(MSTR) - Get Report

plummeted 140, or 61.7%, to 86 3/4 after it said it is revising its 1999 and 1998 revenue and operating results "due to its evolving business model." MicroStrategy said it will cut its 1999 reported revenue to between $150 million and $155 million from $205.3 million and its operating results to a loss of 51 cents to 43 cents a share, compared with a previously reported profit of 15 cents a share.

For more on the latest moves at

MicroStrategy, check out coverage from


joint newsroom.

Biotechs also suffered a bad day, with



tumbling 112 1/2, or 36.1%, to 199 1/2.

Protein Design Labs

(PDLI) - Get Report

slid again, losing 47 1/32, or 26%, to 134 1/8. The

Nasdaq Biotechnology Index

lost 10.6%.

Mergers, acquisitions and joint ventures

Two Southeastern banks are getting together.

National Commerce Bancorporation


dropped 3 13/16, or 16.2%, to 16 1/2 after it said it is acquiring

CCB Financial

(CCB) - Get Report

for about $1.9 billion in stock. CCB climbed 5/8 to 39 3/16. Under terms of the deal, CCB Financial shareholders will receive 2.45 shares of National Commerce stock, or 48 15/64 a share, a 25% premium over CCB Financial's closing price of 38 9/16 on Friday. The new company will retain the National Commerce Bancorporation name.

For more on this

bank merger, check out coverage from


joint newsroom.

America Online


added 1 15/16 to 66 11/16 and



dropped 22 1/2, or 14.8%, to 129 1/4 after it set a three-year pact to create a B2B exchange.

For more on this

e-commerce deal, check out coverage from


joint newsroom.

CNA Financial's

(CNA) - Get Report

Continental Casualty

unit has proposed a cash tender offer of $13 a share for all shares of

CNA Surety

common stock not already owned by Continental Casualty and its affiliates. CNA slipped 3/4 to 27 3/4.



in recent weeks has talked about being bought out by

American Express

(AXP) - Get Report

, according to the Heard on the Street column in

The Wall Street Journal

, which added that the talks never crystallized and are dormant. Also, the column reports that talk persists that E*Trade might team up with

Goldman Sachs

(GS) - Get Report

. E*Trade lost 13/16 to 28 7/16, American Express lost 1 5/8 to 142 and Goldman Sachs fell 3 1/16 to 113 7/16.

KPN Royal Dutch Telecom's


Planet Media Group

subsidiary will set up an Internet concern,

Travel Planet

, with Dutch company

Travel Unie

. Also, KPN Royal Dutch projects earnings before interest, taxation, depreciation and amortization will rise 20% in 2000. KPN popped 5 15/16 to 127 1/8.


(MSFT) - Get Report

dropped 2 to 97 3/8 and



rose 3/16 to 30 7/16 after the companies said they entered a three-year pact to feature Microsoft's Internet service on some of Compaq's personal computers.



slipped 1/8 to 10 after it agreed to buy

Internet Communications


for $28 million in stock and warrants. Internet Communications slipped 5/16, or 8.8%, to 3 1/4. Under the deal, Internet Communications shareholders will get about 0.25 of a RMI.Net share for each share of Internet Communications common.



is merging its automotive systems business with



. Siemens said the joint venture would have annual sales of nearly $7 billion.


(VIA) - Get Report

lost 5/8 to 55 7/8 after saying it will purchase

BHC Communications'

(BHC) - Get Report

half-interest in UPN for $5 million in cash, making Viacom the sole owner of UPN. BHC is majority-held by

Chris-Craft Industries


. BHC bounced up 7 13/16 to 164 7/8 while Chris-Craft lost 9/16 to 65 11/16.

Wesley Jessen VisionCare


lost 2 1/16, or 8.3%, to 22 15/16 after it said it is buying

Ocular Sciences

(OCLR) - Get Report

for $900 million, creating the world's second-largest soft contact lens producer. Ocular lost 9/16 to 16 3/8.

For more on this

optical acquisition, check out coverage from


joint newsroom.

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.


Kaufman & Broad

(KBH) - Get Report

inched up 3/8 to 20 7/8 after it reported first-quarter earnings of 66 cents a share, well above the nine-analyst estimate of 54 cents and the year-ago 43 cents.

Lehman Brothers


lost 3 5/8 to 87 13/16 despite posting first-quarter earnings of $3.69 a share, a mile ahead of the 11-analyst estimate of $2.88 and above the year-ago $1.57 a share.

For more on Lehman's

earnings, check out coverage from


joint newsroom.


(WH) - Get Report

added 3/8 to 12 after it said it expects to meet earnings estimates of 60 cents to 65 cents a share. The current 10-analyst estimate calls for 63 cents a share.

Offerings and stock actions

American Italian Pasta


gained 2 5/8, or 11.7%, to 22 1/8 after it said its directors authorized spending up to $25 million to repurchase up to 1 million shares over the next 12 months.

Central Garden & Pet

(CENT) - Get Report

rose 1 1/2, or 16.7%, to 10 1/2 after it said it is planning to spin off its lawn and garden distribution business as a publicly traded company.

John H. Harland


added 3/16 to 15 3/8 after it said its board authorized an extension of its share buyback program to include an additional 2.9 million shares of common stock.


(TX) - Get Report

tacked on 7/16 to 51 7/16 after it said it will resume a $1 billion stock-repurchase program that was suspended in 1998 with $450 million of common shares repurchased.

Analyst actions

This morning,

Salomon Smith Barney



(DELL) - Get Report

price target to 71 from 55.

Aether Systems


: Price target UP to 325 at

U.S. Bancorp Piper Jeffrey


Applied Power


: UP to strong buy from buy at

U.S. Bancorp Piper Jaffray

; price target UP to 48 from 42.



: Twelve-month price target DOWN to 14 from 29 at Piper Jaffray.


(CCL) - Get Report

: DOWN to buy from strong buy at

Deutsche Banc Alex. Brown

; DOWN to outperform from buy at Salomon Smith Barney.

Complete Business Solutions


: price target UP to 35 from 25 at

Credit Suisse First Boston



(DIS) - Get Report

: UP to outperform significantly from outperform and price target UP to 47 from 41 at


. Shares also placed on recommended list.

Exchange Applications


: UP to strong buy from buy at

Wit SoundView


Hartford Life

(HIG) - Get Report


Lehman Brothers

with an outperform rating and a price target of 44.

Key Energy

(KEG) - Get Report

: INITIATED at Lehman Brothers with an outperform rating.

Level 3 Communications



Merrill Lynch

with an accumulate rating and a 150 price target.

Manhattan Associates

(MANH) - Get Report

: UP to buy at CS First Boston; price target SET at 40.

Micron Technology

(MU) - Get Report

: UP to buy from neutral and price target UP to 225 at Bear Stearns.

National City


: DOWN to hold from buy at

Warburg Dillon Read


Nextel Partners


: STARTED as a buy at

Donaldson Lufkin & Jenrette


Newmont Mining

(NEM) - Get Report

: DOWN to outperform from buy at

ABN Amro


Morgan Stanley Dean Witter juggled the stocks on its "global fresh money list," adding Israeli mobile phone company

Partner Communications

(PTNR) - Get Report

and e-commerce company



. Making way for the new arrivals were





(HAL) - Get Report

, which Morgan Stanley removed from the list.

Radio Centro

(RC) - Get Report

: 2000 price target UP to 16 from 12 at Salomon Smith Barney.



: REINITIATED buy at Bear Stearns; price target: 150.



: Twelve-month price target UP to 86 from 65 per ADR at

ABN Amro




: NEW market outperformer at

Goldman Sachs




: UP to strong buy from buy at

CIBC World Markets







(XRX) - Get Report

said they've resolved all pending patent-infringement lawsuits against one another. The companies agreed to settle "to avoid the costs, time and distractions of lengthy legal battles." Under terms of the settlement, the companies said they won't disclose additional details. Hewlett-Packard hopped 5 13/16 to 144, while Xerox gained 3/16 to 26.

For more on the

settlement, check out coverage from


joint newsroom.

KLM Royal Dutch Airlines


lost 15/16 to 19 after it said it is cutting 2,700 jobs and slicing its capacity 5% in its winter schedule.

Marsh & McLennan

(MMC) - Get Report

moved down 2 5/16 to 92 1/16 after it said it was creating a risk management unit for corporate clients that will blend its insurance and consulting services. The new entity will be known as MMC Enterprise Risk.

St. Jude Medical


sailed up 1 1/16 to 27 1/2 after it said the

Food and Drug Administration

cleared for marketing its narrow Tendril SDX lead used for implanting heart pacemakers.