priced a 23 million-share IPO for
unit at $38 a share, above the expected range of $30 to $32.
initiated coverage of Palm -- which begins trading today -- with a buy rating and set a $90 price target on the stock.
3Com will receive 532 million shares from the offering and will divest the shares within six months by handing them over to its stockholders. (
looked at a fund offering its lucky investors a piece of the Palm IPO in a separate
WellPoint Health Networks
ING America Insurance Holdings
, a unit of
launched a $10.2 billion takeover bid for Aetna, one day before Aetna ousted its CEO and began examining its operations. Aetna said WellPoint and ING America Insurance Holdings made a $70-a-share offer, which included $44 in cash and $26 in WellPoint stock. Last night, WellPoint and ING confirmed they were interested in Aetna.
For more on the Aetna situation, take a look at the
story written by
Mergers, acquisitions and joint ventures
is anticipated to block the proposed three-way aluminum industry combination of
because of competition concerns, according to published reports.
largest shareholder is believed to back a possible get-together of Qwest and Germany's
The Wall Street Journal
reported. The newspaper, citing people close to the situation, said that Deutsche Telekom Chairman Ron Sommer has held discussions with Qwest execs, including Philip Anschutz, the company's nonexecutive chairman, who owns 39% of the company. The
reported that he is believed to be on board for a possible sale of the company.
said it will sell its
Earnings/revenue reports and previews
(Earnings estimates are from First Call/Thomson Financial.)
said February same-store sales rose 1.7%.
posted second-quarter net income of 39 cents a share, in line with the 22-analyst estimate and up from the year-ago 33 cents.
said its February same-store sales were flat.
Federated Department Stores
said February same-store sales rose 5.3%.
Goody's Family Clothing
said February same-store sales rose 4%, and announced some changes to its accounting methods. The company has adopted certain accounting changes related to sales returns and leased departments. Goody's said the changes won't have an impact on the company's annual net earnings for fiscal 1998 and fiscal 1999. However, Goody's said its previously issued statements of operations for the four quarters of fiscal 1998 and the first three quarters of fiscal 1999 will be restated to account for these changes. Goody's said the change will either increase or decrease some previously reported quarterly net earnings by a penny a share.
same-store sales fell 2.4%.
February same-store sales rose 11.2%.
posted a fourth-quarter loss of $2.00 a share including items. The six-analyst estimate called for a loss of $1.43, while the year-ago loss was $1.33. The company said it was exploring options for certain nonstrategic assets and also seeks to better focus on core European and U.S. operations.
February domestic same-store sales rose 3.1%.
reported fourth-quarter earnings of 57 cents a share, beating the three-analyst estimate of 55 cents, but lower than the year-ago 66 cents.
reported fourth-quarter earnings of 28 cents a share, in line with the 21-analyst estimate and up from the year-ago 22 cents.
said February same-store sales rose 4%.
February same-store sales rose 6.1%.
Thanks to an extra shopping day last month,
said February same-store sales by retailers across the nation rose 4.8%. TeleCheck, a unit of
, is a check acceptance company.
Offerings and stock actions
said its board approved the repurchase of up to $60 million in stock.
board approved a 2-for-1 stock split.
Deutsche Banc Alex. Brown started coverage of
Bed Bath & Beyond
with a strong buy rating.
Alex. Brown raised
to buy from market perform.
Alex. Brown initiated coverage of
with a strong buy rating.
Thomas Weisel Partners
analyst Perry Boyle increased estimates on
to a loss of 9 cents from a loss of 12 cents a share in the first quarter, and to earnings of 10 cents from an expected loss of 8 cents for the year.
Warburg Dillon Read
initiated coverage of
with a buy rating.
said it started
with a buy rating and set a price target of 125.
Health Management Associates
to intermediate-term buy from accumulate.
Credit Suisse First Boston
said it raised
target price to 175 from 125.
Merrill initiated coverage of
with intermediate-term and long-term buy ratings and set a 12-month price target on the stock of $45.
Alex. Brown upgraded
to strong buy from buy.
Thomas Weisel analyst Eric Ross raised the price target on
to 130 from 95.
Alex. Brown started coverage of
with a buy rating and set a 37 price target on the stock.
Personal financial information keyed into
Web site has been seeping out to advertisers, and the company has moved rapidly to address the problem, the
The Heard on the Street column in the
Salomon Smith Barney's
progress in extracting extra securities business from
roster of banking clients. Both are units of
, created by the merger of Travelers Group and Citicorp in 1998. Wall Street wants to know whether the year-old financial supermarket will become the new model for other banks and securities firms, the story says.
For analysis of the market's preopen tone and trends, see the Wake-Up Call, now published separately.