Updated from 3:51 p.m.
said it agreed to a merger of equals with
, creating the United States' biggest electric company. According to the terms, the deal is valued at roughly $7 billion, based on the companies' closing prices Friday. FPL closed at 52 13/16, while Entergy finished at 30 5/16. The merger carries a total enterprise value of $27 billion, which includes $16.4 billion in equity market capitalization and $10.7 in debt and preferred stock.
The transaction calls for FPL shareholders to receive one share of a new holding company for each share of FPL they hold, while Entergy holders would get 0.585 of a share of the newly formed company for each of their Entergy shares.
For additional coverage of the
FPL/Entergy link up, check out
joint newsroom story. FPL stumbled 4 9/16, or 8.6%, to 48 1/4, while Entergy skidded 3 3/16, or 10.5%, to 27 1/8.
announced a joint venture with
, bringing wireless technology into its vehicles. The joint venture, which is known as
, will put services such as mobile phone, Web access and entertainment into Ford autos.
The Wall Street Journal
, Wingcast would be based in San Diego, the hub for Qualcomm's business, with Ford taking the largest shareholder stake in the project. The services could be launched in 1 million Ford 2002 models.
Former Microsoft exec
has been tapped as the venture's CEO. Ford tacked on 7/16 to 46 9/16 and Qualcomm popped 2 1/2 to 64 15/16.
For additional coverage of
Ford's deal with Qualcomm link up, check out
joint newsroom story.
Mergers, acquisitions and joint ventures
shot up 11 3/16, or 5.25, to 224 1/4 after it agreed to buy
in a stock deal valued at $533 million. Broadcom, a telecom circuit maker, said it would issue 2.5 million shares for all outstanding shares of the privately held firm. The deal will have Broadcom taking on a one-time third-quarter charge.
( GLX) proposed merger with
received the thumbs up from shareholders. Glaxo Wellcome lost 1 3/8 and SmithKline shed 1 7/16 to 64.
North Fork Bank
( NFB) has extended its tender offer for
until Sept. 29. The bid, which Dime has repeatedly rejected, had been scheduled to expire today. North Fork Bank skidded 1/16 to 15 7/16, while Dime fell 1/16 to 16 1/8.
, publisher of the
, has agreed to purchase
National Computer Systems
in a cash deal valued at $2.5 billion. According to the terms, Pearson would pay $73 a share for the education services company. National Computer jumped 13 3/4, or 23.6%, to 71 7/8.
( RBAK) lifted 8 1/2, or 7%, to 130 after it said it entered a $636 million stock deal to acquire Canada-based
. The terms call for Redback to issue roughly 5.2 million shares for all shares and warrants of Abatis, a networking technology supplier. The deal, which is based on Redback's closing price on Friday of 121 1/2, will make Abatis a subsidiary of the computer-networking firm.
is expected to announce today that it has opened up its cable lines to
Juno Online Services
, to provide high-speed Web access over Time Warner's broadband network. Juno would be the first third-party ISP to get the OK to use Time Warner's cable lines. The deal comes only days after
Federal Communications Commission
Chairman William Kennard said broadband access was a big concern in the merger of Time Warner and
. Time Warner hopped 1 5/16 to 76 11/16.
joint newsroom wrote about the agreement in a
story this morning.
Laser eye-surgery company
( VISX) adopted a plan to ward off a potential bid from famed corporate raider
Icahn told the company July 20 that he intended to buy more than $15 million worth of Visx shares through his
The move by Icahn could put the company in play as a potential acquisition target by other bidders.
In turn, at a special meeting, Visx's board of directors adopted a shareholder rights plan -- often called a poison pill -- to make its stock less attractive to a potential acquirer. Such a plan can result in the issuance of new preferred shares or allow current shareholders, apart from the suitor, to buy common stock at a bargain price, raising the cost of a takeover for the acquirer. Visx gained 3 3/16, or 14.4%, to 25 3/16.
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Earnings/revenue reports and previews
Briggs & Stratton
bounced 1 7/16 to 35 3/16 after it posted fourth-quarter $1.24 a share, topping the three-analyst estimate of 95 cents but down from the year-ago $1.51 profit. The company warned that its first-quarter 2001 earnings would be greatly below last year's 66-cent profit.
declined 1/8 to 9 3/8 after it posted third-quarter earnings of 18 cents a share, in line with the 17-analyst estimate but down from the year-ago 30 cents. Tyson warned that its fourth-quarter earnings could be half that of the third quarter, and that first-quarter 2001 earnings could be even worse than the fourth quarter.
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( WCOM) set a 3-for-2 stock split. Shares of Bell Microproducts advanced 5/8 to 23 5/8.
Speech-recognition software company
( SPWX) raised the price of its initial public offering of 4.75 million shares to $17-$19 a share from $13 to $15. The company is expected to debut this week.
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Donaldson Lufkin & Jenrette
( WCOM) from its focus list, replacing it with
( SEBL). WorldCom boosted 2 1/2, or 6.8%, to 39 1/16, while Siebel hopped 8 5/8, or 6.3%, to 145.
: UP to buy from outperform at
Salomon Smith Barney
; price target of 100. Cooper Cameron lifted 5/8 to 64 5/8.
: UP to buy from market perform at Donaldson Lufkin & Jenrette. Benchmark Electronics moved up 1 3/16 to 41 1/8.
( GR): UP to strong buy from buy at
. BF Goodrich climbed 1 1/2 to 35 11/16.
( IPX): UP to buy from hold at
. Interpool rose 1 1/2 to 35 11/16.
: UP to outperform from neutral at
Morgan Stanley Dean Witter
. LaFarge's stock gained 1 to 22 1/2.
: ADDED to Latin America recommended list from purchase list at
. Lan Chile fell 1/8 to 6 5/8.
( NFS): UP to strong buy from buy at
; price target UP to 49 from 38. Shares of Nationwide Financial slipped 1/8 to 6 5/8.
( OEI): UP to strong buy from buy at
Banc of America
. Ocean Energy increased 11/16, or 6%, to 12 1/8.
: UP to intermediate-term buy from accumulate; fiscal 2000 estimates UP to $1.40 from $1.35; fiscal 2001 EPS estimates UP to $2.85 from $2.65. Veeco Instrument popped 6 1/2, or 9%, to 78 3/4.
( CK): fiscal 2000 EPS estimates UP to 90 cents from 60 cents at Goldman Sachs. Williams edged up 23/32 to 41 47/64.
( JBX): DOWN to market outperformer from recommended for purchase at Goldman Sachs. Crompton climbed 1/4 to 9 131/6.
Jack In The Box
( JBX): DOWN to outperform from strong buy at Morgan Stanley Dean Witter. Jack In The Box dropped 3 1/8, or 12.7%, to 21 7/16.
( RKY): NEW outperform; price target of 75 at Morgan Stanley. Adolph Coors increased 3 1/4, or 5.4%, to 63.
: NEW buy at UBS Warburg; price target of 80. Coherent lost 5/8 to 59 7/8.
: NEW outperform at Salomon Smith Barney. Metro-Goldwyn-Mayer advanced 3/4 to 25 1/16.
: NEW strong buy at
Deutsche Banc Alex. Brown
; UP to hold from reduce at UBS Warburg. SBA Communications ascended 1 1/2 to 45 1/8.
: NEW buy at
. UTI Energy increased 1 9/16, or 5.2%, to 31 1/2.
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( TOM)said its licensing subsidiary is suing
Goody's Family Clothing
( GDYS) for allegedly selling counterfeit Tommy Hilfiger clothing and putting fake Hilfiger logos on their own apparel. Tommy Hilfiger slipped 1/4 to 9 3/8.
( CEPH) refused
$100 million offer for 4 million shares and refused to make any recommendations on the offer to shareholders. Cominco fell 1/8 to 12 7/16.
( CEPH) shares plummeted after its narcolepsy drug proved ineffective in treating attention-deficit hyperactivity disorder in adults. The drug-maker said it does not expect the news to impact analysts' earnings and revenue forecasts. Cephalon plunged 22 7/16, or 35.8%, to 40 5/16.
Financial services giant
head, Ed Horowitz, has resigned. The announcement comes on the heels of e-Citi losses and criticisms from Wall Street of Citigroup's Internet strategy. Citigroup improved 1 13/16 to 70 1/2.
( GET) said Terry London resigned as president and CEO. Gaylord Entertainment bounced 3 1/16, or 14.1%, to 24 13/16.
A federal appeals court granted a last-minute reprieve to online song-swapping service
, temporarily staying a district court judge's order that the Internet service shut down by midnight Friday,
reported. Last Wednesday, a San Francisco district court judge told Napster to
cease online trading of songs covered by copyrights.
covered the decision in a
story Friday evening.
will announce today that it is raising its U.S. cigarette prices by 6 cents a pack, according to wire service reports. Philip Morris lowered 7/16, or 1.7%, to 25 1/4.
Other tobacco companies are expected to follow Philip Morris, the world's largest tobacco company, in hiking the price of their products. Philip Morris makes the popular Marlboro, Benson & Hedges and Virginia Slims cigarette brands.
The tobacco industry is reeling from a series of lawsuits claiming compensation for smoking-related illnesses. In early July, a Florida jury awarded $145 billion in punitive damages to plaintiffs in a tobacco-related class action against the nation's major cigarette manufacturers.
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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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