Wal-Mart (WMT) - Get Report reported first-quarter earnings of 30 cents a share, a penny better than the 18-analyst estimate of 29 cents and the year-ago operating income of 25 cents.

Wal-Mart said total same-store sales for the quarter rose 9.1%. Same-store sales increased 9.6% at Wal-Mart stores and 7% at Sam's Clubs. First-quarter operating profit at Wal-Mart stores, including supercenters, rose 20.2% from the year-ago period. Wal-Mart climbed 1 1/16 to 53 7/16.

For more on this

story, take a look at the piece from

TheStreet.com/NYTimes.com's

joint newsroom.

Mergers, acquisitions and joint ventures

British investment company

Amvescap

(AVZ)

said, as expected, it had agreed to a cash and paper deal to buy

Trimark Financial

in a deal valued at $1.8 billion. Amvescap fell 2 to 66.

BellSouth

(BLS)

and

General Electric

(GE) - Get Report

unit GE American Communications are expected to announce today they will offer a satellite television service to provide customers with a variety of communications services, according to published reports. The service is expected to take in $3 billion in annual revenue. BellSouth declined 1 1/16 to 45 7/16, while General Electric dropped 1 to 51 7/16.

Deloitte Consulting

, Britain's

WPP

(WPPGY)

and marketing software developer

BroadVision

(BVSN) - Get Report

said they set up a joint venture to help companies build their e-business capabilities. The venture, called Roundarch, has 150 employees in offices throughout the country. WPP decreased 4 7/16, or 6.6%, to 62 7/16.

Dutch

KPN

(KPN)

and

NTT DoCoMo

, a unit of

Nippon Telegraph & Telephone

(NTT)

reached an agreement under which the Japanese company would take a 15% stake in KPN's mobile unit for about $4.49 billion. KPN said it is still looking for other partners for its Internet and data segments and said it hopes the IPO of its mobile unit will shortly follow approval of the DoCoMo deal. KPN staggered 9 1/16, or 8.3%, to 100 1/8.

Nortel Networks

(NT)

said it struck a multi-million dollar sale to

Qwest

(Q)

for long-haul optical equipment from Nortel's recently purchased

Qtera

. Nortel Networks slipped 2 5/8 to 52 13/16, while Qwest dropped 1/16 to 43 5/8.

Red Hat

(RHAT)

announced that it is creating a division to make investments in and form strategic partnerships with startup technology companies. Red Hat slumped 2 11/16, or 11.7%, to 21 1/4.

Teligent

(TGNT)

announced a network services agreement with

Level 3 Communications

(LVLT)

. According to Teligent's press release, the broadband communications company will use Level 3's U.S. fiber infrastructure to develop regional network rings that will connect Teligent's broadband communications networks. Financial terms of the deal were not disclosed. Teligent lost 1 7/16, while Level 3 Communications missed 5/8 to 83 7/8.

Britain's

United News & Media

(UNEWY)

said it sold its U.S. consumer magazines business, UAP, to

Trader Publishing

for $520 million in cash as part of its efforts to focus its portfolio. United News & Media stayed flat at 25 1/4.

Earnings/revenue reports and previews

(

Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.

)

Ace Limited

(ACL)

reported first-quarter earnings of 58 cents, beating the 13-analyst estimate by a penny and up from the year-ago 57 cents. The company traded up 1 7/8, or 7.7%, to 26 5/16.

American Tower

(AMT) - Get Report

reported a first-quarter loss of 24 cents, beating the seven-analyst estimate by a penny, but higher than the year-ago loss of 7 cents. American Tower moved down 1 1/2 to 43 5/8.

GenTek

(GK)

reported first-quarter earnings of 46 cents a share, beating the lone analyst estimate of 38 cents and up from year-ago earnings of 38 cents. GenTek decreased 3/4, or 5.1%, to 13 15/16.

Global Telesystems

(GTS) - Get Report

reported a first-quarter loss of 82 cents a share, beating the three-analyst estimate of a 93-cent loss, but higher than the year-ago 61-cent loss. The figure was for recurring net loss per share. Global Telesystems was slipping 1 1/16, or 7.1%, to 13 13/16.

MetLife

(MET) - Get Report

reported first-quarter earnings of 48 cents a share, beating the 10-analyst estimate of 46 cents. The company went public April 5. The earnings per share MetLife reported are pro forma for the IPO. MetLife slipped 13/16 to 17 3/16.

For more on this

story, take a look at the piece from

TheStreet.com/NYTimes.com's

joint newsroom.

OfficeMax

(OMX)

reported a first-quarter loss of 2 cents, in line with the 10-analyst estimate, but down from year-ago earnings of 19 cents. OfficeMax gained 1/8 to 5 7/16.

Pioneer-Standard Electronics

(PIOS)

reported fourth-quarter earnings of 35 cents a share, in line with the 4-analyst estimate and up from year-ago earnings of 31 cents. Pioneer-Standard Electronics shed 1 1/8, or 7.7%, to 13 1/2.

PSINet

(PSIX)

reported a first-quarter loss of $1.06 a share, beating the 14-analyst estimate of a $1.28 loss, but up from the year-ago loss of 56 cents. The figure excludes a restructuring charge and costs related to consolidating retail consumer operations. PSINet added 1 7/16, or 5.9%, to 25 3/4.

Ritchie Bros. Auctioneers

(RBA) - Get Report

shares were up 2 1/16 to 25 7/16 after it reported first-quarter earnings of 21 cents a share, beating the six-analyst estimate of 13 cents. Last year, the company reported first quarter earnings per share of 10 cents.

Simon Property Group

(SPG) - Get Report

lost 3/16 to 26 after it reported first-quarter earnings of 71 cents. That figure is in line with the 13-analyst estimate and up from the year-ago 67 cents. The figure corresponds to a paired share, representing the combined condensed financial statements of Simon Property Group and its paired share affiliate,

SPG Realty Consultants

.

VoiceStream Wireless

(VSTR)

shares edged up 1 1/8 to 106 3/8. After yesterday's close, the company reported a first-quarter loss of $1.68 a share, wider than the nine-analyst expected loss of $1.14 and the year-ago loss of 81 cents.

Unisys

(UIS) - Get Report

shares slipped 3/8 to 23 7/8 after chairman and CEO Larry Weinbach disappointed analysts by restating for a second time that the computer services company's revenue growth would not return to double digits until the second half of fiscal 2000.

According to

Reuters

, Wall Street analysts who attended the meeting said they were hoping to hear of a quicker recovery, but received the same guidance that was given during Unisys' first-quarter earnings report.

Offerings and stock actions

Alpharma

(ALO) - Get Report

shares careened down 3 5/8, or 8.7%, to 38 1/4 after it said it had entered into an agreement to sell about 5 million shares of its Class-A common stock to

Donaldson Lufkin & Jenrette

. Alpharma expects to receive about $186 million net of fees and expenses.

Shares in auto-components maker

Autoliv

(ALV) - Get Report

rose 7/8 to 27 5/16 after it said its board approved a stock repurchase program allowing it to buy back up to 10 million of its outstanding shares.

3Com

(COMS)

shares were flying, up 4 5/16, or 9.9%, to 48 after it said its board authorized the company to repurchase up to $1 billion worth of company stock via agreements with broker dealers or the broader market.

Analyst actions

Goldman Sachs

upgraded the beverage sector and put

Coca-Cola

(KO) - Get Report

on its recommended-for-purchase list from market perform. Coca-Cola shares hopped up 2 3/16 to 50 11/16.

Upgrades

CarrAmerica

(CRE)

shares edged up 1/8 to 24 15/16: UP to outperform from neutral at

Lehman Brothers

, price target: 28 from 22.

Computer Sciences

(CSC)

was up 4 3/16, or 5.2%, to 84 11/16: UP to buy from attractive at

PaineWebber

.

Caterpillar

(CAT) - Get Report

were off 1/8 to 38 13/16: UP to buy from hold at

ABN Amro

, price target: 54.

Danaher

(DHR) - Get Report

fell 9/16 to 56 3/8: UP to buy from market performer at

J.P. Morgan

, price target up to 72 from 55.

Golden West Financial

(GDW)

was off 3/8 to 35 11/16: UP to attractive from buy at PaineWebber.

Netopia

(NTPA)

stumbled 2 1/8, or 5.9%, to 33 7/8: NEW strong buy at

Prudential

; fiscal 2000 and 2001 EPS estimates: 33 cents and 72 cents; price target: 55.

Qualcomm

(QCOM) - Get Report

shares rose 1 5/16 to 104 5/16: fiscal third- and fourth-quarter earnings estimates UP to 27 cents and 31 cents from 26 cents and 30 cents, respectively, at Salomon Smith Barney. SSB raised its fiscal 2000 estimate to $1.10 from $1.05.

Ultramar

(UDS)

edged up 3/16 to 25 15/16: UP to attractive from neutral at PaineWebber, price target: 31.

Downgrades

Finova Group

(FNV) - Get Report

: DOWN to neutral from outperform at

Salomon Smith Barney

. Finova Group stumbled 3 3/4, or 29.7%, to 8 7/8.

Golden West Financial

(GDW)

: DOWN to attractive from buy at

PaineWebber

. Golden West Financial declined 3/16 to 35 7/8.

Jacobs Engineering

(JEC) - Get Report

: DOWN to outperform from buy at Salomon Smith Barney. Jacobs Engineering lost 2 7/16, or 7.2%, to 31 1/4.

Shurgard Storage Centers

(SHU)

: DOWN to neutral from outperform at

Morgan Stanley Dean Witter

. Shurgard Storage Centers slid 13/16 to 22 3/16.

Electronics retailer

Tandy

(TAN) - Get Report

was dropped from PaineWebber's Highlighted Stocks list today. Tandy fell 5 3/8, or 10.7%, to 44 1/2.

Xicor

(XICO)

: DOWN to hold from buy at

CIBC

Xicor slipped 10 13/16, or 58.8%, to 7 9/16.

Initiations

American Superconductor

(AMSC) - Get Report

and

AstroPower

(APWR)

: NEW buy at

CIBC World Markets

. American Superconductor declined 3/8 to 30 3/8.

Biosite Diagnostics

(BSTE)

: NEW buy at

SG Cowen

. Biosite Diagnostics added 7/16 to 25 1/8.

Cabot Microelectronics

(CCMP) - Get Report

: NEW rating, added to Goldman Sachs' U.S. recommended for purchase list. Cabot Microelectronics gained 1 3/8 to 32 1/8.

C-Cube

(CUBE) - Get Report

: REINSTATED with a buy at

Credit Suisse First Boston

, price target: 30. C-Cube skidded 1, or 8.8%, to 17.

DSL.net

(DSLN)

: NEW buy at CIBC, 12-month price target: 31. DSL.net bounced 1/4 to 12 1/4.

Exelixis

(EXEL) - Get Report

: NEW strong buy at SG Cowen, NEW market outperformer at Goldman Sachs. Exelixis edged up 3/8 to 26 7/8.

Marshall & Isley

(MI)

: NEW outperform at

Morgan Stanley Dean Witter

. Price target: 56. Marshall & Isley bounced 1 1/4 to 47 1/8.

J.P. Morgan began coverage of toy companies

Mattel

(MAT) - Get Report

and

Hasbro

(HAS) - Get Report

with market performer and long-term buy ratings, respectively. Mattel declined 1/16 to 11 7/8, while Hasbro lifted 1/4 to 15 15/16.

Pactiv

(PTV)

and

Sealed Air

(SEE) - Get Report

: NEW buy ratings at

Deutsche Banc Alex Brown

. Pactiv edged up 1/8 to 8 9/16 and Sealed Air added 13/16 to 55 1/8.

Seagram

(VO) - Get Report

: NEW buy at SG Cowen. Seagram edged up 1/4 to 54 3/16.

Miscellany

Global Internet Infrastructure company

LookSmart

(LOOK)

said today it plans to spin off its Redband and Dstore units. LookSmart slipped 1 13/16, or 8.3%, to 19 15/16.

A federal judge ruled against Internet music service

Napster

in two key legal areas, setting the stage for a possible shutdown of the site, according to published reports. Napster, which allows users to share MP3 music files on their computers as well as download songs, has been sued by both the

Record Industry Association of America

, or RIAA, and heavy metal band

Metallica

, both of which accuse the service of pirating copyrighted versions of music. The

latest ruling suggests the recording industry is gaining ground in its fight against Napster.

Worldwide sales of semiconductors hit an all-time high of $14.96 billion in March, up from $11.18 billion in the year-ago period, a 33.8%, year-over-year increase, according to the

Semiconductor Industry Association

, a San Jose, Calif.-based trade association. Product sectors that played a major role in March sales, in addition to microprocessors and DRAMs used in PCs, include flash, digital signal processors, programmable logic an standard cell, according to SIA.

The Wall Street Journal

reported that electronics giant

Sony

(SNE) - Get Report

reorganized its top management in an effort to better adapt its businesses to the Internet. President Nobuyuki Idei will become chairman while keeping the title of CEO. Meanwhile COO Kunitake Ando will become president. Sony fell 6 1/4 to 213 1/16.

Texas Instruments

(TXN) - Get Report

said it would invest $450 million to double its semiconductor manufacturing capacity at its German operations in Freising by the middle of 2001. Texas Instruments stumbled 3 3/4 to 143 1/16.

The Heard on the Street column in the

Journal

looks at

IBM

(IBM) - Get Report

CEO Louis Gerstner who is scheduled to deliver his annual speech to investors and analysts in New York today. But this year, Gerstner may face a tougher-than-usual crowd, according to the story, as the stock price has remained flat amid a Y2K business slowdown. Revenue dropped by 5% in the first quarter. The story also quotes some analysts and investors who grumble that a once-a-year appearance is not enough face time with boss of Big Blue. IBM slid 7/8 to 108 7/8.