Marriott International (MAR) - Get Report and Hyatt said they have agreed to establish a Web company that would sell supplies to hotels. The hotel giants said its hotels would purchase about $5 billion in supplies from the site and expect other companies to sign on to the venture, which will be launched later this year. The companies said they have tapped Dennis Baker, executive vice president of Marriott as the venture's COO.
Mergers, acquisitions and joint ventures
, an Internet telecommunications provider, will acquire
, a data networking products maker, in a stock deal valued at approximately $189 million.
Energy Conversion Devices
said that they have entered a deal, calling for Texaco to purchase a 20% stake in Energy Conversion for $67.3 million. The companies said that they would set up partnerships involving the development of advanced energy technologies. Texaco's stake will be run by its
Texaco Energy Systems
Earnings/revenue reports and previews
reported earnings of 53 cents a share, in line with a 15-analyst estimate according to
First Call/Thomson Financial
, but down from the same quarter of last year's 61 cents. The company, which plans to acquire cable television company
, said its first-quarter operating profits fell 13.1%, as merger costs and declining consumer sales offset strong sales of wireless and business services.
See separate coverage from
joint newsroom for more details on this
posted first-quarter earnings of 6 cents a share, in line with both the 11-analyst estimate and the year-ago report.
director Mort Topfer told investors at a
technology conference that the computer maker would probably not experience a recovery in Europe until the second half of 2000. During the fourth quarter of fiscal 1999, the company reported 8% revenue growth in Europe as compared with its total revenue growth of more than 30%.
reported second-quarter earnings of 82 cents a share, a penny better than the 11-analyst estimate and up from the year-ago 74 cents. The company said it is confident that its fiscal 2000 earnings will fall in line with earlier expectations but said that its positive outlook is moderated by slowness in the automation market recovery and ongoing devaluation of the euro. The 11-analyst estimate expects the company to post a fiscal 2000 profit of $3.31.
said its EnronOnline Internet trading operation notched up $2.5 billion in sales during the last week of April. The online operation was launched in late November to enable businesses to buy and sell electricity, natural gas and other commodities with Enron acting as the principal in all deals. Separately, Enron told
the company expects to start wholesale electricity trading in Japan within three months.
posted a third-quarter loss of 40 cents a share, narrower than the four-analyst estimate of a 57-cent loss. The company does not have a year-ago per share comparison because its IPO was held in November 1999.
The Web travel service, which is 85% owned by
, posted revenue of $31.9 million, greatly surpassing the year-ago report of $11.2 million. Expedia attributed the strong results to the success of its hotel room and tour package sales.
reported fourth-quarter earnings of 31 cents a share, beating the 16-analyst estimate of 27 cents a share but down from the year-ago 45 cents a share.
reported first-quarter earnings of 27 cents a share, a penny better than the eight-analyst estimate and up from the year-ago 22 cent-profit.
reported a first-quarter loss of 22 cents a share, narrower than the six-analyst estimate of a 24-cent loss but down from the year-ago 6-cent profit.
Offerings and stock actions
plans to buy back up to $300 million shares, the company announced today.
shares slid after
Morgan Stanley Dean Witter
tech analyst Mary Meeker reiterated her market outperform but said that she likes the stock, "in the 60's."
Morgan Stanley Dean Witter raised
price target to 36 from 32 and kept its "outperform" recommendation. Analysts said the recovery in the Far East economy and OPEC production increases was causing the tanker market to tighten.
Morgan Stanley said an imminent new building boom would drive new building prices and secondhand values higher, although ultimately this poses a threat to the industry. The new price target was a result of an increased year-end Net Asset Value estimate of $30, raised from $26, which was then boosted by the standard 20% share price premium for the stock.
: UP to strong buy at
Credit Suisse First Boston
, price target: 70.
: fiscal 2000 earnings estimate UP to $4.25 a share from $3.60 and fiscal 2001 estimate UP to $6.10 from $4.75 at Credit Suisse First Boston, price target UP to 180 from 170.
earnings per share estimates UP at Deutsche Banc Alex Brown.
: revenue estimates UP to $47.8 million from $45.5 million for 2000 at Lehman Brothers.
: ADDED to recommended list at
: first-quarter earnings estimate DOWN to 16 cents a share to 26 cents at Credit Suisse First Boston; hold rating REITERATED.
: CUT to buy from strong buy at
US Bancorp Piper Jaffray
Shared Medical Systems
DOWN to hold from buy at UBS Warburg following the company's announcement of a proposed merger with Germany's
Stone & Webster
: DOWN to sell from hold at Credit Suisse First Boston.
: NEW buy at Credit Suisse First Boston.
: NEW strong buy at CSFB, price target: 35.
: NEW intermediate, long-term buy at
: NEW buy at
A number of brokerages started coverage of
- ABN Amro initiated coverage with a buy and a price target of 40.
Merrill Lynch initiated coverage with a intermediate-long-term buy rating and a 12-18 month price target of 44 a share.
Goldman Sachs started coverage with a recommend rating and a year-end 2000 price target of 42 a share.
UBS Warburg initiated coverage as a buy and set a price target of 43.
UBS also initiated coverage of
Palm (PALM) as a hold with a target of 24.
Lehman Brothers initiated coverage of four brokerages this morning:
- Charles Schwab (SCH) at neutral.
Goldman Sachs (GS) - Get Report at neutral.
Merrill Lynch (MER) at outperform.
Morgan Stanley (MWD) at neutral.
President Robert McTeer told the
Washington Association of Money Managers
that "U.S. inflation is showing signs of resisting arrest," which could ignite investors' fears of a 50-basis-point rate hike at the May 16
Federal Open Market Committee meeting.
McTeer, who has held the principle that higher productivity growth enabled the economy to flourish with lower inflation, also called the stronger-than-expected March
Consumer Price Index figure a "terrible number," according to
. However, McTeer went on to say he thinks the overall U.S. inflation rate is likely to decline in coming months as energy prices ease.
is making a foray into the culinary market with a new online kitchen store. Amazon said the store will offer recipes, cooking tips, product reviews and culinary products and accessories.
Standard & Poor's
said software maker
S&P 500 Index
. CBS is set to be bought by
for about $47 billion in stock.