Skip to main content

Online bill-payment provider CheckFree Holdings (CKFR) jumped 12 7/16, or 31.4%, to 52 after it said it will buy Bank of America's (BAC) - Get Bank of America Corp Report electronic billing and payment assets through a strategic agreement that will give the bank a 16% stake in CheckFree. Under the terms of the deal, Bank of America will get 10 million restricted CheckFree shares and 10 million performance-based warrants for common stock. Bank of America staggered 1 1/2 to 50 1/4.

For more on this

story, see coverage from

TheStreet.com/NYTimes.com

joint newsroom.

Mergers, acquisitions and joint ventures

Six world airlines announced plans to form a new company to create and operate a B2B marketplace linking carriers worldwide with sellers of goods and services. The portal will handle some $32 billion a year in purchases or sales of items like fuel and fuel services. The six founding airlines are

Air France

AMR

(AMR)

unit American Airlines,

British Airways

(BAB) - Get Invesco Taxable Municipal Bond ETF Report

,

Continental

(CAL) - Get Caleres, Inc. Report

,

TheStreet Recommends

Delta Air Lines

(DAL) - Get Delta Air Lines, Inc. Report

and

UAL

(UAL) - Get United Airlines Holdings, Inc. Report

unit United Airlines.

General Electric

(GE) - Get General Electric Company Report

unit GE Capital Aviation said it ordered 26 aircraft from Europe's

Airbus Industrie

in a transaction valued at more than $2.3 billion.

IBM

(IBM) - Get International Business Machines Corporation Report

and

S1

(SONE)

, an Internet-based software provider, said they struck a deal that would supply technology to help financial institutions offer Internet-based corporate banking.

Inktomi

(INKT)

and

Vignette

(VIGN)

announced an alliance to integrate their e-commerce products.

Internet Capital

(ICGE)

said it acquired a stake in

Emptoris

for $20 million in cash.

Microsoft

(MSFT) - Get Microsoft Corporation Report

and

Xerox

(XRX) - Get Xerox Holdings Corporation Report

said they will form a company to deliver equipment protecting Web-published products. Microsoft said it will take a stake in Xerox's e-commerce spinoff.

For additional coverage of this

story, see coverage from

TheStreet.com/NYTimes.com

joint newsroom.

Earnings/revenue reports and previews

(

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

)

Wireless service provider

Aether Systems

(AETH)

posted a loss of $1.13 a share, in line with the five-analyst estimate but below the year-ago loss of 7 cents. Additionally, Aether reported a 16-fold increase in first-quarter revenue to $5.4 million.

E-tailing behemoth

Amazon.com

(AMZN) - Get Amazon.com, Inc. Report

posted a first-quarter loss of 35 cents a share, a penny narrower than the 26-analyst estimate, but wider than the year-ago loss of 12 cents a share. The company said it nearly doubled revenues and added more than 3 million new customers.

CFO Warren Jensen said Amazon should see strong growth in the second quarter, driven by a profitable U.S. book, music and video operation and rapid expansion in European markets.

For more on Amazon's

earnings, see coverage from

TheStreet.com/NYTimes.com's

joint newsroom.

British American Tobacco

(BTI) - Get British American Tobacco plc Report

said its pretax profits fell a worse-than-expected 29% in the first quarter. Operating profit was 52% higher in the quarter, but pretax profits were hit by goodwill amortization and exceptional charges, mostly due to a restructuring and an acquisition.

Nokia

(NOK) - Get Nokia Oyj Report

, said pretax profit jumped a higher-than expected 76% in the first quarter, adding that sales could rise by more than 30% to 40% in 2000.

TheStreet.com

(TSCM)

, publisher of this Web site, posted a first-quarter loss of 51 cents a share, narrower than the seven-analyst expected loss of 54 cents. The year-ago loss was 42 cents.

Analyst actions

Upgrades

Upgrades

Beyond.com

(BYND) - Get Beyond Meat, Inc. Report

: 2000 EPS view narrowed to a loss of $1.51 from $1.69 at

Donaldson Lufkin & Jenrette

. Revenue estimate raised to $133.7 million from $119.1 million.

Cambrex

(CBM) - Get Cambrex Corporation Report

: UP to buy from outperform at

Lehman Brothers

, price target: 58 from 44.

Delta Air Lines

(DAL) - Get Delta Air Lines, Inc. Report

: UP to strong buy from buy at

Deutsche Banc Alex. Brown

.

Semiconductor company

Kopin

(KOPN) - Get Kopin Corporation Report

: 2000 EPS UP to 54 cents from 47 cents and 2001 EPS UP to $1 from 87 cents at

Credit Suisse First Boston

.

Virata

(VRTA)

: price target UP to 130 from 105 at

Warburg Dillon Read

.

StarTek

(SRT) - Get Startek, Inc. Report

: UP to strong buy from hold at Credit Suisse First Boston, price target: $78. ACTIVE="YES"/>

Wireless Facilities

(WFII)

: earnings and revenue estimates for 2000 and 2001 UP at Credit Suisse First Boston.

Downgrades

AMR

(AMR)

: DOWN to buy from strong buy at Deutsche Banc Alex. Brown.

Intertrust Technologies

(ITRU)

: 2001 EPS view made wider at CSFB.

Kerr-McGee

(KMG)

: DOWN to buy from strong buy at Alex. Brown.

Reader's Digest

(RDA)

: DOWN to buy from strong buy at

SG Cowen

.

Initiations

Fox Entertainment

(FOX) - Get Fox Corporation Class B Report

: NEW buy at

Chase H&Q

, price target: 35.

AT&T Wireless Group

(AWE)

was lately up 2 5/16, or 7.8%, to 31 13/16 after it priced its historic initial public offering at $29.50 a share, raking in a hefty $10.62 billion for its parent,

AT&T

(T) - Get AT&T Inc. Report

, and ranking as the largest U.S. new issue in history. AT&T worked with underwriters

Goldman Sachs

,

Merrill Lynch

and

Salomon Smith Barney

on the deal.

For more on this

story, see coverage from

TheStreet.com/NYTimes.com

joint newsroom.

Networking giant

Cisco Systems

(CSCO) - Get Cisco Systems, Inc. Report

is involved in a dispute with two former customers who accuse the company's salesmen of extortion, conflicts of interest and making death threats, according to

The Wall Street Journal

. The claims arose in a legal skirmish between Cisco and two small technology companies, one in Florida and the other in Louisiana.

The Heard on the Street column in the

Journal

says a recent ruling by a California federal court, which threw out most of a

Securities and Exchange Commission

case against a software engineer, comes as a blow to the commission's efforts to step up investigations of insider trading at high-tech companies.