Updated from 11:24 a.m.
stock was temporarily halted this afternoon, after the automaker and its senior executives were sued by
for fraudulently inducing the 1998 vote of Chrysler shareholders and knowingly deceiving the
Securities and Exchange Commission
, Chrysler's board, Tracinda and other shareholders through false representations that the deal was a "merger of equals."
Tracinda, which is Chrysler's largest shareholder and is wholly owned by Kirk Kerkorian, said it wouldn't have agreed to the merger had it know that Daimler-Benz's true intent was to acquire and subjugate Chrysler, reduces its division status and fire Chrysler's management.
DaimlerChrysler ended the day up $1.02 to $41.25.
closed the day down 25 cents to $49.13, after it named Jeffrey Immelt to
succeed Chairman and Chief Executive Officer Jack Welch, when Welch steps aside at the end of 2001.
Immelt, an 18-year GE veteran, was immediately installed as president and chairman-elect of the Fairfield, Conn.-based conglomerate. Immelt, 44, was most recently president and CEO of
GE Medical Systems
, a $7 billion unit of GE that is a leader in medical diagnostic technology and information systems.
Mergers, acquisitions and joint ventures
, which closed off 44 cents to $50.50, agreed to buy
Objective Systems Integrators
in a cash tender offer of $17.75 a share, or $665 million.
Objective Systems, which moved up $4, or 29.6%, to $17.50, makes software that manages communications networks for voice and e-services. "OSI is a great fit with Agilent's strategy and clearly positions us as the leading provider of OSS (operations support system) solutions for current and next-generation communications service providers,'' Ned Barnholt, president and CEO of Agilent, said in a statement.
Agilent says the deal, which is expected to close within about six weeks, will cut its earnings per share for 2001 by about 2 cents, while adding about one percentage point to its annual revenue growth.
dropped $3.25, or 8.3%, to $36, after it announced it was powering
, the first business-to-business e-marketplace in Korea to provide a full range of e-commerce products and services.
GTWeb is a conglomerate comprised of
. The site will offer real-time buying and selling capabilities, in an effort to help buyers gain access to a network of suppliers.
In a release, Commerce One said
has forecast that global e-commerce will hit $6.8 trillion by 2004, with Korea's B2B e-commerce rising to $21 billion by 2004 on a base of $6 billion, marking a compound annual growth rate of 143%.
, which makes accounting and tax software, said it would sell its
business to online insurance service
in a $14 million stock deal.
Intuit increased $1.94 to $47.69, while InsWeb slid 25 cents to $1.75.
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Earnings/revenue reports and previews
inched up 31 cents to $11.25 after it posted third-quarter earnings of 7 cents a share, missing the 12-analyst estimate of 9 cents and down from year-ago earnings of 33 cents a share. The company cited a weak retail environment and a 3% decline in same-store sales. Excluding extraordinary gains on early debt payments, the retailer posted a loss of 10 cents a share.
After Friday's Close
bounced $1.81, or 18.8%, to $11.44, after it joined a chorus of other telecom-equipment providers Friday indicating that
broadband division told the company to hold the shipment of pending orders for the remainder of the calendar year.
C-Cor said AT&T, which was down 44 cents to $18.88, served the notice as part of its year-end budget balancing process. C-Cor doesn't expect the delay to have "a material effect" on the financial results for the current quarter. Analysts expect C-Cor to earn 14 cents a share for the second quarter, according to
First Call/Thomson Financial
all ended lower Friday after
decided to postpone taking some orders for telecommunications equipment. Today, Antec was up 42 cents to $9.13, CommScope slid 13 cents to $18 and Scientific-Atlanta plummeted $5.69, or 11.6%, closing at $43.50.
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to accumulate from strong buy. The firm believes further upward estimate revisions are unlikely and that visibility for future quarters is not as strong as it has been for the last several quarters. Prudential also cut its price target to $42 from $75. Cypress sunk $3.13, or 10.4%, closing at $26.81.
was upgraded to strong buy from buy and its 12-month price target was upped to $50 from $40 at
Banc of America
, but its 2001 EPS estimate was downgraded to $2 from $3.70 at
. The stock dropped $3.75, or 9.2%, finishing at $37.13.
was cut from
Morgan Stanley Dean Witter's
European model portfolio of top stock picks. The firm said it put money into
in the European model portfolio. Nokia still managed to move up $1.63 to $43.69, while Alcatel inched up 13 cents, closing at $52.63.
: UP to buy from neutral at
Salomon Smith Barney
. It was $1.88, or 6.9%, higher at $29.
Public Service Enterprise Group
: UP to buy from add at ABN Amro. Public Service slid 31 cents, closing at $40.69.
: fourth-quarter EPS view to 31 cents from 32 cents at
and 2001 EPS estimate to $1.40 from $1.45. The stock declined $3.88, or 12.4%, finishing at $27.31.
: price target DOWN to $200 from $300 at Salomon. It sunk $19.56, or 16.7%, at $97.56.
: 2001 EPS view DOWN to $1.28 from $1.30 at Lehman and 2002 EPS view down to $1.72 from $1.82. Xilinx tumbled $10.31, or 18.2%, closing at $46.50.
: NEW buy at
; price target: $75. It rose $4.31, or 7.7%, closing at $60.06.
finished unchanged at $13.88 after it was started as an intermediate and long-term buy at
; 12-month price target: $19.
Inverness Medical Technology
: NEW buy at UBS Warburg: price target: $44. Inverness hopped $2.69, or 8.9%, closing at $33.
: NEW buy at
; price target: $120. Redback closed up $3.50 at $82.25.
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Offerings and stock actions
finished off 31 cents to $6.25, after it completed its IPO of 8 million shares at $6 a share, raising $44.6 million. The company, which designs, makes and markets a line of flywheel technology products that provide electronic power, lowered its price range to $6-$8 from $11-$13.
, which makes medical supplies and develops living human tissue implants, said its board authorized a 3-for-2 stock split. The stock edged up 31 cents to $44.13.
Jitong Network Communications
, based in China, said it filed to withdraw its planned U.S. IPO, citing uncertain market conditions. It was going to almost 16.2 million American depositary shares.
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was off 13 cents to $6.75 after it named Jaime Ellertson chief executive, succeeding James Mahan III, who is becoming chairman. Mahan is replacing Michel Akkermans, who resigned from the chairman's position, but is remaining on the board.
said it will lay off 6% of its workforce, or 500 employees, as part of its restructuring after acquiring several branches from
. The company said it will take about $15 million in aftertax restructuring charges. Sovereign was up 13 cents to $7.25, while FleetBoston moved up 13 cents to $33.31.
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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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