The deal, which is set to close in the second quarter, calls for Phillips to retain all of Arco's workers in Alaska. Phillips said the acquisition would tack on $1.28 a share to its fiscal 2000 earnings. Before the announcement, the 24-analyst estimate expected the company to post earnings of $3.27 a share.
announced the birth of
, a new concern it says will slice weeks off the mortgage-closing process and save consumers more than $2,000 over the life of a loan by providing lower rates and reduced closing costs. Microsoft will hold a majority stake in the company.
Chase Capital Partners
Bank of America
will also be taking an equity interest in the venture.
has provided technology contributions and has a financial interest in the new company, Microsoft said.
Mergers, acquisitions and joint ventures
about a combo of their businesses have apparently stalled over price,
The Wall Street Journal
reported. The newspaper, citing people close to the discussions, said that a pact between Tommy Hilfiger and Calvin Klein was expected to be announced as early as last week; however, the two sides have been unable to agree on a price. A British newspaper, the
, reported Sunday that Tommy Hilfiger was believed to be in talks to buy all or part of Calvin Klein.
said it would acquire a majority interest in Taiwan fund manager
, boosting its position to 88% from 6%. Before the sale, Aetna held a 20% stake in the firm.
said it is buying a couple of companies. Cisco is buying privately-held
, based in Menlo Park, Calif., a developer of standards-based, in-building wireless telephony solutions, for $200 million in stock.
Cisco is also buying
for $301 million in stock.
said they have agreed to a $78.6 million merger. According to the terms, Inference shareholders would receive 0.1865 share of eGain for each share of Inference they hold. The deal is set to close within 90 days.
cleared plans by
Ericsson Energy Systems
, a unit of
is merging with
. Under terms of the deal, IRI stockholders will receive 0.3385 share of National-Oilwell stock for each IRI common share they own. Based on National-Oilwell's closing price yesterday, the deal is currently valued at $8.04 per IRI share, or $321 million. National-Oilwell will issue a total of 13.5 million shares of its stock for the transaction, which will be accounted for as a pooling of interests and is expected to be tax-free to both companies and IRI stockholders.
have entered a deal to develop an e-commerce paint industry marketplace.
Earnings/revenue reports and previews
(Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.)
said it expects to post first-quarter earnings of 53 cents to 55 cents a share, beating the 11-analyst estimate of 48 cents a share.
, the Amsterdam-based global financial services concern, said operational net profit rose 53.5% in 1999 over 1998 to $3.243 billion. Operational net profit from insurance operations rose 19.6% to $1.961 billion, while profit from banking operations increased 171.5% to $1.282 billion thanks to better results from trading and decreased risk costs. After losing $988 million in 1998,
, its investment banking arm, posted a profit of $220 million in 1999.
posted third-quarter earnings of 20 cents a share, a penny better than the 12-analyst estimate and up from the year-ago 15 cents.
: price target UP to 95 at
Credit Suisse First Boston
: first-quarter earnings UP to 17 cents a share at
: NEW strong buy and a price target of 70 at CSFB.
: NEW at buy and a price target of 34 at
Warburg Dillon Read
: UP to intermediate-term buy from accumulate at
: price target UP to 100 at CSFB.
: DOWN to market performance from buy at
Donaldson Lufkin & Jenrette
: NEW intermediate and long-term buy at
: NEW with a strong buy at
Offerings and stock actions
filed for a 3 million-share secondary offering, with 1 million shares being sold by
Less than stellar news out of
today. Peapod said Bill Malloy, the company's CEO and president, is leaving due to health reasons and because of that, parties to a previously announced potential investment of $120 million in the company have terminated the planned investment. The company, which has had substantial operating losses since its birth, has $3 million in cash on hand, before giving effect to outstanding trade payables. The company's board has told its financial advisor
to "explore strategic alternatives," including "possible alternative financing or a possible sale of the company."
The Heard on the Street column in the
takes a look at the mix of investors in
Federated Department Stores
and the difficulty the company is having pleasing either group. The company picked up a new strain of investor last year thanks to the addition of a mushrooming Internet operation, the column notes. Those new investors want Federated to invest heavily in the Net, which puts them at odds with the company's traditional investors who expect growing profits and not heavy Net expenditures, the column said.
named John Hashman president.
In part because of a government antitrust probe of
, the two auction houses are facing their worst shortage of items for sale in nearly a decade, the
For analysis of the market's preopen tone and trends, see the Wake-Up Call, published separately.