Updated from 4:09 PM ET
on Sunday said it agreed to buy food giant
for $55 a share in cash, or about $14.9 billion, plus the assumption of $4 billion in debt and a $450 million breakup fee. Philip Morris said Nabisco's CEO James Kilts will leave after the merger is completed.
R.J. Reynolds Tobacco
agreed to buy the holding company,
Nabisco Group Holdings
for $30 a share in cash, or about $9.8 billion. Nabisco Group Holdings owns 80.6% interest in Nabisco Holdings. RJR's acquisition will take place after Philip Morris's purchase of Nabisco Holdings is completed.
Credit Suisse First Boston
upgraded shares of RJR to buy from hold, while
raised its fiscal 2000 earnings to $4.05 a share from $3.85 and its fiscal 2001 estimates to $4.75 a share from $4.05 a share. Philip Morris lifted 3 13/16, or 16.2%, to 27 1/4 and RJR popped 1 1/2, or 5.5%, to 28 3/8, while Nabisco Holdings climbed 1 1/8 to 52 3/4. Nabisco Group Holdings edged up 1 to 26 9/16.
on Sunday wrote a
story about the deal.
entered two deals valued at roughly $576 million that would add 60% to its net electrical generating capacity in four years. Calpine said it would buy
Skygen Energy LLC
for $450 million, while paying
Panda Energy International
$126 million for the rights to develop a 1,000 megawatt natural gas-fired power plant in Oklahoma. Calpine leaped 5 3/4, or 9.8%, to 64 1/4.
Allegiance unit agreed to pay about $181 million for
Bergen Brunswig Medical
, the medical-supply distribution unit of
. No other financial terms were disclosed. The companies expect the deal to close in the next 90 days. Cardinal Health climbed 1 13/16 to 67 3/8, while Bergen Brunswig declined 3/8, or 6%, to 5 13/16.
shot up 20 3/16, or 8.4%, to 260 3/16 after it said it had been awarded a $1 billion four-year deal to sell optical fiber to
, a networking start-up that is developing a nationwide fiber optic system. The terms call for Corning to provide optical fiber for the 20,000-mile network. The deal would make Aerie the biggest customer for its
British-based music publisher
received shareholder approval for its merger with
music division. Time Warner stumbled 2 1/16 to 75 1/2.
made an equity investment in privately held
, Kodak's first investment in an online photo-processing company. Terms of the agreement call for Kodak to be the exclusive provider of online digital printing services through its new Print@Kodak service, as well as the gain of a board observer seat for Kodak. Eastman Kodak hopped 1 5/16 to 60 3/8.
made a nonbinding proposal for South Korea's
on Monday. The company said Daewoo's strength is in Asia and Eastern Europe, where Ford has made the least headway. Ford is the only auto maker to submit a solo bid for Daewoo. Ford slid 1 9/16 to 47 7/8.
In an effort to boost earnings and focus on its investment-banking and brokerage unit,
will close its consumer-finance company
, assuming a huge charge that could exceed $1 billion,
The Wall Street Journal
First Union bought the company, which lends to people with poor credit histories, for $2.1 billion two years ago. Also, First Union is expected to announce it is selling its mortgage-servicing and credit-card units, the article cited people familiar with the matter as saying. First Union added 1/16 to 27 7/8.
expressed interest in acquiring Britain's unlisted
Regional Independent Media Holdings
, which said it was reviewing its strategic options, including a flotation, with advisers
Credit Suisse First Boston
. Gannett slipped 2 to 57 5/16.
declined 3/8 to 16 1/8 after it said shareholders approved the previously announced merger plan with
. America Online shed 1 1/2 to 52.
slipped 3 3/16, or 5.4%, to 55 9/16 after it said it will buy educational-materials publisher
for about $635 million, according to
. The deal is expected to cut McGraw-Hill's 2000 earnings by 5 cents a share, but add to 2001 earnings.
entered into an agreement to develop and test enhancements to a third-generation wireless standard that enables simultaneous delivery of voice and data. Nokia lost 3/8 to 52 7/8, while AT&T Wireless climbed 1/4 to 24 1/4.
will buy eight 757-200 jets from
with options to buy 12 more,
reported. The value of the deal was not disclosed, but
said Boeing lists the aircraft at between $69.5 million and $77.5 million each. Boeing slipped 1/8 to 39 3/4.
announced a strategic alliance to offer electronic banking services throughout the supermarket chain under the name Safeway Select Bank.
CIBC Chairman and CEO John Hunkin said it was another step toward the company's goal to more than double its retail customer base in the next few years at low cost, and put it on track to become one of the leading players in e-banking in North America. Safeway skidded 1 to 41 1/16.
popped 7 3/16, or 16.5%, to 50 3/4 after agreed to acquire most of
international broadband distribution and programming assets for $200 million in cash and 75.3 million Class B shares, according to the
. The article said the transaction is valued at about $3.3 billion, citing people familiar with the matter.
The acquisition ups Liberty's stake in the company to 45% and its voting interest in United to 82%. Terms of the deal call for Liberty to be bound by voting and standstill agreements with UnitedGlobalCom and certain of its controlling shareholders, and will have the right to appoint four out of 12 representatives to UnitedGlobalCom's board.
Part of Liberty's international broadband interests include a nonvoting, 99% economic interest in a company that holds a 25% stake in U.K.-based
. That stake will be acquired by United, which will pass it on to its
United Pan-Europe Communications
unit. Shares of Telewest mounted 4 5/8, or 11.3%, to 45 3/8.
said it entered a $762 million deal to purchase
, a wood and metal coatings maker. According to the terms, Valspar would also take on roughly $213 million of Lilly's debt. Valspar, also a coatings maker, said it would have yearly revenues of about $2.25 billion after the merger is completed, up from the year-ago report of $1.4 billion. The deal is expected to be accretive to cash in earnings in its first year and EPS in the second year. Valspar stumbled 1 1/4 to 35 7/8, while Lilly Industries jumped 17 7/16, or 135.4%, to 30 5/16.
said they have agreed to merge in a $1.2 billion stock swap. According to the terms, Webvan would exchange 1.07605 shares for each share of Homegrocer.com, based on Webvan's Friday closing price of 8 23/32. The deal values Homegrocer at about $9.38 a share, a 16% premium to Friday's closing price of 8 3/32. The new company would retain the name
. Webvan lost 1 13/32, or 16.1%, to 7 5/16, while HomeGrocer.com fell 1 7/32, or 15%, to 6 7/8.
skidded 6 to 119 5/16 after said it has agreed to a deal with
to offer customized Web portals to business. The pact would enable companies to integrate corporate content with Yahoo's Internet services. Tibco, which is 60% owned by
, makes real-time electronic business software. Tibco climbed 3 15/16 to 93 7/16.
Also, Yahoo! said closely held
would now perform its Internet searches, replacing
. Yahoo! said it would continue to use Inktomi's search services for corporate systems that use Yahoo! as a home page and for its own corporate system. According to a source in
, the loss of business would not affect Inktomi's earnings. Inktomi plummeted 25 5/16, or 18%, to 115 1/16.
And Yahoo! extended its agreement to use
Web content delivery service. Akamai speeds the delivery of video, audio and Web pages over the Internet. Akamai jumped 16 3/4, or 16.3%, to 119 1/4.
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added 7/16 to 34 13/16 after it said its second-quarter sales would hit $3 billion, while its earnings would top its first-quarter report by 25%. The electric components distributor said it expects to post first-quarter EPS of 81 cents, beating the six-analyst estimate of 70 cents.
Great Atlantic & Pacific Tea
declined 3/4 to 17 1/8 after it cautioned investors that it would post first-quarter EPS of 40 cents, down from the year-ago 50-cent profit. The five-analyst estimate expects the company to report a 36-cent profit.
stumbled 8 13/16, or 48.4%, to 9 3/8 after it warned investors that it would miss the second-quarter nine-analyst estimate of 22 cents a share. The pharmaceutical eye-care company, which expects to post EPS between 15 cents and 18 cents, blamed the shortfall on lower-than-expected revenue in its institutional pharmacy unit and in its contract research organization.
fell 3, or 20.3%, to 11 3/4 after it said excluding special items, the company's second-quarter earnings will fall short of analyst estimates. The company said it expects earnings of about $1 a share. The nine-analyst estimate is currently $1.24, while the year-ago earnings were $1.31 a share. The company blamed the softening housing market and related decrease in demand for building materials, coupled with sharp increases in raw material and energy costs, which reduced sales and income from operations for the second quarter ending June 30, 2000. For the full year, the company anticipates sales growth of about 4%.
lifted 5 5/8, or 13%, to 48 7/8 after it said that it has revised its fiscal 1999 and first-quarter earnings report following a review from the
Securities and Exchange Commission
. The industrial company said it would up its fiscal 1999 EPS by 2 cents after a one-time charge, and scale 2 cents off its first-quarter 2000 earnings following one-time charges. Tyco said the revisions primarily involved a merger, restructuring and other nonrecurring charges. Tyco has been scrutinized for its use of pooling of interest accounting and is under an SEC inquiry.
tacked on 9/16 to 29 1/16 after it posted third-quarter earnings of 19 cents a share, a penny better than the 16-analyst estimate and up from the year-ago 16-cent report.
: UP to outperform from neutral at
; price target of 40. It edged up 1/8 to 31 1/8.
rose 4 13/16, or 8.5%, to 61 1/4 after its rating was raised to intermediate, long-term buy from accumulate at
was up 1 1/4 to 28 after its rating was lifted to strong buy from outperform at
Morgan Stanley Dean Witter
: UP to top pick from buy at
Donaldson Lufkin & Jenrette
. ConAgra was 1 1/4, or 6.8%, higher to 19 3/4.
: fiscal 2001 EPS UP to $1.42 from $1.40 at
Credit Suisse First Boston
. The stock was up 1 9/16 to 53 1/2.
was up 1 1/16 to 69 7/8 after its price target was upped to 91 at CSFB.
: price target UP to 60 from 50 at Morgan Stanley. The news helped push the stock up 3 1/2, or 6.8%, to 55 3/8.
Johnson & Johnson
was 5 3/4, or 6.4%, higher to 95 1/2 after being added to the "highlighted" list stocks at
jumped 1 1/2, or 5.6%, to 28 3/8. Acquisition news garnered analyst attention for the stock: UP to buy from hold at Credit Suisse First Boston while
raised its fiscal 2000 earnings to $4.05 a share from $3.85 and its fiscal 2001 estimates to $4.75 a share from $4.05 a share.
: UP to buy from market perform at
Deutsche Banc Alex. Brown
. It finished the day up 3 to 111 3/4.
fell 1 1/2 to 32 7/8 after its estimated 2000 earnings per share were lowered to 2 cents from 3 cents at DLJ and
: DOWN to outperform from buy at
Salomon Smith Barney
. First Tennessee was down 1/16 to 17 3/4.
International Home Foods
: DOWN to market perform from top pick at DLJ. Still, the stock finished up 1/4 to 20 7/8.
dropped 2 3/8, or 7.3%, to 30 after Lehman Brothers lowered its price target to 55 from 67.
: DOWN to market performer from buy at
Banc of America
. Scient sunk 9 5/8, or 20.5%, to 37 7/16.
: DOWN to underperform from neutral at Lehman Brothers; DOWN to neutral from outperform from Morgan Stanley. The stock edged up 1/4 to 25 7/8.
: NEW buy at Lehman Brothers; year-end price target of 30. The stock climbed 1 5/8, or 9.9%, to 18.
: NEW intermediate, long-term buy at Merrill Lynch. Digex was up 3 3/8, or 5%, to 70 5/8.
initiation as a NEW strong buy at
with price target of 20, helped lift the stock 7/8, or 8.6%, to 11 .
Newhall Land & Farming
: NEW intermediate accumulate at Merrill Lynch. The stock was unchanged at the end of the day.
: NEW market outperformer at Goldman Sachs; NEW strong buy at
Chase Hambrecht & Quist
; NEW buy at Banc of America; price target, 150. Despite the positive initiations, the stock fell 8 3/4, or 7.6%, to 106 3/4.
Quantum Effect Devices
: NEW outperform at Lehman Brothers; price target of 75. It was up 1 5/8 to 57 5/8.
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climbed 1 1/2, or 6.8%, to 23 1/2 after it set a 3-for-2 stock split.
edged up 3/4 to 79 1/4 after it set a 2-for-1 stock split.
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declined 3/16 to 134 3/16 after it said it will set up a new microchip plant in Israel at an investment of $2 billion to $3 billion. The Israeli government has yet to decide what type of subsidies and tax breaks it will offer the world's largest chipmaker.
shed 1/8 to 18 3/16 after it said it has tapped Stephen Baum to become its new CEO.
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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.