ended their merger talks because of a disagreement over the price,
reported a source as saying.
Global Crossing was the second company in a week to end talks with Equant without reaching an agreement.
exclusive right to negotiate with Equant ended a week ago with no deal.
Mergers, acquisitions and joint ventures
announced it had closed its $44 million purchase of
, making it the nation's largest owner of cable television systems,
The Wall Street Journal
said it will sell a military jet parts fabrication business employing 1,700 in St. Louis. The 1.7 million-sq. ft. facility is operating at 40% capacity as Boeing winds down work on its aging F-15 fighter line. Boeing wants to sell it as part of a two-year-old streamlining program.
Boeing also announced it has been awarded an $8.96 billion U.S. defense contract to build 222 new F/A-18E/F jet fighters for the
over the next five years, the
will sell two of its tractor units along with a Winnipeg production plant to
Buhler Versatile subsidiary. Terms of the deal weren't disclosed.
In a release, Buhler said it will begin selling tractors through its own distribution system under the Buhler Versatile and Buhler Genesis brand names and will supply New Holland North America dealers with the 2WD Genesis and 4WD Versatile tractors until Oct. 31, 2001, and New Holland dealers outside of North America until Dec. 31, 2002.
said it would buy privately held
in a deal valued at $202 million. Covad provides high-speed digital communications over phone lines, and the deal will enhance expansion into small cities and rural areas, Covad said.
sold its minority stake in
ESPN. Financial terms weren't disclosed.
In a release, Dow Jones said it will post a second-quarter gain from the sale of about $5 million, or 5 cents to 6 cents a diluted share. A First Call 11-analyst survey expected the company's earnings to reach 97 cents a share.
said it was selling its 48% stake in
CDC Asset Management
, a French asset management company. MetLife expects to net $858 million for the sale, now subject to regulatory approval.
is exploring options to divest itself of its chemical intermediate businesses, which have combined annual sales of about $430 million.
said the company will take a second-quarter charge of $80 million, after taxes, because of this decision.
The company wants to focus its chemical division on its core chlor-alkali and vinyls businesses. The process is expected to be completed by the end of the year. Proceeds from the asset sales will be applied to Occidental's previously announced debt-reduction program.
Old Kent Financial
said it would buy
for $39 million in stock.
and Swedish telecom firm
have agreed to form an alliance to joint develop wireless investing services, based on the "Wireless Application Protocol," of which Ericsson was one of the original founders. It allows users to surf the Net using a mobile phone.
reached a definitive agreement to acquire from
certain electronic computer-aided design capabilities in a four-year supply arrangement. Terms of the transaction, which is expected to be completed by the end of July, were not disclosed.
As part of the agreement, Solectron will provide a range of design services to Nortel Networks. It will offer employment to about 40 engineering employees and acquire certain layout and design assets. The transaction is not expected to materially affect the company's fiscal fourth quarter results.
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Earnings/revenue reports and previews
also topped estimates. The graphic design software maker posted second-quarter earnings of 51 cents a share, better than the 12-analyst estimate of 48 cents. The year-ago earnings of 35 cents included a pretax restructuring charge of $15.3 million.
Looking forward, Adobe said it sees 25% revenue growth in each of the third and fourth quarters of 2000. It also named Murray Demo as CFO. He had served as interim CFO.
reported earnings of 64 cents per share in the third quarter, besting the seven-broker First Call consensus for 62 cents per share. The company earned 51 cents per share for the same time period last year.
said it expects it second-quarter earnings a share to be in line with the eight-analyst estimate of 5 cents a share.
bested consensus estimates, reporting earnings of $2.78 per share for the second quarter, compared with
10-broker consensus of $2.49 a share. The brokerage also beat the $2.09 earned at this time last year.
posted a first-quarter loss of 2 cents a share, narrower than the four-analyst expected loss of 4 cents and the year-ago loss of 8 cents a share.
said it expects fiscal first quarter 2001 revenues to come in at 18 cents per share, compared with the two-broker
consensus for earnings of 25 cents per share.
said it sees a negative impact on third-quarter results because of weakness in the British pound.
said 2000 diluted earnings-per-share, excluding items, may not meet estimates. The current eight-analyst estimate calls for 70 cents a share. The company also said it sees flat full-year 2000 revenue compared to 1999 revenue.
It's all kinds of bad for
, which said it expects second quarter earnings to come in between 53 and 58 cents per share, far short of the two-broker consensus of 76 cents per share. The company also said its expected deal to go private had fallen through.
said it expects to show a 13- to 16-cent loss per share for the second quarter on revenue of $9 million to $11 million. The company reported a profit of 12 cents per share at this time last year, and the three-broker consensus from
expected a profit of 10 cents per share.
said it is lowering its profit expectations for the second quarter and now sees earnings of 77 cents to 82 cents a share. The current 12-analyst estimate is for 88 cents a share. The company cited lower asset quality and said it will take a $70 million loss provision.
said it isn't going to cut its dividend despite problems that caused the company to warn that its second-quarter earnings will miss analyst's expectations.
Xerox said earnings will likely be in line with the first quarter, when the company reported earnings of 30 cents a share, which will miss the
First Call/Thomson Financial
13-analyst estimate for the second quarter of 42 cents a share. The copier manufacturer cited shortfalls in sales of high-end printing and processing products, as wellas issues regarding its business in Mexico, for the drop.
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Offerings and stock actions
, which develops cancer treatments, raised $45 million in its initial public offering after selling 4.5 million shares at $10 a share, which was below the expected price band of $12 to $14 a share.
Prudential Vector Healthcare Group, a unit of Prudential Securities, acted as lead manager and
SG Cowen Securities
Pacific Growth Equities
acted as co-managers. The company granted the underwriters an option to purchase up to 675,000 shares of common stock to cover over-allotments, if any.
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: price target UP to 150 from 120 at
: price target UP to 38 from 28 at
Banc of America
: price target UP to 25 from 19 at Banc of America.
: UP to strong buy from buy at
Credit Suisse First Boston
Federated Department Stores
: estimated 2000 earnings per share UP to $4.10 from $4.05 at Lehman Brothers.
: price target of $55, and fiscal 2001 estimate raised to $1.12 from $1.06 at CIBC.
raised its fiscal 2000 estimate to 81 cents per share vs. 79 cents, and fiscal 2001 estimate to $1.13 from $1.10. Also, Jabil's price target was raised to 68 from 58 at
Banc of America
and to 62 from 55 at
: price target UP to 84 from 75 at UBS Warburg.
: UP to strong buy from buy at Banc of America.
: price target UP to 76 from 64 at
Banc of America
: UP to strong buy from outperform at
Morgan Stanley Dean Witter
: UP to buy from attractive at
; price target: $160.
: UP to buy from attractive at PaineWebber; price target: $135.
: price target: $24 from $21 by
: estimated second quarter earnings per share DOWN to $0.58 from $0.66 at ING Barings.
: estimated fiscal 2000 earnings per share DOWN to -$0.05 from $0.05 and fiscal 2001 earnings per share to $1.00 from $1.10, both at
: estimated 2000 earnings per share DOWN to $4.09 from $3.93 at
Deutsche Banc Alex. Brown
: price target DOWN to 33 from 44 at UBS.
: DOWN to hold from buy at
: DOWN to neutral from buy at
, and down to neutral from outperform at Morgan Stanley. Also,
Donaldson, Lufkin & Jenrette
cut its fiscal 2000 earnings estimates to $3.45 from $3.60.
: Price target of $62 to $65 from $72 by DLJ. Also, Morgan Stanley cut its rating to neutral from outperform.
Pegasus Communications: NEW strong buy at CIBC Oppenheimer; price target: 54.
Pioneer Natural Resources
: NEW buy at Banc of America; price target: 21.
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is expected to sell a multibillion dollar, 30-year global bond next week, dealers said on Friday. The company last sold long maturity bonds on July 9, 1999, when it issued $1.8 billion of 7.45% 32-year bonds.
Salomon Smith Barney
are all joint lead managers of the deal.
reached an out-of-court settlement in a patent dispute with
American Home Products
relating to hormone replacement therapy products. The agreement takes effect immediately.
Under the agreement, Novo Nordisk will take a license under American Home Products' patent rights with respect to the menopause-related medication Activella. The worldwide agreement remains in effect until the American Home Products patent rights expire. Additional terms of the settlement were not disclosed.
said its president and chief operating officer A.J. Sukawaty will leave the company.
was sued in federal court in Denver by a doctor, who alleges that a common surgical instrument made by the company contains a serious product defect.
In the lawsuit, the doctor, who is a licensed Colorado physician and board-certified obstetrician and gynecologist, claims that the U.S. Surgical-made instrument he used to perform a hysterectomy in 1995 malfunctioned and ultimately caused his patient's death. The patient's family filed a wrongful death lawsuit against him in 1996. On May 11, 2000, an Eagle County, Col. jury found no negligence in his care of the patient, but his attorney said the incident and subsequent lawsuit caused considerable undeserved damage to the doctor's reputation and his medical practice.
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