Updated from 3:57 p.m. EDT

No, it's not April Fools' Day, but it might have seemed that way to

Emulex

(EMLX)

, which became the target of a hoax that sent its stock nose diving about 60% to 45. A fake press release had the company reversing its fourth-quarter earnings estimates to a loss of 15 cents a share from net gain of 25 cents and said chief executive Paul Folino had resigned. The stock was halted around 10:30 a.m. EDT., but was restarted at 1:30 p.m. Shares of Emulex ended lower 7 5/16, or 6.5%, to 105 3/4.

Fiber optics network equipment company

Sycamore Networks

(SCMR)

posted fourth-quarter earnings that beat Wall Street's estimates. The firm reported earnings of 8 cents a share, beating the 13-analyst

First Call/Thomson Financial

estimate of a 6-cent profit and the year-ago 4-cent result. Since the prior fourth quarter, Sycamore's revenue has increased eightfold.

TheStreet.com/NYTimes.com

joint newsroom detailed Sycamore's results in a separate

story. Sycamore Networks fell 7 3/16 to 150 13/16.

Internet consulting firm

Razorfish

(RAZF)

reported that its President, Mike Pehl, will resign to spend time with his family and explore career opportunities. (Stop snickering.) Pehl joined the company in November after his firm,

International Integration

, was acquired by Razorfish. He will continue to have a relationship with Razorfish through a consulting agreement. Razorfish closed down 7/8, or 6%, to 13 11/16.

This morning, the stock was cut to buy from strong buy at

Deutsche Banc Alex. Brown

.

Mergers, acquisitions and joint ventures

Global tire makers

Cooper Tire

(CTB) - Get Report

,

Goodyear

(GT) - Get Report

,

Michelin

,

Continental

,

Pirelli

and

Sumitomo

signed an agreement to build a joint purchasing and procurement e-marketplace, called

RubberNetworks.com

. Cooper Tire slid 1/16 to 11 7/8.

Ford's

(F) - Get Report

dealer council said it will form an Internet-based site, called

FordDirect.com

, to sell cars online. The Web site will be jointly owned by participating dealers and Ford with an independent management team. Ford will be an investor, while the dealers will retain control of the venture. Ford declined 1/8 to 27 5/8.

After Thursday's Close

Consumer products manufacturer

Chattem

(CHTT)

announced that it has agreed to sell its

Ban

deodorant line to

Kao's

Andrew Jergens unit, for $160 million in cash. Kao is Japan's largest personal, cleansing and sanitary products company. Chattem fell 1 7/8, or 13%, to 12 15/16.

Manufacturing giant

Honeywell

(HON) - Get Report

confirmed that it has hired investment house

Salomon Smith Barney

to help the company find a buyer for its automotive products unit, a division that makes goods including filters, spark plugs and car care products. Honeywell moved down 1/8 to 39 7/8.

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Earnings/revenue reports and previews

Lancaster Colony

(LANC) - Get Report

posted fourth-quarter earnings of 61cents a share, missing the four-analyst estimate and year-ago earnings by a penny. The company blamed the missed earnings on weaker operating results in its automotive and glassware and candles businesses. Lancaster Colony lowered 7/16 to 23 3/8.

Automotive supplier

Lear

(LEA) - Get Report

cut its second-half earnings estimate for 2000 by 18 cents a share, saying it would be hurt by the weak euro and the stronger-than-expected peso, as well as

Ford

Explorer and Ranger production cuts. The 21-analyst estimate for the third-quarter was 66 cents a share and the 20-analyst estimate for the fourth-quarter was $1.54. Lear missed 1 13/16, or 7.5%, to 22 1/2.

Rent-A-Center

(RCII) - Get Report

said it agrees with analyst earnings estimates for 2000 and 2001. The six-analyst estimate for 2000 was $2.58 a share, while the five-analyst estimate for 2001 was $2.97. In 1999, the company's earnings were $1.74 and in 1998 were $1.24. The company said it's on track to post double-digit same-store sales in the third quarter. Rent-A-Center hopped 4 1/8, or 14.7%, to 32 1/8.

Rite-Way

(RWY)

said it is "highly confident" it will meet analysts' estimates for its fourth-quarter and year earnings. The seven-analyst estimate for the quarter is 46 cents a share, which is up from year-ago earnings of 41 cents and the full year estimate was $1.83 a share, compared with year-ago of $1.26. Rite-Way increased 9/16 to 24 9/16.

Time Warner Telecom

(TWTC)

agreed to pay $690 million for the majority of

GST Telecommunications'

assets. The deal excludes most of GST's Hawaii assets and residual cash balances. Time Warner Telecom fell 5/8 to 61 7/16.

After Thursday's Close

Crossroads Systems

(CRDS)

, a manufacturer of storage network equipment, recorded a third-quarter 30-cent loss, missing the two-analyst prediction of a 21-cent loss, and dropping below the year-ago 9-cent loss. The company also reported a 6% decrease in revenue for the quarter. Crossroads Systems declined 1 3/4, or 16%, to 9 3/16.

Mandalay Resort Group

(MBG)

announced second-quarter earnings of 50 cents a share, topping the 16-analyst 47-cent estimate and improving on year-ago 29-cent earnings. Mandalay Resort Group advanced 1 5/16, or 5%, to 27 9/16.

Marvell Technology Group

(MRVL) - Get Report

listed a second-quarter profit of three cents a share, exceeding the three-analyst one penny estimate and in line with the year-ago result. The stock's 2000 EPS was raised to 16 cents from 13 cents at Lehman Brothers and its 2001 EPS was raised to 36 cents from 33 cents. Marvell Technology Group rose 1/4 to 55 3/8.

Midway Games

(MWY)

recorded a fourth-quarter loss of 39 cents a share, narrower than the three-analyst expectation of a 43-cent loss but below the year-ago negative 12-cent result. Midway Games declined 1/2, or 5.7%, to 8 1/4.

PumaTech

(PUMA)

posted a pro forma loss of 8 cents a share, besting the five-analyst forecast of an 11-cent loss but below the year-ago pro forma 1-cent profit. PumaTech shed 2 5/8, or 11.2%, to 20 13/16.

Remec

(REMC)

posted second-quarter earnings of 7 cents a share, beating the four-analyst 6-cent estimate by a penny and up from the year-ago 7-cent loss. Remec increased 1/16 to 30 1/16.

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Analyst actions

Coca-Cola's

(KO) - Get Report

volume projections were lowered by Salomon Smith Barney because of softness in several global markets including North America. The firm estimates unit case volume in the second half of this year to increase 4.5%, not 5% to 5.5% as previously projected and 2001's volume growth target was cut to 5% from 5.5%. Coke has projected growth in the 6% to 7% range.

In related news, the company named Jeffrey Dunn group president of North America. Coca-Cola declined 1 15/16 to 56.

Upgrades

Apple

(AAPL) - Get Report

: UP to strong buy from buy at

Wit Soundview

. Apple lifted 45/64 to 56 13/16.

Coflexip Stena Offshore

(CXIPY)

: 2000 earnings-per-share estimate UP to $1.70 from $1.50 at

Merrill Lynch

. Coflexip Stena Offshore gained 7/16 to 64 3/4.

Corio

(CRIO)

was added to U.S. recommended-for-purchase list at Goldman Sachs. Corio added 7/8, or 7.5%, to 12 1/2.

Lehman Brothers

(LEH)

: third-quarter EPS estimate UP to $2.80 from $1.98 at

UBS Warburg

; 2000 EPS estimate to $12.20 from $10.68; and 2001 EPS estimate to $12.40 from $11.20. Lehman Brothers lowered 1 9/16 to 133 13/16.

Ulticom

(ULCM)

: 2000 EPS UP to 16 cents from 13 at Lehman Brothers; 2001 EPS UP to 21 cents from 17 cents and its price target UP to 55 to 60. Ulticom hopped 6 1/8, or 13.9%, to 50 1/16.

Waters

(WAT) - Get Report

: price target UP to 165 from 140. Waters improved 6 3/8 to 156 7/8.

Downgrades

American Management Systems

(AMSY)

: DOWN to hold from buy at

ING Barings

. American Management Systems tacked on 3/8 to 15 3/8.

Bausch & Lomb

(BOL)

: DOWN to hold from buy at ING Barings; DOWN to neutral from buy at

PaineWebber

. Bausch & Lomb missed 15/16 to 34 15/16.

Sysco

(SYY) - Get Report

: DOWN to neutral from buy at

U.S. Bancorp Piper Jaffray

. Sysco fell 1 1/4 to 42 3/4.

Initiations

Lamar Advertising

(LAMR) - Get Report

: NEW outperform at Salomon; 12-month price target: 60. Lamar Advertising gained 9/64 to 48 1/4.

Lexent

(LXNT)

: NEW buy at

Credit Suisse First Boston

; 12-month price target: 30. Lexent dropped 3/16 to 26 1/8.

Symyx

(SMMX)

: NEW buy at

Chase Hambrecht & Quist

; price target: 55. Symyx increased 15/16 to 37 7/8.

Temple-Inland

(TIN)

: REINITIATED as a hold at CSFB. Temple-Inland decreased 1/4 to 43.

Group Moves

Merrill Lynch

said auto supplier

Visteon

(VC) - Get Report

will be "substantially" affected by the

Ford/Firestone

recall, and other auto suppliers

ArvinMeritor

(ARM)

,

Dana

(DCN)

and

Federal-Mogul

(FMO) - Get Report

will "bear the brunt of deteriorating market conditions."

  • Visteon: third-quarter EPS estimate DOWN to 42 cents from 50 cents and yearly EPS estimate DOWN to $3.41 from $3.45.
  • ArvinMeritor: fourth-quarter EPS estimate DOWN to 65 cents from 82 cents and yearly EPS estimate DOWN to $3.77 from $3.95.
  • Dana: third-quarter EPS estimate DOWN to 82 cents from 90 cents and yearly EPS estimate DOWN to $3.67 from $3.80.
  • Federal-Mogul: third-quarter EPS estimate DOWN to 55 cents from 70 cents and yearly EPS estimate DOWN to $2.65 from $2.95. Ford decreased 1/8 to 27 5/8; ArvinMeritor fell 15/16 ,or 5.2%, to 16 15/16; Dana shed 1 1/8 to 25 1/16; Federal-Mogul stayed flat at 11.

Lehman Brothers

started coverage of four California banks:

  • Westamerica Bancorp (WABC) - Get Report: NEW neutral
  • City National (CYN) : NEW neutral
  • Greater Bay Bancorp (GBBK) : NEW outperform; 2001 EPS estimate: $3.65.
  • BancWest (BWE) : NEW buy. Westamerica Bancorp climbed 1/4 to 29 7/8; City National lifted 7/16 to 38 3/8; Greater Bay Bancorp advanced 7/8 to 58 7/16; BancWest gained 1/16 to 17 5/16.

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Offerings and stock actions

Amresco

(AMMB)

said its shareholders had approved a 1-for-5 reverse stock split. Amresco remained unchanged at 11/32.

Federated

(FD)

said its board approved an additional stock buyback up to $500 million. This adds to the company's existing stock buyback started in January, which at the end of its second quarter had about $70 million of the original $500 million authorization remaining. Federated climbed 5/16 to 27 5/8.

Principal Financial Group

said it intends to shed its policyholder-owned status and restructure into a stockholder-owned corporation,

The Wall Street Journal

reported. It will lay out its demutualization plan early next year, company officials said.

After Thursday's Close

OceanFirst Financial

(OCFC) - Get Report

, the holding company for

OceanFirst Bank

, announced that it plans to buy back up to 1.1 million shares, or about 10%, of its outstanding common stock. OceanFirst Financial increased 13/16 to 20 7/8.

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Miscellany

Internet phone company

Net2Phone

(NTOP)

named Stephen Greenberg to the new post of president. The newly formed office of the president will be staffed as well by CEO Howie Balter and Chairman Cliff Sobel and will manage the company's planned expansion into online and offline markets. Net2Phone staggered 15/16 to 27.

Auto insurer

21st Century Insurance Group

(TW) - Get Report

said it has deferred action on a third-quarter dividend until it reviews its dividend policy, which will be completed within 30 days. 21st Century Insurance Group improved 1/4 to 16 11/16.

Natural gas distributor

ONEOK

(OKE) - Get Report

announced that Larry Brummett, chairman and chief executive, has died after a two-year battle with cancer. Brummett was 49. The company has not named a successor. ONEOK fell 1/2 to 30 15/16.

Bank of America

(BAC) - Get Report

said it will redesign some of its branches in an effort to increase sales of stocks, bonds and mutual funds. The bank will launch a pilot program that is expected to affect 500 of its 4,500 branches over the next several years. The new offices' improvements include television sets tuned to financial news networks and computers with Internet access to accounts. Bank of America lowered 3/4 to 51 3/4.

Lernout & Hauspie's

(LHSP)

newly appointed Chief Executive John Duerden said the departure of his predecessor, Gaston Bastiaens, was not speeded up by litigation threats and Duerden's appointment wasn't made as an attempt to regain investor confidence amid concerns about how it reported its sales.

An Aug. 8 story in

The Wall Street Journal

raised questions about discrepancies in the company's claims of sales to certain customers in South Korea. Lernout disputed the findings, but the company commissioned a special audit by its accountants to allay concerns about its financial results. Lernout & Hauspie decreased 4 5/8, or 13.3%, to 30 1/16.

Property and liability insurer

St. Paul

(SPC)

said its president and chief operating officer, James Gustafson, is leaving the company by mutual consent. In a release, Chairman and CEO Douglas Leatherdale said Gustafson, who has been in the job less than two years, is "a talented executive," but that "it has become apparent to the board and me that there was not a fit" between the company and Gustafson's skills. St. Paul moved down 1 to 45 13/16.

Special Metals

(SMCX)

said its chairman, Robert Halverstadt, will retire and will be replaced by Phillippe Choppin de Janvry, who is currently chairman and CEO of

Eramet International

. Special Metals tacked on 1/8 to 3 3/4.

UAL's

(UAL) - Get Report

United Airlines

is making headway in contract talks with its pilots union, according to

The Wall Street Journal

. The story said senior officials from both sides are now at the bargaining table. Also, the company announced that a 30-second advertisement featuring an apology to customers from the airline's chairman, James Goodwin, will begin airing. UAL advanced 2 3/16 to 50 3/8.

After Thursday's Close

Newspaper and TV company

E.W. Scripps

(SSP) - Get Report

announced that Kenneth Lowe has been elected president and chief executive. Lowe's appointment had been expected since January, when he became president and COO and William Burleigh, then CEO, stepped down. E.W. Scripps climbed 1/8 to 49 15/16.

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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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