Stocks to Watch: Cypress, Witness Systems Join IPO Parade - TheStreet

Four IPOs are set to make their trading debuts during today's session. For more pricing and underwriting information, check out

TheStreet.com's

offering and stock action

coverage below.

Mergers, acquisitions and joint ventures

Bank of Scotland

CEO Peter Burt told employees that the Bank lost in its offer for

National Westminster Bank

(NW)

.

Royal Bank of Scotland

is expected to prevail as the winner in the takeover battle for NatWest.

Equifax

(EFX) - Get Report

said it entered a $260 million deal to acquire

R.L. Polk

. The transaction calls for Equifax to buy the Direct Marketing, Data Information Services/Polk Verity, Compusearch/Prospects Unlimited of Polk Canada and Polk City Directory units of R.L. Polk.

Flowserve

(FLS) - Get Report

said it has entered a $775 million cash deal to acquire

Ingersoll-Rand's

(IR) - Get Report

Ingersoll-Dresser Pumps

. According to Flowerserve, the purchase would either not affect or be slightly dilutive to fiscal 2000 earnings, before contributing to the following year's report.

Williams Communications

(WCG) - Get Report

said that it has entered a deal with Canada-based

Teleglobe

to broaden its optical network.

Earnings/revenue reports and previews

(

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

)

Disney

(DIS) - Get Report

reported first-quarter pro forma earnings after yesterday's close of 25 cents a share, before the retained interest in its Internet portal

Go.com

(GO) - Get Report

. The result edged out the 16-analyst estimate of 20 cents a share, and the year-ago pro forma 23 cents.

Chairman Michael Eisner said he does not see Disney becoming an Internet/entertainment company like

America Online

(AOL)

and

Time-Warner

(TWX)

, saying Disney is already large enough and has strong enough content.

Meanwhile Go.com posted a narrower-than-expected pro forma loss of 30 cents a share, compared with the two-analyst estimate of a loss of 47 cents. The year-ago loss was 12 cents a share.

For more details on Go.com's

earnings, see the coverage from

TheStreet.com/NYTimes.com's

joint newsroom.

Offerings and stock actions

Hauppauge Digital

(HAUP)

said it set a 2-for-1 stock split.

Radiant Systems

(RADS)

said it set a 3-for-2 stock split.

Radio One

(ROIA)

said it would file with the

Securities and Exchange Commission

for a 5 million-share secondary offering.

Terayon

(TERN)

said it set a 2-for-1 stock spilt.

Miscellany

The

European Commission

said that it would conduct further probes involving

Microsoft

(MSFT) - Get Report

, in addition to its investigation of Windows 2000 anti-trust issues.

For analysis of the market's preopen tone and trends, see the Wake-Up Call, published separately.

--

Tara Murphy