Intel

(INTC) - Get Report

said that it developed a 1-gigahertz computer chip.

Advanced Micro Devices

(AMD) - Get Report

beat Intel to the punch on Monday, when it announced its 1-gigahertz chip.

Mergers, acquisitions and joint ventures

Apex

(APEX) - Get Report

said it has agreed to a merger with

Cybex Computer

(CBXC)

. Apex said its shareholders would own 55% of the newly formed company. The deal would be accretive to earnings before extraordinary items within a year. Apex said it has tapped Stephen Thorton as chairman, president and CEO of the merged company.

CNA

(CNA) - Get Report

said it is contemplating a possible sale of its individual life insurance and life reinsurance divisions. The insurer said it has brought

Donaldson Lufkin & Jenrette

on board to explore the possible sale.

DaimlerChrysler

(DCX)

and

Mitsubishi

are negotiating a possible deal that could form the world's third biggest carmaker, reported in

The Wall Street Journal

. Sources told the

Journal

that the pact is not certain.

Deutsche Bank

and

Dresdner Bank

are moving closer a $29.74 billion merger,

The Wall Street Journal

reported. According to the

Journal

, the potential merger would create a financial services operation with over $1.2 trillion in assets.

Internet Capital Group

(ICGE)

said it would pay $22 million in cash and $635 million in stock for a majority stake in

RightWorks

.

J.P. Morgan

initated coverage of the stock with a buy rating.

Jackpot Enterprises

(J)

said it would examine alternatives for its traditional gaming business. The company said it would create a $100 million Internet fund and take a 35% interest in

Digital Boardwalk

.

Occidental Petroleum

(OXY) - Get Report

said it has entered a $3.6 billion deal to acquire

Altura Energy

from

BP Amoco

(BPA)

and

Shell

. Occidental said the purchase would add 50 cents a share to its fiscal 2000 earnings.

Pinnacle

(PNK) - Get Report

said

Harveys Casino Resorts

has launched a $625 million offer for Pinnacle. According to the terms, Harveys would pay $25 a share for Pinnacle, which owns eight casinos in Nevada, Mississippi, Louisiana and Argentina.

PNC Bank

(PNC) - Get Report

and

Perot Systems

(PER) - Get Report

said they have entered a venture to create a business-to-business digital marketplace for billing called

Billingzone

.

Offerings and stock actions

Be Free

(BFRE)

said it filed for a secondary offering of 4.5 million shares.

Lehman Brothers

priced a 10 million-share IPO for

FirstWorld Communications

(FWIS)

at $17 each, the top of the estimated $15-to-$17 range. The company provides network-based Internet, data and communications services.

M-Systems

(FLSH)

said it priced a 2.45 million-share secondary offering at $68.25 a share.

Payless Shoesource

(PSS)

said it would tender 25% of its shares between $48 to $53 a share. Separately, Payless said it upped its fiscal 2000 growth estimate to 20% from 15%.

Analyst actions

Microsoft

(MSFT) - Get Report

could have a chance to settle the antitrust case brought against it by the

Justice Department

,

Chase H&Q

software analyst Walter Winnitzki said following a briefing by Microsoft's new CFO, John Connors. Winnitzki told

Reuters

"there was a feeling there was a near-term opportunity to have this settled, some language being given that they wouldn't have any change in culture or structure."

Morgan Stanley Dean Witter

sliced its rating on

Unilever

(UL) - Get Report

to outperform from strong buy.

Miscellany

General Electric

(GE) - Get Report

broadcast television unit

NBC

is dropping out of the

National Association of Broadcasters

because the group hasn't fought to ease rules on TV station ownership,

The Wall Street Journal

reported.

For analysis of the market's preopen tone and trends, see the Wake-Up Call, published separately.