MicroStrategy

(MSTR) - Get Report

said -- here's a good one -- "due to its evolving business model," it is revising its revenue and operating results for 1998 and 1999. MicroStrategy said it will cut its 1999 reported revenue to between $150 million to $155 million from $205.3 million and its operating results to a loss of between 51 cents and 43 cents a share, compared with a previously reported profit of 15 cents a share.

Two Southeastern banks are getting

together.

National Commerce Bancorporation

(NCBC)

is acquiring

CCB Financial

(CCB) - Get Report

for about $1.9 billion in stock. Under terms of the deal, CCB Financial shareholders will receive 2.45 shares of National Commerce stock, or 48 15/64 a share, a 25% premium over CCB Financial's closing price of 38 9/16 on Friday. The new company will retain the National Commerce Bancorporation name.

Mergers, acquisitions and joint ventures

America Online

(AOL)

and

PurchasePro.com

(PPRO)

set a three-year pact to create a B2B exchange.

CNA Financial's

(CNA) - Get Report

Continental Casualty

unit has proposed a cash tender offer of $13 a share for all shares of

CNA Surety

common stock not already owned by Continental Casualty and its affiliates.

E*Trade

(EGRP)

in recent weeks has talked about being bought out by

American Express

(AXP) - Get Report

; however, the talks never crystallized and are dormant, the Heard on the Street column in

The Wall Street Journal

reported. Also, the column reports that talk persists that E*Trade might team up with

Goldman Sachs

(GS) - Get Report

.

KPN Royal Dutch Telecom's

(KPN)

Planet Media Group

subsidiary will set up an Internet concern,

Travel Planet

, with Dutch company

Travel Unie

. Also, KPN Royal Dutch projects earnings before interest, taxation, depreciation and amortization will rise 20% in 2000.

Siemens

(SMAWY)

is merging its automotive systems business with

Mannesmann's

(MNNSY)

. Siemens said the joint venture would have annual sales of nearly $7 billion.

Wesley Jessen VisionCare

(WJCO)

is

buying

Ocular Sciences

(OCLR) - Get Report

for $900 million, creating the world's second-largest soft contact lens producer.

Earnings/revenue reports and previews

(Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.)

Lehman Brothers

(LEH)

posted first-quarter earnings of $3.69 a share, a mile ahead of the 11-analyst estimate of $2.88 and above the year-ago $1.57 a share.

Analyst actions

This morning,

Salomon Smith Barney

increased

Dell Computer's

(DELL) - Get Report

price target to 71 from 55.

Applied Power

(APW)

: UP to strong buy from buy at

U.S. Bancorp Piper Jaffray

; price target UP to 48 from 42.

Carnival

(CCL) - Get Report

: DOWN to buy from strong buy at

Deutsche Banc Alex. Brown

.

Complete Business Solutions

(CBSI)

: price target UP to 35 from 25 at

Credit Suisse First Boston

.

Hartford Life

(HIG) - Get Report

: INITIATED at Lehman Brothers with an outperform rating and a price target of 44.

Key Energy

(KEG) - Get Report

: INITIATED at Lehman Brothers with an outperform rating.

Level 3 Communications

(LVLT)

: INITIATED at

Merrill Lynch

with an accumulate rating and a 150 price target.

Manhattan Associates

(MANH) - Get Report

: UP to buy at First Boston; price target SET at 40.

National City

(NCC)

: DOWN to hold from buy at

Warburg Dillon Read

.

Nextel Partners

(NXTP)

: STARTED as a buy at

Donaldson Lufkin & Jenrette

.

Tribune

(TRB)

: UP to strong buy from buy at

CIBC World Markets

.

Miscellany

Hewlett-Packard

(HWP)

and

Xerox

(XRX) - Get Report

said they've resolved all pending patent-infringement lawsuits against one another. The companies agreed to settle "to avoid the costs, time and distractions of lengthy legal battles." Under terms of the settlement, the companies said they won't disclose additional details.

KLM Royal Dutch Airlines

(KLM)

is cutting 2,700 jobs and slicing its capacity 5% in its winter schedule.

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