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JDS Uniphase (JDSU) gained 1 9/16 to 94 15/16 after it reported pro forma earnings for its fiscal fourth quarter of $85.8 million, or 11 cents per share, a penny better than the 10 cents per share Wall Street had expected. The Canadian- and Silicon Valley-based maker of fiber-optics equipment for the telecommunications industry reported revenue of $394.6 million, 40% above sales in the quarter ended Dec. 31, and 2 1/2 times the pro forma sales in the year-earlier period. The company's results reflect the performance of three acquired companies but exclude the affects of accounting charges related to those and other acquisitions.

Including merger-related and other costs, JDS Uniphase reported a net loss of $240.9 million, or 32 cents per share. The company's stock surged 13, or 16%, Tuesday to 93 5/16, on the strength of a strong earnings report earlier in the day from competitor


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. Corning was having another up day with the stock lately rising 5 7/8 to 182 7/8. Shares of momentum-investor darling JDS Uniphase -- colorful traders believe its stock symbol stands for "Just Don't Sell Us" -- remain 39% below their March 7 high of a split-adjusted 153 3/8.

Mergers, acquisitions and joint ventures

News Corp.

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Singapore Telecom

could launch a $30 billion

counterbid for

Cable & Wireless HKT


, reported

The Wall Street Journal

. The offer, which would rival C&W HKT's planned merger with Hong Kong-based

Pacific Century Cyberworks

, takes advantage of the recent weakness in Web companies like Pacific Century that have seen their stock prices decline.

Internet holding company




Exodus Communications


invested $75 million and 3.76 million Exodus shares in Xcelera unit Mirror Image Internet for a 15% stake.

Wesley Jessen VisionCare


, the target of a hostile bid by

Bausch & Lomb


, invited its suitor to make its best offer, but said it had no obligation to set a deadline for bids from other interested parties.

Young & Rubicam


is considering a possible merger partner other than



, and has been negotiating a deal to buy


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for roughly $2 billion, reported the




Tara Murphy

Earnings/revenue reports and previews


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


Allegheny Technologies

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posted first-quarter earnings of 47 cents a share, which includes special items. This compares with a year-ago report of 41 cents. The eight-analyst estimate expected the company to post earnings of 34 cents.

Baker Hughes


posted first-quarter earnings of 4 cents a share, beating the 31-analyst break-even estimate, but lower than the year-ago 14 cents. The company said its search for a new CEO could end in the next month or two.


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posted first-quarter earnings of 6 cents a share, topping the 24-analyst estimate of a 3-cent profit and surpassing the year-ago report of 4 cents a share. The online auctioneer said its first-quarter sales tallied $85.8 million, doubling the year-ago result of $42.8 million. eBay also set a 2-for-1 stock split.

McKesson HBOC

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posted fourth-quarter earnings of $1.52 a share, which includes special items. This compares to the year-ago loss of 22 cents a share, which also included extraordinary items. Excluding items, the 13-analyst estimate expected the health care services company to report earnings of 29 cents.


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posted first-quarter earnings of 11 cents a share, topping the 14-analyst estimate of 6 cents a share and up from the year-ago 5 cent-profit.


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Offerings and stock actions

Chemical company


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board authorized the repurchase of an additional 15 million shares, or about 14% of its stock.


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Analyst actions



for the most part was enjoying a mixed reaction on Wall Street to yesterday's first-quarter earnings report, which met expectations.

Merrill Lynch

upgraded the stock to near-term attractive from neutral;

Salomon Smith Barney

upped it to buy from neutral and boosted its 12-month price target to 45 from 25; and

Donaldson Lufkin & Jenrette

raised its fiscal 2000 earnings estimate to $1.05 a share from $1.00 while repeating a buy rating.

Warburg Dillon Read

, however, trimmed its EPS view to $1.05 from $1.15 and maintained a hold rating.



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: UP to intermediate-term buy from neutral at Merrill Lynch.

BMC Software


: UP to near-term accumulate from neutral at Merrill Lynch; UP to strong buy from hold at

CIBC World Markets




: price target UP to 85 from 52 at

Lehman Brothers


Fair Isaac


: UP to strong buy from buy at

U.S. Bancorp Piper Jaffray


General Motors

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: 2000 earnings estimate UP to $10.84 from $9.42 and 2001 EPS estimate up to $13.74 from $10.50 at

Dresdner Kleinwort Benson



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: price target UP to 80 from 65 at

Thomas Weisel

by analyst Eric Ross.

Nortel Networks


: fiscal 2000 earnings estimates UP to $1.36 a share from $1.30 at Lehman Brothers; fiscal 2001 UP to $1.77 a share from $1.60.

Royal Dutch


: UP to buy from attractive: 12-month price target : 68 at

Bear Stearns




: UP to strong buy from buy at

SG Cowen



Transaction Systems Architects



Goldman Sachs

removes from recommended list.


Maxwell Technologies

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: NEW buy at CIBC World Markets; price target: 23.


Tara Murphy