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Updated from 4:08 p.m. EDT

Dow component

Eastman Kodak


lost 1 7/8 to 58 after it reported second-quarter earnings of $1.65 a share, in line with the

First Call/Thomson Financial

nine-analyst consensus estimate, on revenue of $506 million. Kodak reported earnings of $1.52 a share at this time last year. The company said third-quarter operating earnings should be between $1.56 and $1.66 a share -- the current nine-analyst estimate was for $1.61 a share.

America Online


lost 1 5/8 to 57 1/2 after it reported fourth-quarter earnings of 13 cents a share, beating the 31-analyst estimate of 11 cents and up from year-ago earnings of 6 cents a share. The more-than-doubled earnings were attributed to growth in advertising, electronic commerce and subscribers.

joint newsroom covered the AOL report in a

story this evening.

Sun Microsystems

(SUNW) - Get Sunworks, Inc. Report

sailed up 5 15/16, or 6.1%, to 104 after it reported fourth-quarter earnings of 39 cents a share, excluding gains on the sale of equity investments and an acquisition-related charge. The figure was better than the 21-analyst estimate of 33 cents and was up from year-ago earnings of 24 cents. The company said earnings were boosted by continued strong sales of its servers.

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TheStreet Recommends

joint newsroom covered the Sun report in a

story this evening.

Mergers, acquisitions and joint ventures

Privately held Internet health care news company

MillenniumHealth Communications

announced that it has offered to merge with embattled Internet healthcare company


for an undisclosed amount. The company said last week that a second-quarter loss would be below Wall Street estimates and that two of its top executive resigned voluntarily. moved up 9/16, or 54.6%, to 1 19/32.

The proposed merger of

Carlton Communications



United News


was blocked by the boards of both media companies after realizing that the requirement to dispose of


, one of the four leading ITV licenses, would undermine the strategy behind the merger. Carlton Communications lost 3 to 59, while United News gained 3 3/8, or 13.4%, to 28 1/2.

Canadian National Railway

(CNI) - Get Canadian National Railway Company Report

lost 1 3/16 to 28 7/8 and

Burlington Northern Santa Fe


gained 1 1/16 after the companies ended their plans to create North America's largest railway, citing the U.S. Surface Transportation Board's 15-month moratorium on big rail mergers.


Justice Department


Clear Channel Communications'

(CCU) - Get Cia Cervecerias Unidas SA Report

$15.5 billion acquisition of



, after the companies agreed to sell 99 stations in 27 markets. Clear Channel climbed 1/4 to 76 3/16 while AMFMedged up 5/16 to 71 3/8.



(KMT) - Get Kennametal Inc. Report

inched up 1/16 to 24 1/2 after it offered to pay $6.70 a share in cash for the 17% of tool distribution company

JLK Direct Distribution


it does not already own. JLK rose 7/8 , or 15.1%, to 6 11/16. Kennametal said the aggregate value of the deal would be $28.7 million in return for the minority interest of about 4.3 million JLK shares. In May, Kennametal said it would not sell the JLK unit because of unfavorable market conditions.

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Earnings/revenue reports and previews


Alaska Airlines

(ALK) - Get Alaska Air Group, Inc. Report

added 3/8 to 27 1/2 after it reported second quarter-earnings of 99 cents per share, excluding charges, besting the 11-analyst estimate of 91 cents. Still, the company fell far short of the $1.59 earned at this time last year.

Archer-Daniels Midland

(ADM) - Get Archer-Daniels-Midland Company Report

lost 1/4 to 9 5/8 after it reported fourth-quarter earnings of 10 cents a share, which includes a charge of 12 cents a share for the cost of products sold related to oilseed, cocoa, plant shutdowns and other items. The charge also covers abandonment costs and a separate tax gain of 10 cents a share. The eight-analyst estimate was 19 cents a share, while year-ago earnings were 7 cents a share.



climbed 2 7/16, or 9.3%, to 28 5/8 after it reported second-quarter earnings of 81 cents, beating the seven-analyst estimate of 79 cents and up from year-ago earnings of 63 cents. Also, Goldman Sachs added the company to its recommended-for-purchase list from market outperformer rating. The firm also raised its 2000 EPS estimate to $2.85 from $2.80 and its 2001 EPS estimate to $3.15 from $3.10.

Sears Roebuck

(S) - Get SentinelOne, Inc. Class A Report

lost 1 5/8 to 32 1/8 after it reported second-quarter earnings of $1.11 a share, beating the

First Call/Thomson Financial

14-broker estimate for earnings of $1.05 a share and the year-ago 86-cent profit.

U.S. Steel Group

(X) - Get United States Steel Corporation Report

rose 1/8 to 18 15/16 after it posted second-quarter earnings of 62 cents a share, below the 11-analyst 70 cent consensus but above the year-ago 59 cent profit.

Verizon Communications

(VZ) - Get Verizon Communications Inc. Report

gained 3 3/4, or 8.5%, to 48 after it issued a statement in response to recent market activity, as the stock has dropped to 44 1/4 from 57 7/16 in a month's time. The company said second-quarter earnings, to be announced Aug. 8, will be consistent with prior guidance. The current

First Call/Thomson Financial

four-analyst estimate is for earnings of 77 cents a share for the quarter.

Washington Post


lost 3 3/8 to 481 after it reported second-quarter earnings of $4.33 a share, falling short of the five-analyst estimate of $5.70 and down from year-ago earnings of $6.67 a share. The company said it missed estimates because it was spending more on building up new businesses this quarter.

Agilent Technologies

(A) - Get Agilent Technologies, Inc. Report

warned investors that it would post third-quarter earnings of 18 cents to 22 cents a share, greatly missing the 11-analyst estimate of a 35-cent profit. The company blamed capacity constraints and part shortages for lagging orders. The test- and measurement- equipment maker also said softness in its health care solutions and chemical analysis units helped to put a dent in earnings.

joint newsroom covered the Agilent warning in a

story this evening. Agilent dropped 6, or 11.%, to 48.

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Offerings and stock actions



added 3 1/4 to 193 9/16 after it set a 2-for-1 stock split, scheduled to be paid to shareholders Aug. 21.




lost 3/16 to 35 7/8 after it said it had approved a two-for one split, to be distributed Aug. 25. Maker of electronic and communications products

Teledyne Technologies

(TDY) - Get Teledyne Technologies Incorporated Report

filed to sell 4.1 million common shares, valued at $77.1 million, based on yesterday's closing price of 18 13/16.

After Thursday's Close



climbed 5 11/16, or 40.6%, to 19 11/16 after its 10 million-share IPO was priced at $14 a share, which was above its price range, according to lead underwriters

Goldman Sachs


Honeywell International

(HON) - Get Honeywell International Inc. Report

lost 1 1/2 to 34 3/4 after it announced that it would buy back up to 40 million of its common shares, worth about $1.5 billion.



sailed up 9 3/8, or 58.6%, to 25 3/8 after its 11 million-share IPO was priced at $16 a share, which was at the top of its price range, said lead underwriters Lehman Brothers.



tacked on 6 3/4, or 42.2%, to 22 3/4 in its trading debut. Shares for its IPO were priced at $16 a share, above the estimated $12-to-$14 range, according to lead underwriters Lehman Brothers.



dropped 2 15/16 to 84 1/2 after it set a 2-for-1 stock split.



jumped 10 1/2, or 75%, to 24 1/2 on its first trading day. The $5 million-share IPO, priced at $14 a share, was up $10 to $24.

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Analyst actions

Donaldson, Lufkin & Jenrette

cut its fiscal 2001 earnings estimates on

America Online


to 61 cents a share from 71 cents a share, after AOL reported fiscal fourth-quarter 2000 earnings of 13 cents a share last night. But DLJ's estimates are on the high side -- the current 2001 consensus is 55 cents, according to

First Call/Thomson Financial


Merrill Lynch

responded by raising its fiscal 2001 estimates to 58 cents per share from 53 cents per share.

DLJ maintained its price target of $120 a share, and a number of other analysts reiterated strong recommendations on the Internet company. AOL was down 1 11/16 to 57 7/16.

Donaldson, Lufkin & Jenrette raised its price target on

Sun Microsystems

(SUNW) - Get Sunworks, Inc. Report

to $120 from $100 after the company's quarterly earnings call last night. Also,

Salomon Smith Barney

raised it to a buy from outperform. Sun rose 5 15/16, or 6.1%, to 104.


(VNTR) - Get Venator Materials PLC Report

, which dropped 6 7/16, or 31.6%, to 13 15/16, was cut by several analysts after its earnings report yesterday. The B2B company has been downgraded to hold from buy at

Credit Suisse First Boston

and down to buy from strong buy at

Deutsche Banc Alex. Brown




(APA) - Get APA Corp. Report

: UP to buy from outperform at Deutsche Banc Alex. Brown. Apache fell 2 7/16 to 48 11/16.

Bank of New York

(BK) - Get Bank of New York Mellon Corporation Report

: UP to buy from hold at CSFB. The stock was up 11/16 to 50.


(BVSN) - Get BroadVision Inc. Report

was down 3 15/16, or 8.7%, to 41 7/16, after it was raised to strong buy from buy at

SG Cowen



(DIS) - Get Walt Disney Company Report

: Merrill Lynch raised fourth-quarter EPS estimates to 19 cents from 16 cents, and increased 2000 estimates to 86 cents from 83 cents. The stock was off 1 3/16 to 37 7/16.

Equitable Resources

(EQT) - Get EQT Corporation Report

: UP to buy from market perform at Donaldson, Lufkin & Jenrette.

Host Marriott


: UP to accumulate from buy at Merrill Lynch; price target: $12. The stock slid down 3/16 to 10 5/16.

Level 3 Communications


: UP to buy from long-term buy at

J.P. Morgan

. Level 3 fell 3 7/16 to 79 9/16.



: DOWN to buy from strong buy at

U.S. Bancorp Piper Jaffray

. The stock plummeted 29 11/16, or 27.3%, to 79 1/16.

Mellon Financial


: UP to buy from hold at CSFB. Mellon was up 1 3/8 to 40 1/4.

Precision Castparts


: UP to buy from hold at CSFB; 2001 earnings per share estimate raised to $4.70 from $4.25; 2002 estimates raised to $5.40 from $4.90. The stock edged up 5/16 to 53 11/16.

Smith International


, was off 1 7/8 to 73 3/4 after it was raised to short-term buy from short-term accumulate at Merrill Lynch.

Station Casinos

(STN) - Get Stantec Inc Report

: UP to buy from outperform at Lehman Brothers. Station was lifted 11/16, or 5.2%, to 13 13/16.


(THQ) - Get Tekla Healthcare Opportunities Fund Report

: UP to buy from market performer at

Banc of America Securities

. The stock crept up 1 3/8 to 68.


(XLNX) - Get Xilinx, Inc. Report

: 12-month price target UP to 120 from 100 at

ABN Amro

. DOWN to buy from strong buy at

WR Hambrecht

, after the company reported earnings of 27 cents a share for the second quarter, ahead of the 25-cent consensus. WR Hambrecht raised earnings estimates on Xilinx, despite downgrading the stock. Xilinx dropped 11 1/8, or 12.8%, to 75 15/16.



(ADPT) - Get Adaptive Biotechnologies Corp. Report

: DOWN to neutral from attractive at

Bear Stearns

. It was down 1 9/16, or 6.8%, to 21 7/16.


(A) - Get Agilent Technologies, Inc. Report

, down 5 7/8, or 10.9%, to 48 1/8, after its rating was cut DOWN to neutral from attractive at Bear Stearns.

Burlington Resources

(BR) - Get Broadridge Financial Solutions, Inc. Report

: DOWN to buy from strong buy at Deutsche Banc Alex. Brown. The stock was down 1 15/16, or 5.8%, to 31 5/8.

Complete Business Solutions


: DOWN to hold at CSFB. The stock was down 2 1/16, or 13.8%, to 12 7/8.



: DOWN to near-term neutral from accumulate at Merrill Lynch. Com21 sunk 14 5/8, or 41.6%, to 19 7/8.

Computer Associates

(CA) - Get CA, Inc. Report

: DOWN to neutral from attractive after the software company reported sharply lower earnings at Bear Stearns. Computer Associates was 1 13/16, or 7.3%, higher to 26 13/16.

Cooper Tire and Rubber

(CTB) - Get Cooper Tire & Rubber Company Report

, off 1/8 to 12 9/16, after it was cut to market perform from buy at Deutsche Banc Alex. Brown.


(GNTX) - Get Gentex Corporation Report

: DOWN to buy from strong buy at CSFB. The stock was unchanged at 23.


(G) - Get Genpact Limited Report

: DOWN to buy from strong buy at Deutsche Banc Alex. Brown after the company's earnings report yesterday. Salomon Smith Barney lowered its price target on the company to $45 from $50. The stock ended the day down 1 13/16, or 5.6%, to 30 1/2.


(HAS) - Get Hasbro, Inc. Report

: DOWN to attractive from buy at Bear Stearns. Hasbro slid 1 1/16, or 8.8%, to 11.

Mexican industrial conglomerate



: DOWN to outperform from strong buy ahead of valuations at Morgan Stanley. IMSA was down 7/16 to 15.



: DOWN to neutral from strong buy at

U.S. Bancorp Piper Jaffray

. The stock dropped 5 5/16, or 28.7%, to 13 3/16.



sunk 14 1/4, or 22.3%, to 49 3/4 after it was cut DOWN to near-term accumulate from buy at Merrill Lynch.



: 12-month price target DOWN to 75 from 90 at PaineWebber, cut its 2000 EPS outlook to $1.11 from $1.13 and its 2001 EPS outlook to $1.31 from $1.53. Also, CSFB cut its 12-month price target to 70 from 80. Lucent was down 2 15/16, or 5.4%, to 51 1/4.

Northwest Airlines


: DOWN to buy from strong buy at Deutsche Banc Alex. Brown. It edged up 1/4 to 33 1/2.

Sprint PCS


: DOWN to hold from outperform at ABN Amro. Sprint was down 2 1/2 to 61 7/8.

Tower Automotive


: DOWN to long-term buy from buy at

J.P. Morgan

. Tower was up 1/16 to 12 13/16.


Cytec Industries


: INITIATED recommended for purchase at Goldman Sachs. It was up 2 7/16, or 9.3%, to 28 5/8.


(DHR) - Get Danaher Corporation Report

: new buy at CSFB. It was off 7/16 to 47 5/16.

Group Moves

CSFB initiated coverage on a number of advertising/communications companies:

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Financial services giant


(C) - Get Citigroup Inc. Report

named Robert Lipp, head of its consumer arm, to join Chairman and Chief Executive Sanford Weill and former U.S. Treasury Secretary Robert Rubin in its office of the chairman. Lipp fills a spot vacated by retired co-Chairman John Reed. The stock was up 5/16 to 70 7/8.

Interstate Bakeries


said rumors are untrue that it's being acquired by

Grupo Bimbo

. The stock was up 5/16 to 15 3/4.


(BA) - Get Boeing Company Report

said it received orders for eight Wide-body 777 jetliners from unidentified buyers, but announced cancellations of four earlier 777 orders.


said eight 777s at list prices would cost about $1.4 billion, but said customers usually get a discount of 25% or more. Boeing was boosted 3/4 to 46 13/16.

Celera Genomics


President Craig Venter told


it's considering developing vaccines that coax the immune system to step up its attack on tumors. The company currently sells genetic information to drug companies and universities. Celera was up 2 3/8 to 112 3/8.

Constellation Energy


said the

Maryland Court of Appeals

lifted the stay blocking the restructuring of its utility subsidiary,

Baltimore Gas & Electric

, according to


. The ruling allowed the company to cut electric rates 6.5% retroactive to July 1, when other Maryland utilities cut their rates. It was off 3/8 to 33 1/4.



will replace



in the

S&P 500 after the close of trading July 27. 3Com is spinning of its 94.3% interest in Palm to its shareholders. 3Com will replace

Burlington Industries


in the

S&P MidCap 400 Index

. Burlington is being taken off the list because of lack of representation. Palm edged up 1 9/16 to 38 5/16, 3Com was up 1 3/8 to 68, while Burlington fell 1/4, or 10.3%, to 2 3/16.



, which slid down 1/16 to 35 15/16, said it will lay off 470 employees between October and December at its Toastmaster manufacturing facility in Macon, Mo. The facility, which makes toasters and toaster-oven broilers, will be converted into a distribution center, with about 70 employees retained for the transition.

Also, the company agreed to give


the rights to sell

George Foreman's

endorsement of seasoned steakburgers. Terms allow for George Foreman to appear on QVC to promote sales of the steakburgers, the George Foreman Grill and other George Foreman-branded products.

TelCom Semiconductor


said its current president, Bob Gargus, was appointed chief executive. Gargus replaces Phillip Drayer, who will continue as chairman of the company. The stock dropped 4 3/16, or 14.4%, to 24 13/16.

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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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