Updated from 3:15 p.m.

McDonald's

(MCD) - Get Report

said October sales hit $3.35 billion, up 1% from this time a year ago, despite the euro's weakness. On a constant-currency basis, sales were up 6%; U.S. sales were up 2% year-over-year at $1.65 billion. The Golden Arches closed up $1.31, or 4.1%, to $33.06.

Mergers, acquisitions and joint ventures

Cisco

(CSCO) - Get Report

said it would acquire

Active Voice

(ACVC)

for $266 million. The deal is expected to close in the spring, and Cisco will take a one-time charge of no more than 2 cents a share. Cisco closed down $3.19, or 5.99%, to $50.06.

After Thursday's Close

America Online

(AOL)

and

Time Warner

(TWX)

will have to wait. The

Federal Trade Commission

announced that it will not vote on the companies' planned merger for up to three weeks to allow the duo to submit concessions to alleviate antitrust fears in the $127 billion acquisition.

In a statement, the FTC said "The parties have committed in the last 24 hours to offer new proposals to address competitive issues in the proposed merger." The agency voted unanimously, 5-0, to delay action for up to three weeks. AOL closed down $2.18, or 4.1%, to $50.50' Time Warner was down $2.49, or 3.2%, to $76.35.

Eastman Kodak

(EK)

dipped into the old change purse and announced that it will plunk down $39 million for

Lumisys

(LUMI)

. Kodak will buy all of the X-ray film digitizer's capital stock for $4.05 a share. Lumisys will become a Kodak subsidiary. Kodak closed down 69 cents, or 1.4%, to $47.06; Lumisys was up $1.31, or 51.2%, to $3.88.

Entergy

(ETR) - Get Report

has done a little pre-Christmas shopping, purchasing two nuclear power plants from

Consolidated Edison

(ED) - Get Report

. The company will pay Con Ed $502 million for the Indian Point 1 and 2 nuclear power plants, three natural gas turbines and other assets. It will also cough up an additional $100 million for nuclear fuel and has agreed to sell power to Con Ed through 2004. Entergy closed up 81 cents, or 2.2%, to $38.56; Con Ed was up 56 cents, or 1.6%, to $35.50.

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Earnings/revenue reports and previews

Macerich

(MAC) - Get Report

reported earnings of 65 cents a share, in line with the

First Call/Thomson Financial

11-broker estimate. The company earned 64 cents a share this time last year. Macerich closed down $1.75, or 8.7%, to $18.44.

After Thursday's Close

AdvancePCS

(ADVP)

announced second-quarter earnings of 22 cents a share, lower than the 26-cent First Call estimate and last year's 16 cents. The company's stock closed down $1.38, to 3.4%, to $38.63.

Dell

(DELL) - Get Report

announced third-quarter earnings of 25-cents a share, exactly what the guys at First Call/Thomson Financial expected. Last year's quarter came in at 18 cents a share. Sales were $8.3 billion, a 22% gain.

Last month, Dell got slugged by the markets when it announced that earnings would be lower than expected, which helped spur fears that both computer-makers and chipmakers were due for slowing growth.

The company also made some picks about the full year 2000 picture and said it expects sales of $32 billion for the year, up 27% from last year. But what really slammed the company -- and the tech sector in general -- was the company's warnings on future revenue forecasts. For more on Dell's earnings, check out

TheStreet.com's

complete coverage.

Morgan Stanley Dean Witter

has

cut its rating on Dell this morning to neutral from outperform. The firm also cut Dell's fiscal 2002 earnings estimates to $1.07 from $1.10.

Other analysts also reacted today.

Chase Hambrecht & Quist

cut its earnings estimates to $1.12 from $1.15 for fiscal 2002, but maintained its market perform rating.

Bear Stearns

reiterated its neutral rating.

Credit Suisse First Boston

lowered its 2002 estimates to $1.08 from $1.10, and fiscal 2003 estimates to $1.25 from $1.30.

Robertson Stephens

assumed coverage of the stock this morning with a market perform rating, and said it was "cautious about the company's prospects of demonstrating consistent top-line growth moving forward in the face of declining gross and operating margins."

ING Barings

maintained a buy rating, but lowered earnings estimates to $1.13 from $1.16 for fiscal 2002.

Dell closed down $5.38, or 18.9%, to $23.

Guess?

(GES) - Get Report

what? The clothing retailer's not so fashionable anymore, since it announced weak third-quarter earnings. Georges Marciano's once red-hot brand announced earnings of 13 cents a share, not just short, but

way short

of the 36 cent analyst call and the year-ago 33 cents.

Maurice Marciano, the other half of the company's chief executive pair, called the earnings "disappointing" and blamed excess inventory and a difficult retail environment. You see, high inventories are anathema to profitability in the retail sector, causing companies to slash prices (and profitability) to make room for new products.

The company now expects fourth-quarter earnings to come in between 8 cents and 10 cents a share, well off the 36 cent analyst estimate. Guess? closed down $2.25, or 31%, to $5.

Nvidia

(NVDA) - Get Report

announced third-quarter earnings of 35 cents a share, beating the 32 cent First Call/Thomson Financial estimate and the year-ago 15 cents. The stock closed down $3.38, or 5.4%, to $58.81.

WebLink Wireless

(WLNK)

should probably hand out incense with its next earnings release, because its third-quarter results didn't smell too good. The company announced losses of 68 cents a share, worse than last year's 60 cents a share. There was no analyst estimate. Revenues fell to $59 million from the year-ago $66 million.

To make matters worse, the company also said that it would not be in compliance with some bank credit covenants after the current fiscal year ends. Why? WebLink blames a decline in paging units. WebLink ended the dismal trading day down $2.09, or 28.9%, to $5.16.

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Analyst actions

Morgan Stanley

downgraded

Intel

(INTC) - Get Report

this morning. The chipmaker, which manufactures chips for PC makers such as Dell, closed down $4.38, or 10.6%, to $37. Morgan Stanley cut Intel's 2000 earnings to $1.68 from $1.70, and cut 2001 earnings to $1.65 from $1.75.

Disney

(DIS) - Get Report

was sent in two different directions today. It was downgraded to market perform from buy at

Deutsche Banc Alex. Brown

after reporting earnings of 20 cents a share for the fiscal fourth quarter. The brokerage firm also lowered fiscal 2001 earnings estimates to $1.02 from $1.07, citing worries about the broadcasting sector and the economy.

Salomon Smith Barney

dropped the company's stock to an outperform from buy, and lowered fiscal 2001 estimates to 97 cents from $1.02 and fiscal 2002 to $1.12 from $1.17.

But

Credit Suisse First Boston

upgraded the company's stock to strong buy from buy. Disney closed up 56 cents, or 1.8%, to $31.69.

Upgrades

Buckle

(BKE) - Get Report

: UP to buy from hold at CSFB; fiscal 2000 earnings per share estimate UP to $1.54 from $1.50; fiscal 2001 estimate up to $1.75 from $1.65. Buckle closed up 63 cents, or 3.3%, $19.38.

Compagnie Generale de Geophysique

(GGY)

: UP to buy from outperform at Salomon; price target: $22. The stock closed up 63 cents, or 4.9%, to $13.44.

Rayovac

(ROV)

: UP to strong buy from accumulate at

Prudential Securities

. Rayovac closed up 75 cents, or 4.5%, to $17.31.

Downgrades

Aventis

(AVE)

: DOWN to hold from accumulate at

Commerzbank

. Aventis closed down $1.38, or 1.8%, to $73.63.

Harrah's

(HET)

: DOWN to hold from buy at

UBS Warburg

. Harrah's closed down $1.06, or 3.7%, to $27.44.

Initiations

Andrx

(ADRX)

: NEW buy at CSFB; price target: $17. Andrx closed up 56 cents, or 0.6%, to $87.88.

Asia Global Crossing

(AGCX)

: NEW buy at

Merrill Lynch

; price target: $17. The stock closed flat at $6.44.

Comverse Technology

(CMVT)

: NEW buy at CSFB; price target: $128. Comverse closed down $4.25, or 3.9%, to $105.31.

Introgen Therapeutics

(INGN) - Get Report

: NEW strong buy at UBS Warburg. Introgen closed flat at $11.

Metasolv

(MSLV)

: NEW buy at

Deutsche Banc Alex. Brown

. Metasolv closed up $1.88, or 9.4%, to $21.88.

Micromuse

(MUSE)

: NEW buy at Alex. Brown. Micromuse closed down $15.25, or 10.4%, to $131.50.

Portal Software

(PRSF)

: NEW buy at Alex. Brown. Portal Software closed up $1.19, or 4.4%, to $28.25.

Sybron International

(SYB)

: NEW buy at CSFB; price target: $38. Sybron closed up $1.81, or 7.2%, to $27.06.

Group Moves

Merrill Lynch raised price targets on several beverage stocks:

  • Anheuser-Busch (BUD) - Get Report: UP to $52 from $46. Anheuser closed up 63 cents, or 1.4%, to $46.88.
  • Coca-Cola (KO) - Get Report: UP to $78 from $75. Coke closed down 44 cents, or 0.7%, to $61.88.
  • Pepsi (PEP) - Get Report: UP to $60 from $55. Pepsi closed down 19 cents, or 0.4%, to $48.81.

Salomon initiated coverage on three reinsurance companies:

  • Everest Re (RE) - Get Report: outperform, price target: $67. Everest Re closed up $1.25, or 2.1%, to $61.25.
  • Mutual Risk Management (MM) : neutral. Mutual Risk closed up 50 cents, or 2.8%, to $18.69.
  • RenaissanceRe (RNR) - Get Report: buy; price target: $83. The stock closed up $2.25, or 3.3%, to $70.50.

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Offerings and stock actions

Immunex

(IMNX)

priced a secondary offering of 70 million shares at $39.75, with 50 million of them offered by

American Home Products

(AHP)

, which holds a 43% stake in Immunex. The offering will cut American Home's stake to 41%. Immunex closed up $1.81, or 4.6%, to $41.56; AHP was up 31 cents, or 0.5%, to $60.

NPS Pharmaceuticals

(NPSP)

priced a secondary public offering of 4 million shares at $42 each. The stock closed flat at $46.38.

Plains Resources

(PLX) - Get Report

approved the doubling of its stock buyback program to 2 million shares. The stock closed up 38 cents, or 2.2%, to $17.38.

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Miscellany

PSC

(PSCX)

, which manufactures bar code scanning equipment, announced that it will consolidate its operations, meaning it will cut jobs. PSC ended the day down 6 cents, or 2.6%, to $2.31.

After Thursday's Close

If you were getting dividends from

Finova

(FNV) - Get Report

, then you aren't any more. The company axed its quarterly dividend of 18 cents a share as part of new company initiative to improve liquidity and focus on core businesses. Finova closed down 6 cents, or 2.4%, to $2.56.

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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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