The wireless-phone joint venture of
agreed to swap wireless systems in 13 states with
in a deal valued at more than $3 billion.
reported fourth-quarter earnings of about 72 cents a share, 5 cents better than the 17-analyst
First Call/Thomson Financial
estimate. The wireless giant also said it's seeking a 4-for-1 stock split, and it reiterated a net sales growth target of 30% to 40% for 2000.
Mergers, acquisitions and joint ventures
said it would buy the midcontinent area assets of
for $307.7 million. Among other things, the assets include eight gas-processing plants from Dynegy as well as interests in two others.
National Westminster Bank
said it rejected increased offers from hostile bidders
Bank of Scotland
Royal Bank of Scotland
as inadequate and risky.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
said it agreed to amend past financial statements following a review by the
Securities and Exchange Commission
. The company said the statements cover 1998 and the first three quarters of 1999, and said it will report fourth-quarter results next Tuesday. Aetna said the revisions would cut first- and second-quarter 1999 net income by $10 million, or 7 cents a share, but boost its third-quarter 1999 net income by $30 million, or 20 cents a share.
posted fourth-quarter earnings of 91 cents a share, a penny better than the 18-analyst estimate and the year-ago earnings of 90 cents.
posted a second-quarter loss of 16 cents a share, narrower than the single-analyst estimate of a 29-cent loss.
affiliate also said it has agreed to acquire
. The company said that it would issue roughly 2.6 million shares and options worth about $82 million for Vacationspot.com and issue another 3 million shares, options and warrants valued at roughly $95 million for Travelscape.com.
posted fourth-quarter net income of 8 cents a share, a penny ahead of the five-analyst forecast and up from the year-ago loss of 41 cents.
posted fourth-quarter earnings of 49 cents a share, well above the 13-analyst estimate of 38 cents and the year-ago 52 cents, which includes a gain of 7 cents.
reported fourth-quarter earnings of 66 cents a share, in line with the 10-analyst estimate and up from the year-ago 60 cents a share.
Offerings and stock actions
said it will buy back up to 1.5 million, or 22.6%, of its shares.
Warburg Dillon Read
started coverage of
with a buy rating.
Credit Suisse First Boston
first-quarter loss-per-share view and reiterated a buy rating.
First Boston started coverage of
with a buy rating and set a price target of 34.
The Heard on the Street column in
The Wall Street Journal
Pharmacia & Upjohn
executives are hoping to sway some less-than-pleased investors to accept their merger by hinting there could be a premium down the road from even larger deals or acquisitions. The proposed merger of equals, with a value of $22 billion, offers no premium, the story says. At the top of the list of possible future partners is
American Home Products
, according to the story.
For analysis of the market's preopen tone and trends, see the Wake-Up Call, now published separately.