Mergers, acquisitions and joint ventures
set a partnership to create what the companies termed the first global online banking and investment services company.
The new company, a 50-50 venture, will serve individuals worldwide, except in the U.S. HSBC and Merrill Lynch together will provide up to $1 billion in start-up capital. The company will be headquartered in London and will be launched later this year in the U.K., followed by Australia, Canada, Germany, Hong Kong and Japan. HSBC and Merrill said that they were not in negotiations for a possible merger.
Integrated electronics maker
agreed to acquire competitor
in a stock swap valued at about $984 million. Sanmina said each share of Hadco stock will be converted into 1.4 shares of Sanmina stock.
Earnings/revenue reports and previews
, a provider of enterprise storage systems, software and services, posted first-quarter earnings of 30 cents a share, a penny ahead of the 22-analyst estimate and up from the year-ago 20 cents.
posted first-quarter earnings of 73 cents a share, beating the 16-analyst estimate of 58 cents and up from the year-ago 57 cents.
Internet advertising giant
reported a first-quarter loss of 11 cents a share, in line with the 22-analyst estimate, but wider than the year-ago loss of 6 cents. The company posted a net loss of $13.1 million, compared with a loss of $6.1 million a year ago. However, revenues nearly tripled, to $110.1 million compared with $39.4 million in the year-ago period.
The company recently
iced a plan to identify and distribute the names of Web site visitors amid mounting criticism over how some Internet companies gather and use personal information.
, a developer and supplier of high-speed digital subscriber line equipment, posted a third-quarter operating loss of 16 cents a share, worse than the seven-analyst estimate of a loss of 6 cents, and down from the year-ago loss of 12 cents.
reported first-quarter earnings of 15 cents a share, which includes a gain. The nine-analyst estimate forecasted the company to report an 8-cent profit. The results compare to the year-ago report of a 48-cent loss.
posted first-quarter earnings of $1.16 a share, well ahead of the eight-analyst estimate of $1.09 and up from the year-ago $1.01.
, the news and information company, said first-quarter revenue rose to $1.3 billion, up from the year-ago $1.2 billion, powered by solid results from its
electronic trading business.
posted first-quarter earnings of 50 cents a share, including a 2-cent gain, edging out the 12-analyst estimate of 47 cents. The results compare to the year-ago 49-cent profit.
posted first-quarter operating earnings of 26 cents a share, in line with the 23-analyst estimate and up from the year-ago 24 cents. Earlier this month, the telecommunications equipment company issued an earnings warning.
reported first-quarter earnings of 55 cents a share, above the 27-analyst estimate of 53 cents and the year-ago 34 cents. The company said strong demand for wireless communications chips helped boost net income by 69%. Texas Instruments said it expects robust growth to continue in its semiconductor business, driven by strength in communications end-equipment markets, including wireless and broadband.
Offerings and stock actions
Genzyme Molecular Oncology
axed plans for a 3 million-share offering due to market conditions.
Sylvan Learning Systems
sliced its self-tender offer to 7.5 million shares from 9.5 million shares, citing recent market volatility.
rating was downgraded to sell from hold by
Credit Suisse First Boston
analyst David Nelson due to what he said was the unsustainability of the company's earnings growth.
: coverage REINSTATED as a near-term accumulate, long-term buy at
: coverage REINSTATED with a buy rating at CSFB.
: rating DOWN to market performance from buy at
Donaldson Lufkin & Jenrette
: rating UP to strong buy at CSFB.
: UP to strong buy from buy at
US Bancorp Piper Jaffray
: coverage REINSTATED as a near- and long-term accumulate at Merrill Lynch.
said analysts Jeff Sadler and Robert Perri cut price targets on nine consumer Internet service providers (ISP's) including
AOL's target was lowered to 35 from 45.
Digital Island's price target was cut to 105 from 140.
EarthLink's target was lowered to 40 from 53.
FastNet was dropped to 25 from 30.
Internet America was cut to 13 from 23
OneMaine.com was lowered to 25 from 35.
RMI.Net was lowered to 10 from 20.
Verio's target was cut to 60 from 90.
ZipLink's target was reduced to 22 from 31.
: rating DOWN to market performance from buy at Donaldson Lufkin & Jenrette.
: DOWN to neutral from accumulate at Merrill Lynch.
: rating DOWN to neutral from buy at
: coverage STARTED as buy; 17 price target at Lehman Brothers.
: rating DOWN to buy from strong buy CSFB.
rolled out coverage of
with a long-term buy recommendation and
El Paso Energy
with a buy rating.
said it would increase the amount paid to holders of 134,000 pensions for the first time since November 1996 because of pressure from retirees,
The Wall Street Journal
Many Internet retailers are turning a profit, according to a study, the
reported. According to the
, 72% of e-tailers are making money, with 38% not generating earnings.