posted first-quarter earnings last night of 80 cents a share, beating the 23-analyst estimate of 78 cents but down from the year-ago 85 cents. The report did not include costs associated with its
spinoff. CEO Carly Fiorina said the company, which posted revenue of $11.7 billion, experienced growth in products and noted a turnaround in its
business, according to
Credit Suisse First Boston
upped HP's 2000 earnings view and said it sees upside in the numbers.
said it accepted a $600 million acquisition offer from
, in an attempt to thwart a $500 million hostile bid from rival
. The transaction calls for IP to pay $21 a share for Shorewood, topping Chesapeake's hostile bid that valued the company at $17.25 a share.
Elsewhere in the exciting world of paper,
said it would buy rival
in a deal valuing Champion's equity at $6.5 billion. The new company will be based in Helsinki and be called Champion International.
Mergers, acquisitions and joint ventures
said it would create an Internet portal with software maker
to enable companies to do business with one another online.
said it is in talks with
about a possible alliance in next-generation home appliances,
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
posted a fourth-quarter loss of 3 cents a share, in line with the 31-analyst estimate but lower than the year-ago profit of 14 cents a share. The company said it plans to double 1999 operational earnings in 2000 and sees first-quarter results almost breaking even.
posted a fourth-quarter loss of $1.27 a share, a penny narrower than the three-analyst expected loss, but wider than the year-ago loss of $1.22 a share, which includes items.
posted fourth-quarter earnings of 8 cents a share, in line with the eight-analyst estimate but down from the year-ago 79 cents a share. The company said it expects to continue an earnings growth path of 8% to 10% in 2000 and expects EPS in the range of $2.35 to $2.45, in line with estimates.
posted fourth-quarter earnings of 77 cents a share, a penny shy of the four-analyst estimate and down from the year-ago 81 cents a share.
Offerings and stock actions
said it approved a 2-for-1 split.
increased its price range to 75 to 80, from 65 to 70.
priced a 3.7 million-share IPO for
above its expected $17 to $19 range at $22.
Morgan Stanley Dean Witter
priced a 7.145 million-share IPO for
at $20 a share.
set a 2-for-1 stock split.
U.S. Bancorp Piper Jaffray
priced a 4.5 million-share IPO for
at $16 a share.
Park Place Entertainment's
chairman Stephen F. Bollenbach sold three million shares of the company last week, exercising 75% of his existing stock options,
The Wall Street Journal
reported. The move prompted the company's biggest institutional shareholder to demand his resignation. The sale comes four months after Bollenbach sold about two million shares of the company, the story says.
Indian Internet company
priced 1.625 million American Depositary Receipts at $80 each, in a placement expected to raise about $130 million
First Boston upped
to strong buy from buy.
to buy from long-term buy.
to buy from outperform
Warburg Dillon Read
initiated coverage of
with a strong buy rating and a price target of 90.
to add from hold.
First Boston analyst Wendell H. Laidley resumed coverage of
as a strong buy.
Discussions are underway at
on ways to speed the transfer of power to chairman-elect Douglas Daft, from its current chairman and the shift in power could be decided as early as today, the
releases its Windows 2000 product today. The company said it plans to launch the new operating system in China on schedule and is working with authorities to ensure it complies with restrictions on encryption technology. Separately, CEO Steve Ballmer, told the
that the new operating system would give the company ammunition to go after rival
said its cofounder and vice chairman Andrew Viterbi will retire next month when he turns 65.
is the subject of an investigation of possible criminal fraud in connection with its past accounting practices, the
reported, citing people familiar with the situation. The investigation has been launched by the U.S. attorney in Harrisburg, Pa., the story says.
The "Heard on the Street" column in the
examines the pros and cons of "concept" stocks, highflying stocks powered largely by optimism about business concepts and future prospects. The story says prior phases of speculation for these types of stocks, 1969 and 1972 particularly, preceded significant market downturns. On the other hand, the story says, despite the risk and lofty valuations, it doesn't pay to try and fight them in this market. The story mentions
For analysis of the market's preopen tone and trends, see the Wake-Up Call, now published separately.