KLM Royal Dutch Airlines
are exploring a possible merger that could link the two airlines. Both companies have been affected by increasing competition within Europe and on trans-Atlantic routes, though talks remain at a very preliminary stage, according to people close to the situation. KLM climbed 1 1/4, or 5.4%, to 24 3/8.
For more on this story, take a look at the
coverage out of
Federal Communications Commission
gave the go ahead for
for $54 billion. The agency attached certain stipulations to the deal's approval. AT&T lifted 1 to 36 1/8, while MediaOne hopped 2 1/8 to 69 1/8.
is in talks to acquire one of the
Nasdaq Stock Market's
top share dealers,
Herzog Heine Geduld
, according to reports. The acquisition would enable Merrill to expand its Nasdaq market making operations. Merrill Lynch slipped 1/2 to 107 1/2.
The board of
is expected to meet as early as today to discuss the newest bid from
Wall Street Journal
The newspaper, quoting people familiar with the matter, said Unilever is offering Bestfoods' shareholders close to $72 a share, or $20.5 billion. The company earlier offered $66 a share, but it was rejected as "financially inadequate."
But, people close to the negotiations also told the newspaper, Bestfoods is in intensive talks to acquire
, whose stock has fallen 46.5% during the past two years and has a market capitalization of $12.6 billion.
reported that Bestfoods is in talks to buy the company for more than $15 billion. Bestfoods fell 2 3/8 to 62 3/4; Unilever rose 9/16 to 50 3/8; Campbell Soup advanced 1 3/16 to 31 1/8.
is being acquired by a private equity firm for $643 million, or $13.85 a share, according to
. Buffets increased 3/4, or 6.2%, to 12 7/8.
said it is in talks with five groups about a possible investment or merger deal. The company said it expects to announce a merger or investment deal by June 30 and has drawn up a short list of prospective investors or merger partners from more than two dozen companies. CDNow lowered 11/16, or 14.1%, to 4 3/16.
, which manufactures electronic components, said it accepted a buyout proposal from chairman and president Peter Cherry and his affiliates for $26.40 a share in cash. Cherry boosted 5 3/8, or 26.4%, to 25 3/4.
will buy communications company
Hynex subsidiary for about $127 million. Elbit said it expects to realize a $47 million net capital gain from the sale. Cisco slipped 1 1/8 to 63 1/4, while Elbit added 1/2, or 5.1%, to 10 5/16.
announced an agreement with
, covering Hearst-Argyle's three radio stations in Phoenix. Under terms of the deal, Emmis will manage the Phoenix stations for up to three years, and will have the option to buy them for $160 million. Hearst-Argyle lifted 7/16 to 20 3/8, while Emmis shed 3/8 to 37 5/8.
are expected to announce a partnership to help small businesses become e-businesses, the
New York Times
reported. IBM moved up 3 5/8 to 112 7/16.
received antitrust approval from the
European Union Commission
for a proposed merger between the two U.S automotive parts companies. Meritor improved 3/8 to 13 3/16, while Arvin climbed 5/16 to 19 1/16.
said it received a $535 million pact from
Adelphia Business Solutions
for digital set-top terminals and modems. Motorola climbed 1 1/16 to 37 7/8, while Adelphia sank 5/8 to 29 3/8.
, a global information service provider of financial, economic and market research information, agreed to be bought by Canadian publisher
for $38 a share, or about $842 million, in a cash tender offer. The merger agreement, which was approved by both companies' boards, calls for Thomson to assume about $235 million in Primark debt. Primark soared 8 7/16, or 29.1%, to 37 7/16.
For more on the Primark
story, take a look at
confirmed it will not use
code-division multiple access (CDMA) mobile phone technology for at least three years. Qualcomm's stock fell sharply last week when talk of Unicom's about face began to hit the market. Unicom decreased 1 1/4 to 39 3/4, while Qualcomm dropped 5 7/16, or 7.5%, to 67 1/4.
Qualcomm was upgraded to buy from hold at
For more on the Unicom/Qualcomm merger take a look at the
story out of
are in an alliance for payment for infrastructure for B2B e-commerce. Verisign shed 4 11/16 to 177 11/16; American Express decreased 7/8 to 55 5/8; Ariba jumped 10, or 14.2%, to 80 1/2.
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estimates second-quarter earnings at 21 cents a share, above the two-analyst estimate of 18 cents . Oakley hopped 1 5/8, or 16.9%, to 11 1/4.
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: UP to intermediate-term accumulate from neutral; target price: 55. AES slipped 2 1/8 to 43 7/8.
Cabot Oil & Gas
: UP to buy from market performer at
. Cabot Oil & Gas edged up 1/4 to 2 1/2.
: 2001 EPS UP to $7.50 from $7.40 at
Donaldson Lufkin & Jenrette
, price target: UP to 120 from 110. Cigna stumbled 1 1/2 to 87 7/8.
: UP to strong buy from buy at ING Barings; price target UP to 78. Citigroup declined 3/16 to 66 7/16.
: BUY from market performer at
Deutsche Banc Alex. Brown
, price target: 35. Goodyear edged up 5/16 to 28 1/8.
Human Genome Sciences
: UP to long-term buy from long-term accumulate at
. Human Genome jumped up 7 9/16, or 7.1%, to 113 1/2.
: UP to attractive from neutral at
; price target up to 60 from 55. Pharmacia lifted 11/16 to 50.
: UP to top pick from buy at DLJ. Schlumberger skidded 1/2 to 69 1/16.
: DOWN to neutral from buy at
U.S. Bancorp Piper Jaffrey
. Computer Motion declined 3/16 to 7 9/16.
Golden West Financial
: DOWN to neutral from attractive at PaineWebber. Golden West slumped 2 7/16, or 5.3%, to 43 9/16.
MGIC Investment Group
: DOWN to attractive from buy at PaineWebber. MGIC stumbled 11/16 to 53 13/16.
: NEW buy at
Banc of America
. Autonomy bounced 4 3/8 to 114 3/8.
: NEW buy at
. Price target: 85. LSI Logic popped 1 7/8 to 64 3/8.
: NEW buy at
, price target: 45. MIPS climbed 3 7/8, or 11.9%, to 36 1/8.
: NEW buy at
Credit Suisse First Boston
; price target: 25; and NEW buy at
. NRG Energy declined 5/16 to 16 15/16.
CSFB assumed coverage of
Wind River Systems
with a STRONG BUY rating. Wind River moved up 3 3/8, or 9.2%, to 40.
: NEW outperform at
; year-end price target: 105. Texas Instruments fell 1 11/16 to 84.
DLJ downgraded three banks:
- Bank of America (BAC) - Get Report: DOWN to market perform from buy. Bank of America stumbled 1 3/4 to 59 1/4.
Firstar (FSR) : DOWN to market perform from buy. Firstar lost 1 3/8, or 5%, to 26 1/16.
Wells Fargo (WFC) - Get Report: DOWN to market perform from buy. Wells Fargo shed 2 5/8, or 5.5%, to 45 1/8.
Salomon Smith Barney rolled out coverage of several semiconductor equipment companies:
- Veeco Instruments (VECO) - Get Report: as an outperform. Veeco tacked on 1/2 to 56 3/4.
Credence Systems (CMOS) : as an outperform. Credence hopped 1 1/8 to 65 1/4.
Electro Scientific Industries (ESIO) - Get Report: as a buy. Electro Scientific declined 1/8 to 52 9/16.
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advanced 2 3/8 to 71 after it said it is examining issuing a tracking stocks or may spin off its five divisions, starting with its broadcast business this year.
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Advanced Micro Devices
said it is introducing its new Athlon processor, which ranges from 750 megahertz to one gigahertz in speed and $319 and $990 in price. The company said
and IBM are planning to introduce computer systems based on its Athlon processor.
AMD lifted 1 3/8 to 91 1/2 and Compaq declined 1/4 to 26 3/8, while Gateway lost 2 7/8, or 5.2%, to 51 7/8. H-P jumped 9 7/16, or 8.5%, to 120 3/8 and IBM tacked on 3 5/8 to 112 7/16.
American Express Publishing
, a partnership between
, is expected to announce it has appointed Ed Kelly as president and CEO, according to the
. Kelly has been group publisher for American Express' Travel & Leisure magazines. Time Warner stumbled 1 1/4 to 81 1/2 and American Express skidded 7/8 to 55 5/8.
is expected to announce wireless trading for its online customers, the
New York Times
reported. According to the story, the move comes a year and a half after competitor
introduced the service though the wireless trading market remains small enough that Schwab does not consider itself late to the game. Charles Schwab stumbled 1 1/16 to 32 7/16.
added 9/16, or 6.7%, to 8 15/16 after it named W. Frank Blount chairman and CEO, while R. Stanley Allen, the company's co-founder and current CEO, was appointed vice chairman.
Blount previously served as CEO of Australian telecommunications company
until March 1999. Telstra shed 7/16 to 20.
newly acquired British-based
unit said it will recall about 10,000 Discovery and Defender TD5 models in order to replace engine flywheels on manual transmission models.
Land Rover, which makes sport utility vehicles and was recently sold to Ford from BMW, said it also planned to inspect the vehicles' clutch parts for signs of wear, saying new tests had shown that "high energy inputs" into the clutch and flywheel system could lead to failure of the flywheel assembly in some cases.
It was also recalling about 1,300 Discovery Series 2 V8 models to upgrade the engine idler pulley. Ford tacked on 7/8 to 50 7/8.
, a U.S. leverage-finance firm, said it would launch a new
European Leverage Finance Group
with initial funding of $1 billion.
The company said in a statement that the group, which will be based in London, will offer cash-flow financing solutions to venture capital markets and companies throughout Europe. Heller edged up 9/16 to 20 3/4.
is expected to unveil part of its next generation Internet technology today, despite the overhanging worry of a federal antitrust ruling,
The Wall Street Journal
reported. The new feature, BizTalk Server, will assist businesses with their e-commerce transactions. Microsoft lifted 9/16 to 66 7/8.
said it will explore strategic options but said it is still on track to meet expectations for 2000. PathoGenesis bounced 1 13/16, or 10%, to 19 15/16.
Online investment bank
announced that Ronald Readmond has resigned as co-CEO and Robert Lessin will become sole CEO. The company also said it appointed Russell Crabs and Mark Loehr as co-presidents. Crabs and Loehr were previously co-heads of the company's Wit SoundView division. Wit stumbled 13/32 to 9.
The Heard on the Street column in the
looked at bookseller
, which announced in March it was exploring strategic alternatives to help its troubled stock price. Shareholder activist and fund manager Barry Lafer urged the company to consider options including a leveraged buyout and stock buyback after he acquired a 2.8% stake. But, the story says, none of those actions will necessarily translate into a boost for the stock price. Borders skidded 3/8 to 17 1/8.
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