Equant

(ENT) - Get Report

and

Global Crossing

(GBLX)

ended their merger talks because of a disagreement over the price,

Reuters

reported a source as saying.

Global Crossing was the second company in a week to end talks with Equant without reaching an agreement.

France Telecom's

(FTE)

exclusive right to negotiate with Equant ended a week ago with no deal.

Mergers, acquisitions and joint ventures

AT&T

(T) - Get Report

announced it had closed its $44 million purchase of

MediaOne

, making it the nation's largest owner of cable television systems,

The Wall Street Journal

reported.

Boeing

(BA) - Get Report

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

Navy

over the next five years, the

Pentagon

said.

CNH Global

(CNH)

will sell two of its tractor units along with a Winnipeg production plant to

Buhler Industries'

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.

Covad Communications

(COVD)

said it would buy privately held

BlueStar Communications

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.

Dow Jones

(DJ)

sold its minority stake in

SportsTicker

to

Disney's

(DIS) - Get Report

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.

MetLife

(MET) - Get Report

said it was selling its 48% stake in

Nvest

(NEW) - Get Report

to

CDC Asset Management

, a French asset management company. MetLife expects to net $858 million for the sale, now subject to regulatory approval.

Occidental Petroleum

(OXY) - Get Report

is exploring options to divest itself of its chemical intermediate businesses, which have combined annual sales of about $430 million.

Reuters

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

(OK)

said it would buy

Home Bancorp

(HBFW)

for $39 million in stock.

Charles Schwab

(SCH)

and Swedish telecom firm

Ericsson

(ERICY)

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.

Solectron

(SLR)

reached a definitive agreement to acquire from

Nortel Networks

(NT)

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

Adobe Systems

(ADBE) - Get Report

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.

Applied Power

(APH) - Get Report

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.

Champion Enterprises

(CHB)

said it expects it second-quarter earnings a share to be in line with the eight-analyst estimate of 5 cents a share.

Lehman Brothers

(LEH)

bested consensus estimates, reporting earnings of $2.78 per share for the second quarter, compared with

First Call's

10-broker consensus of $2.49 a share. The brokerage also beat the $2.09 earned at this time last year.

Linux provider

Red Hat

(RHAT)

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.

Material Sciences

(MSC) - Get Report

said it expects fiscal first quarter 2001 revenues to come in at 18 cents per share, compared with the two-broker

First Call

consensus for earnings of 25 cents per share.

NBTY

(NBTY)

said it sees a negative impact on third-quarter results because of weakness in the British pound.

Perot Systems

(PER) - Get Report

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

Sun International

(SIH)

, 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.

Smith-Gardner

(SGAI)

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

First Call

expected a profit of 10 cents per share.

UnionBanCal

(UB)

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.

Xerox

(XRX) - Get Report

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

Dendreon

(DNDN)

, 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

and

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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Analyst actions

Upgrades

Adobe

(ADBE) - Get Report

: price target UP to 150 from 120 at

U.S. Bancorp

.

Amerisource Health

(AAS)

: price target UP to 38 from 28 at

Banc of America

.

Bindley Western

(BDY)

: price target UP to 25 from 19 at Banc of America.

EGL

(EAGL)

: UP to strong buy from buy at

Credit Suisse First Boston

.

Federated Department Stores

(FD)

: estimated 2000 earnings per share UP to $4.10 from $4.05 at Lehman Brothers.

Jabil Circuit

(JBL) - Get Report

: price target of $55, and fiscal 2001 estimate raised to $1.12 from $1.06 at CIBC.

UBS Warburg

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

Merrill Lynch

.

Nortel

(NT)

: price target UP to 84 from 75 at UBS Warburg.

Pegasus Communications

(PGTV)

: UP to strong buy from buy at Banc of America.

Priority Healthcare

(PHCC)

: price target UP to 76 from 64 at

Banc of America

.

Rambus

(RMBS) - Get Report

: UP to strong buy from outperform at

Morgan Stanley Dean Witter

.

RF Micro

(RFMD)

: UP to buy from attractive at

PaineWebber

; price target: $160.

Transwitch

(TXCC)

: UP to buy from attractive at PaineWebber; price target: $135.

Triad Hospitals

(TRIH)

: price target: $24 from $21 by

ING Barings

.

Downgrades

Allstate

(ALL) - Get Report

: estimated second quarter earnings per share DOWN to $0.58 from $0.66 at ING Barings.

AmeriTrade

(AMTD) - Get Report

: 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

ABN Amro

.

Chase Manhattan

(CMB)

: estimated 2000 earnings per share DOWN to $4.09 from $3.93 at

Deutsche Banc Alex. Brown

.

Korn/Ferry

(KFY) - Get Report

: price target DOWN to 33 from 44 at UBS.

Mavesa

(MAV) - Get Report

: DOWN to hold from buy at

BBV Securities

.

UnionBanCal

(UB)

: DOWN to neutral from buy at

Lehman Brothers

, 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.

Wachovia

(WB) - Get Report

: Price target of $62 to $65 from $72 by DLJ. Also, Morgan Stanley cut its rating to neutral from outperform.

Initiations

Pegasus Communications: NEW strong buy at CIBC Oppenheimer; price target: 54.

Pioneer Natural Resources

(PXD) - Get Report

: NEW buy at Banc of America; price target: 21.

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Miscellany

Ford

(F) - Get Report

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.

Bear Stearns

,

Merrill Lynch

, and

Salomon Smith Barney

are all joint lead managers of the deal.

Novo Nordisk

(NVO) - Get Report

reached an out-of-court settlement in a patent dispute with

American Home Products

(AHP)

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.

Sprint PCS

(PCS)

said its president and chief operating officer A.J. Sukawaty will leave the company.

Tyco International's

(TYC)

unit

U.S. Surgical

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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