for $9.3 billion.
. Tribune is the publisher of the
, and also owns numerous television stations in addition to the
Major League Baseball
franchise. Times Mirror is publisher of the
Los Angeles Times
. Following completion of the deal, Tribune Company will have 11 daily newspapers, 22 television stations and four radio stations.
Mergers, acquisitions and joint ventures
Six big Wall Street firms and
announced the creation of
, an e-commerce concern that will host a series of online marketplaces linking firms with institutional investors.
Morgan Stanley Dean Witter
Salomon Smith Barney
will own a majority interest in the business. Communicator will provide the infrastructure and operate the business and have a minority interest.
for about $540 million in cash and stock.
Card Capture Services
, the largest independent network of centrally managed automated teller machines in the U.S. Terms of the deal weren't disclosed.
are reportedly close to reaching an alliance, according to published reports. The U.S. auto maker could take a 20% stake in the Italian group's car unit as part of an industrial partnership. Meanwhile,
is seeking to break up the discussions and entice Fiat away from its American rival with a separate offer. According to
The Wall Street Journal
, Fiat is also considering making a bid for Swedish truck maker
blocks Volvo's plans to buy rival
said it is teaming up with
and others to supply products and services to bring e-business applications to wireless devices
is buying the
Traffic Alert and Collision Avoidance System
product line from
for $255 million.
agreed to a $1 billion pact to form a joint venture called
, a technology services firm that will employ 5,000 and contribute to building Internet businesses using Microsoft software.
said it will buy 12 stations from
for $1.3 billion, and 3 stations from
for $40 million. Radio One will also buy
for $24 million.
said it was launching an offer for Spanish utility
Hydroelectrica del Cantabrico
for 21.25 euros (US$20.60) a share, or 2.4 billion euros.
is believed to be in talks to buy all or part of privately owned
The Sunday Telegraph
in London reported. Calvin Klein could be valued at $1 billion, the newspaper said.
Offerings and stock actions
Applied Micro Circuits
said its board set a 2-for-1 stock split.
said its board set a 3-for-1 stock split.
board approved a 2-for-1 stock split.
set a 2-for-1 stock split.
said it plans a 2-for-1 stock split and will apply for a listing on the
Milan Stock Exchange
by the end of 2000.
Credit Suisse First Boston
cut its rating on
to buy from strong buy.
Donaldson Lufkin Jenrette
to its value list.
Banc of America Securities
. Banc of America upgraded Dell to strong buy from buy. Bear Stearns upgraded Dell to buy from attractive.
Deutsche Banc Alex. Brown
started coverage of
with a buy rating and a 157 price target.
analyst Doug van Dorsten started coverage of
with a buy rating and a 12-month price target of 60.
set a 12-month price target for
to strong buy from buy.
to strong buy from buy.
DLJ said it raised
to buy from market performer.
said it started coverage of
as a strong buy.
Thomas Weisel analyst Keith Gay initiated coverage on
with a buy rating.
said it planned to separate its finance and health care businesses "as soon as an orderly separation can be achieved." The company also plans to sell off international assets that do not fit the strategy of either resulting company. Meanwhile,
Warburg Dillon Read
cut its rating on Aetna to reduce from hold.
said it will launch an online service aimed at high-speed users.
The Heard on the Street column in the
says biotech stocks are acting like Internet stocks, driving the biotech industry's market capitalization, up 50% to $600 billion in just two months time. The story speculates that some biotech companies now have the capacity to swallow up old-line pharmaceuticals companies, though it adds no imminent deals are on the horizon.
For analysis of the market's preopen tone and trends, see the Wake-Up Call, published separately.