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
National Commerce Bancorporation
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
set a three-year pact to create a B2B exchange.
unit has proposed a cash tender offer of $13 a share for all shares of
common stock not already owned by Continental Casualty and its affiliates.
in recent weeks has talked about being bought out by
; 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
KPN Royal Dutch Telecom's
Planet Media Group
subsidiary will set up an Internet concern,
, with Dutch company
. Also, KPN Royal Dutch projects earnings before interest, taxation, depreciation and amortization will rise 20% in 2000.
is merging its automotive systems business with
. Siemens said the joint venture would have annual sales of nearly $7 billion.
Wesley Jessen VisionCare
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.)
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.
Salomon Smith Barney
price target to 71 from 55.
: UP to strong buy from buy at
U.S. Bancorp Piper Jaffray
; price target UP to 48 from 42.
: DOWN to buy from strong buy at
Deutsche Banc Alex. Brown
Complete Business Solutions
: price target UP to 35 from 25 at
Credit Suisse First Boston
: INITIATED at Lehman Brothers with an outperform rating and a price target of 44.
: INITIATED at Lehman Brothers with an outperform rating.
Level 3 Communications
: INITIATED at
with an accumulate rating and a 150 price target.
: UP to buy at First Boston; price target SET at 40.
: DOWN to hold from buy at
Warburg Dillon Read
: STARTED as a buy at
Donaldson Lufkin & Jenrette
: UP to strong buy from buy at
CIBC World Markets
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
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.