Friday Winners & Losers: i2 Technologies, ABN Amro, Xpeed, Northwest Airlines
(
Updated from 1 p.m. EST
)
Dutch bank
ABN Amro
(ABN)
will buy
Michigan National
from
National Australia Bank
(NAU)
for $2.75 billion in cash.
The deal, which is expected to be completed by the first quarter of 2001, would have a positive effect on ABN Amro's earnings in the first full year after completion of the transaction. Michigan National, a commercial bank holding company with total assets of $11.6 billion, will merge with the
Standard Federal Bancorporation
, ABN Amro's Detroit banking subsidiary. The combined entity will be called
ABN Amro North America
TheStreet Recommends
.
Jan-Maarten de Jong, a member of the managing board and chairman of the consumer and commercial clients business unit, said the deal reinforces ABN Amro's position as the largest foreign commercial bank in the U.S.
While ABN Amro finished off 13 cents, or 0.6%, at $20.75, National Australia Bank closed up 50 cents, or 1.9%, at $27.50.
Mergers, acquisitions and joint ventures
Computer Sciences
(CSC)
said its $16-a-share cash tender offer for
Mynd
(YND)
will be extended until Dec. 29.
Computer Sciences' $566 million offer for Mynd, a provider of software and services for insurance and financial services companies, needs approval from the
Federal Trade Commission
. About 72% of Mynd's shares outstanding have been tendered.
In
New York Stock Exchange action on Wednesday, Computer Sciences closed up 50 cents, or 0.7%, to $74.44, and Mynd closed flat at $11.75.
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Earnings/revenue reports and previews
Avaya
(AV)
, a recent spinoff from
Lucent
(LU) - Get Lufax Holding Ltd American Depositary Shares two of which representing one Report
, said its reported results weren't affected by
Lucent's revelation that it may have to revise fourth-quarter earnings and revenue.
Avaya, Lucent's former enterprise networks group, said the announcement by its previous parent doesn't relate to Avaya's fourth-quarter and fiscal 2000 results.
The Basking Ridge, N.J., company, which was spun off from Lucent on Sept. 30, said it reported its actual financial results separately on Oct. 26. Lucent said Tuesday it may have to remove $125 million in fourth-quarter revenue from its books and added that it could no longer confirm its guidance for the first quarter.
Avaya closed down 25 cents, or 2.1%, at $11.94, while Lucent finished up 56 cents, or 3.2%, at $18.25.
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Offerings and stock actions
Xpeed Networks
, which makes DSL modems, routers and other devices, withdrew its planned $50 million IPO, citing market conditions. Xpeed applied to be listed on the
Nasdaq
under the ticker "XPED".
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Miscellany
i2 Technologies
(ITWO)
, a provider of electronic business services, said COO Robert Evans resigned to pursue other interests.
Evans was named COO after the company's merger with
Aspect Development
in June 2000, with principal responsibility for assisting the reorganization of the combined companies. He served as Aspect's president and operating chief from April 1999 until the merger with i2, which is based in Dallas. A company representative couldn't be reached to comment on a possible replacement for Evans.
i2 surged up $6.38, or $6%, to close at $113.
Northwest Airlines
(NWAC)
said a federal court set a hearing for Nov. 29 to determine whether members of the
Aircraft Mechanics Fraternal Association
should be ordered to explain why they should not be held in contempt for refusing to abide by a temporary restraining order the court set Monday.
The restraining order demanded that association members cease any illegal actions that would cause flight delays and cancellations. Northwest said even with the restraining order, it has continued to experience high levels of maintenance-related cancellations, delays and aircraft out of service.
Northwest closed up $1.13, or 4.1%, at $28.75.
Sola
(SOL) - Get Renesola Ltd. ADR Report
, which makes eyeglasses, named Maurice Cunniffe chairman. Cunniffe succeeds Irving Shapiro, who resigned from the board Nov. 22. Sola edged up 6 cents, or 1.5%, at $4.19.
The New York Stock Exchange determined that
UniCapital's
(UCP)
common stock should be suspended immediately because of its "abnormally" low selling price. The NYSE said an application to the
Securities and Exchange Commission
to delist the stock is pending the completion of procedures, including any appeal by the company. UniCapital closed at $0.06.
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By the Numbers
The data on NYSE and Nasdaq percent winners and losers are filtered to exclude stocks whose previous day's volume was less than 25,000 shares; whose last price was less than 5; and whose net change was less than 1/2.
Dow point gain and loss data are based on New York closing prices and do not reflect late composite trading.
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