said it sees its first-quarter earnings in line with the
First Call/Thomson Financial
13-analyst estimate of 28 cents a share. The company attributed the solid profit to strength in its
snack food division and its juice business, but added that high prices were problematic for its North American Pepsi-Cola unit.
Chairman and CEO Roger Enrico said he also expects fiscal 2000 earnings to meet the 16-analyst estimate of $1.38 a share. Enrico said the company's share repurchasing program is being exercised faster than expected.
, the leading maker of computer disk drives, said it would be acquired by an investor group,
Silver Lake Partners
, in a complex deal that also provides for the sale of Seagate's 33% stake in
back to that company.
The Veritas stake accounts for most of Seagate's stock market value. The companies valued the stock and cash deal at $20.2 billion.
For more on the deal, check out a
story written last night by
Mergers, acquisitions and joint ventures
could announce as early as next week an agreement to merge their U.S. cellular phone systems, according to
The Wall Street Journal
AT&T Wireless Services
unveiled plans to cooperate in the wireless Internet arena. The companies said they'll get together to develop new wireless broadband applications for consumer and business markets.
set a marketing pact with hotel giant
Nationwide Mutual Insurance
, a U.S. insurer, is acquiring
Gartmore Investment Management
, an investment management concern, from
Royal Bank of Scotland Group
for $1.6 billion.
said it had raised its ownership in joint ventures with Germany's
to give it more leverage to expand into Europe's high-tech market.
Separately, DaimlerChrysler confirmed a report that it was in cooperation talks with South Korea's
only days after announcing an allegiance with Japan's
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
, a cable company based in Coudersport, Pa., posted a fourth-quarter loss of $1.05 a share, a little worse than the two-analyst estimated loss of $1.03, but narrower than the year-ago loss of $1.06.
posted fourth-quarter earnings of 52 cents a share, a penny better than the six-analyst estimate and better than the year-ago 45 cents.
Offerings and stock actions
Warburg Dillon Read
priced 4.5 million shares of
at $17 each, the lower end of the estimated $17-$19 range. The Austin, Texas-based company develops technology designed to simplify biological testing for the life sciences industry.
said it is proceeding with plans for an IPO of 20% of its e-solutions unit. The company also said it is making significant progress in divesting nonstrategic voice and data units.
set a 2-for-1 stock split.
said it plans a 1-for-4 reverse split.
said its 2.6 million share offering is priced at $29.75 a share.
Warburg Dillon Read announced research changes on the following financial sector stocks:
Bank of America
UP to hold from reduce and price target lifted to 63 from 55;
UP to buy from strong buy;
DOWN to hold from buy;
DOWN to hold from buy ;
DOWN to hold from buy;
UP to strong buy from buy and price target UP to 60 from 52.
Battle Mountain Gold
: DOWN to market perform from buy at
Deutsche Banc Alex. Brown
: price target UP to 80-85 from 70-75 at
: price target UP to 90 from 80 at
Isle of Capri Casinos
: NEW buy with $14 price target at Alex. Brown.
: NEW buy with a price target of 47 at
: NEW buy and a price target of 130 at
Silicon Storage Technology
: NEW rating of strong buy and price target of 120 a share at
Credit Suisse First Boston
: rating UP to buy from neutral; price target set at 200 at
U.S. Home & Garden
: rating DOWN to hold from outperform at
VA Linux Systems
: NEW buy at
: rating UP to attractive from neutral at PaineWebber.
Standard & Poor's
said that Veritas would replace
(but what'll happen to Manny, Mo and Jack?) in the
. S&P added that
will fill Veritas' former spot in the
S&P MidCap 400
and Pep Boys would fill in for 911 services provider
S&P SmallCap 600
The Heard on the Street column in the
said Wall Street's concerns about
have put chairman Bernard Schwartz and his team on the defensive. Amid disappointing early subscriber sign-ups, phone distribution problems and regulatory holdups, the company is slashing prices and hoping for more time to show progress to its investors.