 3/16.
Deutsche Banc Alex. Brown
initiated coverage of eight staffing companies:
- AHL Services (AHLS) as a buy; price target: 15. AHL moved up 25/32, or 10.6%, to 8 1/8.
Charles River Associates (CRAI) - Get Report as a buy; price target: 30. Charles River Associates advanced 2 9/16, or 14.2%, to 20 1/2.
Corporate Executive Board (EXBD) as a strong buy; price target: 70. Corporate Executive climbed 4 5/16, or 7.7%, to 60 5/16.
Interim Services (IS) as a strong buy; price target: 30. Interim Services added 3/8 to 21 3/8.
Manpower (MAN) - Get Report as a strong buy; price target: 42. Manpower tacked on 11/16 to 36 3/16.
NCO Group (NCOG) as a strong buy; price target: 60. NCO Group hopped 1 1/4, or 5.4%, to 24 5/16.
On Assignment (ASGN) - Get Report as a market perform; price target: 28. On Assignment stumbled 1 1/2, or 5.5%, to 25 1/2.
Robert Half (RHI) - Get Report as a strong buy; price target: 75. Robert Half lifted 1 3/8 to 63.
UBS Warburg upgraded three oil and gas companies:
: UP to buy from hold. Louis Dreyfus skidded 11/16 to 31 3/4.
: UP to buy from hold. Newfield fell 3/16 to 40 1/16.
: UP to buy from hold. Forest Oil skidded 7/16 to 15 1/4.
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agreed to lease eight
aircraft for a period of eight years from
GE Capital Aviation Services
, a unit of
. The aircraft are scheduled for delivery between July 2001 and April 2003.
The airline said it placed a total of 11 lease orders for Boeing 737-700 planes valued at about $440 million. Another three 737-700s will be leased for a period of eight years from
International Lease Finance
, a subsidiary of
American International Group
. Two of these aircraft are scheduled for delivery in 2002 and one in 2003. Virgin Group mounted 5/16, or 8.7%, to 3 7/8 and GE climbed 5/16 to 52 11/16, while American International Group hopped 1 3/8 to 118 5/8. Boeing slipped 3/8 to 39 7/8.
lifted 2 3/8, or 9.4%, to 27 5/8 after it said Mark Gessler, its president and COO since January 1999, will succeed Michael Brennan as its chief executive officer, effective June 8.
Brennan, a founder of the company and chief executive since it began in 1995, will continue to serve as chairman and will still play a role in the company's development.
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