Updated from 4:24 p.m. EDT
slid 31 cents to $50.25 after it said it tightened its reins on
by appointing Rolf Eckrodt its COO and sending a group of senior executives to help the carmaker. The move follows the resignation of the company's president, who left after taking responsibility for a 20-year cover-up of customer complaints and some secretly repaired vehicles. Since the disclosure, the company has had to recall or offer to check nearly a million vehicles.
DaimlerChrysler said it would not increase its 34% stake in the company, but renegotiated the price of it down to $1.9 billion from $2.1 billion.
joint newsroom covered the
renegotiation in a separate story.
dropped $2.38, or 6.3%, to $35.56 after it entered a deal with IBM to provide electronic business products for IBM servers. A statement from BroadVision said the agreement will provide customers with more choices for building and deploying e-business Web sites.
Mergers, acquisitions and joint ventures
Dutch-based cable TV operator
United Pan-Europe Communications
agreed to buy the outstanding stock of
UPC and Liberty Digital's DMX Music will each own 50% of Xtra Music, which distributes 80 channels of DMX Music programming to 25 European countries via satellite and to the Middle East. UPC is 51% owned by
owns 7% of UPC's stock. UPC was down 75 cents to $23.81, Liberty was off 53 cents to $23.44 and UnitedGlobalCom was down $1.31 to $38.19.
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Earnings/revenue reports and previews
, a credit card processor, took a hit in today's trading session over concerns that consolidation by its bank customers could hurt revenues. It was down $2.68, or 6%, to $41.
The company, however, confirmed expectations of 13% to 17% revenue growth and 17% to 20% earnings growth this year. First Data attributed the increase to the expansion of its
money-transfer business and cost controls.
hopped up 50 cents to $26.38 after it said it will bear a portion of the costs of the Firestone tire recall and said -- though it expects the recall to cut revenue and increase costs -- it can't yet gauge how the move will affect its second-half results.
Ford also said it had suspended production, starting Aug. 28, of its Explorer, Mountaineer, Ranger and B series models for two weeks to allow the company to divert 70,000 tires for use in the recall.
Storage-area-network product maker
also dropped some less-than-cheery news after the bell, saying it sees second-quarter revenues 15% to 25% below the forecast $9 million. Gadzoox cited slow sales of its Capellix line of network switches and said it plans to take a one-time reserve between $9 million and $11 million for excess inventory produced based on earlier sales estimates. Gadzoox sunk 20%, or $2.06, to $8.25.
Another round of earnings warnings will likely inject some jitters into certain market sectors. Semiconductor-equipment maker
said it expects to report a first-quarter loss of about $7 million to $8 million, or between 23 cents to 27 cents. SpeedFam cited a delay in delivery of a number of tools. The current five-analyst estimate was for a profit of 12 cents a share. The stock dropped 14%, or $2.25 to $13.81 on the news.
Automotive, space and defense parts manufacturer
said it expects to miss third-quarter earnings because of weakening foreign currency, among other problems that the company said could carry over into the fourth quarter.
The eight-analyst estimate was for $1.05; TRW said earnings would be reduced by 19 cents to 24 cents due to cutbacks in production at Ford and weaker-than-expected revenues at its space and electronics business. The stock, which dropped early today on the news, bounced back and ended the day up $3.56, or 8.9%, to $43.81.
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Basic materials companies are starting to feel the pinch from higher energy prices, and analysts are responding.
After issuing an earnings warning, analysts have lowered earnings estimates on
lowered its earnings outlook by 15 cents to 17 cents a share for 2000, citing higher raw material and energy costs, the weak euro and slowing demand. DuPont said it would earn between $2.85 and $2.95 a share in 2000.
Donaldson Lufkin & Jenrette
cut 2001 earnings per share estimates to $3.40 from $3.50, and
cut estimates for 2000 and 2001 to $2.90 and $3.35, respectively. The stock finished the regular session down $1.31 to $40.81.
lowered its third-quarter earnings estimates for
to 45 cents a share from 53 cents a share, citing increased oil and gas raw-material costs. The stock lost 31 cents to $25.25.
raised fiscal 2002 estimate to $1.50 from $1.44. The stock ended the day 88 cents higher to $27.
: UP to strong buy from buy at
Chase Hambrecht & Quist
. The stock was boosted $1.15 to $32.15.
upped price target to $34 from $30. It moved up 44 cents to $25.88.
raised fiscal 2001 earnings per share to $3.17 from $2.81, and fiscal 2002 EPS to $3.52 from $3.20;
upped 2001 earnings estimates to $3.16 from $2.90 per share, and 2002 estimates to $3.55 from $3.25. Still, the stock fell $1.56 to $45.75.
to their recommended list. The news pushed ACT up $7.38, or 13%, to $63.63, while Celestica fell $2.06 to $81.81.
: DLJ cut 2001 earnings estimates to $1.50 from $1.75 and 2002 estimates to $1.70 from $1.95. In spite of the news, the stock rose $1.50, or 6%, to $26.63.
: DOWN to buy from strong buy at Robertson Stephens. Fiserv declined $1.13 to $53.88.
Great Atlantic & Pacific
: DOWN to intermediate-term reduce from neutral and long-term neutral from buy at Merrill Lynch. It was 75 cents, or 5.9%, lower to $12.06.
LaBranche & Co.
: DOWN to neutral from buy at
Salomon Smith Barney
. LaBranche fell $1.81, or 5%, to $34.44.
Petroleum Geo Services
: DOWN to outperform from buy at Salomon Smith Barney. It was down 13 cents to $18.56.
: DOWN to long-term attractive from buy at Robertson Stephens. Viant was off 34 cents to $7.53.
: NEW buy at Lehman Brothers; price target: $210. Aether dropped $2.88 to $141.13.
: NEW strong buy at
Deutsche Banc Alex. Brown
; price target: $26. ChipPAC ended down 50 cents to $16.06.
: NEW buy at Salomon Smith Barney; price target: $32. It was up 81 cents to $22.75.
: NEW outperform at Salomon Smith Barney; price target: $66. Still, the stock slid $1.50 to $59.56.
: NEW buy at Chase H&Q. The stock crept up 41 cents to $9.97.
: NEW buy at
Credit Suisse First Boston
; price target: $60. It edged up 6 cents to $42.44.
Lehman Brothers upgraded the auto-parts sector to neutral from underperform, citing the sector's "absurd" valuation and "stirrings" of financial buyer interest. According to Lehman, the sector's valuation is second-lowest of 104 industry sectors in the
S&P 500 Index
fell 31 cents to $16 after it was upgraded to a buy from outperform, and Lehman started coverage on
, up 31 cents to $16.63, with an outperform rating, and
, off 13 cents to $17.81, with a neutral rating. The brokerage maintained buy ratings on a number of other companies, including
was down 25 cents to $22.75 and
was up 16 cents to $34.91.
initiated coverage on a boatload of oil service and drilling stocks:
- Strong buy:
Transocean Offshore (RIG) - Get Report, down $1.31 to $61.19;
Nabors Industries (NBR) - Get Report, down $1 to $50.38;
Ensco International (ESV) , down $1.56 to $40.19;
R&B Falcon (FLC) - Get Report, down 88 cents to $29.13;
Rowan Companies (RDC) , down 44 cents to $32.06;
Patterson Energy (PTEN) - Get Report, down $1.88, or 5.4%, to $32.63;
Grey Wolf (GW) , down 25 cents to $5.44;
UTI Energy (UTI) - Get Report, down $1.38 to $41.19;
Super Energy Services (SESI) , down 44 cents to $10.63;
Unit (UNT) - Get Report, down 44 cents to $15.44;
Parker Drilling (PKD) - Get Report, down 25 cents to $7.06.
Noble Drilling (NE) - Get Report, down $1.06 to $50.25;
Global Marine (GLM) , down 75 cents to $32.19;
Santa Fe International (SDC) - Get Report, down 81 cents to $41.06.
Diamond Offshore (DO) - Get Report, down 88 cents to $45.25;
Marine Drilling (MRL) , down 44 cents to $30.19.
Despite recent slower sales in the retail sector,
Morgan Stanley Dean Witter
raised its ratings on three clothing Retailers:
Abercrombie & Fitch
were each raised to outperform from neutral.
TJX was up 81 cents to $22.06, Limited rose $1.31, or 6%, to $22.75 and Abercrombie was 94 cents higher to $24.63. The
S&P Retail Index
was boosted about 3% by the news.
recently took a look at how the back-to-school season has been bringing
bad news to retailers.
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Offerings and stock actions
lost 44 cents to $12.75 after it announced the sale of 900,000 shares of common stock at $9 a share pursuant to the exercise of the underwriters' over-allotment option, granted in connection with its IPO last month of 6 million shares of common stock. With the exercise of the underwriters' option, total proceeds to Esperion from the offering are about $57.8 million, after deducting the underwriting discount.
edged up $1, or 6%, to $17.63 after the board expanded the company's stock repurchase program by up to 10%, or 2.28 million shares, making it Kellwood's third authorization of such a program since November 1999. The company said it has repurchased about 4.6 million shares, or 17%, of its outstanding shares.
said it had received a favorable IRS ruling for its
Florida East Coast
spinoff and said it is working to complete it soon. St. Joe said its shareholders will get about 0.23 shares of FEC for each share of St. Joe. It finished the day up $1.31 to $31.
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is the latest automaker to announce production cutbacks because of signs of a slowing sales pace. It fell $2.44 to $73.31 on the news. GM cut its fourth-quarter vehicle production forecast for North America by 4%. The carmaker said it would make 677,000 cars, an 11% decrease from a year ago. Last week,
announced that it was cutting production at one of its plants in response to an expected sales slowdown in its pickup trucks and sport-utility vehicles. August light-vehicle sales for all automakers were flat compared to a year ago. See above for Ford's closing prices.
, a manufacturer of medical devices, moved up $1 to $65.69 after it announced that it has received
approval to market a new coronary stent -- a device used to keep blood vessels open. This stent is specifically designed for the treatment of large coronary arteries.
said COO and President Kirby "Buddy" Pickle resigned to become CEO of
, a fiber-optic telecommunications firm. CEO and Chairman Alex Mandl will take on operating responsibility. Teligent was down 56 cents to $15.06.
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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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