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(

Updated from 1:27 p.m. EDT

)

Chip-maker

Kulicke & Soffa

(KLIC) - Get Kulicke & Soffa Industries, Inc. Report

reported today that it will delay some of its shipments. Further, the company announced that the deferrals may impact results for the current quarter and for the first quarter of 2001 ending December 31, 2000. On the heels of this news,

ABN Amro

downgraded Kulicke & Soffa to outperform from buy.

Mobile phone giant

Motorola

(MOT)

told analysts today that handset profitability would be lower than expected. Just last week, Finnish telecom company

Nokia

(NOK) - Get Nokia Oyj Sponsored ADR Report

announced that its third quarter earnings would be lower than the second quarter's results.

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M&A

IBM

(IBM) - Get International Business Machines (IBM) Report

announced an alliance with

Vignette

(VIGN)

, a manufacturer of Web-page-creation software. According to the deal, IBM will add Vignette's software to its e-commerce product line.

NCR

(NCR) - Get NCR Corporation Report

, a manufacturer of retail computer systems, announced that it will buy

4Front Technologies

, a provider of information technology and outsourcing services, for $250 million in stock at valued at $18.50 a share. That's about a 35% premium

(FFTI) - Get FormulaFolios Tactical Income ETF Report

over 4Front's Aug. 2 closing price. 4Front Technologies was downgraded to hold from buy at

First Union Securities

.

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Earnings/revenue reports

Clorox

(CLX) - Get Clorox Company Report

posted fourth-quarter earnings, before merger-related and other one-time charges, of 58 cents a diluted share, beating a 14-analyst estimate by a penny and topping year-ago earnings of 48 cents.

CMS Energy

(CMS) - Get CMS Energy Corporation Report

posted second-quarter earnings of 72 cents a share, beating the 15-analyst estimate and the year-ago 67-cent result.

Spherion

(SFN)

posted second-quarter results of 42 cents a share, behind the 12-analyst estimate but above the year-ago 40-cent result. Additionally, the company warned that full-year results would be lower than expectations.

Suiza Foods

(SZA)

posted second-quarter earnings of $1.06, beating the 12-analyst $1.03 estimate and above the year-ago 94-cent result.

Tesoro Petroleum

(TSO)

reported second-quarter earnings of 35 cents a diluted share, beating a 10-analyst estimate of 32 cents but below the year-ago earnings of 76 cents.

Thermo Electron

(TMO) - Get Thermo Fisher Scientific Inc. Report

posted second-quarter earnings of 16 cents a share, beating the four-analyst 14-cent estimate but below the year-ago 55-cent result.

Entertainment giant

Viacom

(VIA) - Get Viacom Inc. Class A Report

reported second-quarter earnings of 1 cent a share, beating the four-analyst 5-cent loss and the year ago 8-cent result. This year's data excluded a one-time merger charge of $698 million due to its acquisition of broadcasting giant

CBS

(CBS) - Get CBS Corporation Class B Report

. For more on the Viacom's results, check out

TheStreet.com/NYTimes.com's

story.

After Wednesday's Close

Alliant Techsystems

(ATK)

posted first-quarter earnings of $1.62 per share, beating the three-analyst estimate of a $1.54 and the year-ago $1.39 profit.

Biotechnology company

Chiron

(CHIR) - Get Global X MSCI China Real Estate ETF Report

posted second-quarter earnings of 30 cents a share, ahead of the two-analyst 21-cent estimate and the year ago 18-cent result.

Chiron reported that revenue increased 27% to $241 million from $189 million a year earlier. In addition, the company raised its 2000 earnings estimate from 78 cents to between 80 cents and 85 cents a share. The company has attributed its gains to increased sales in its multiple sclerosis, kidney and skin-cancer treatment products.

Creative Technology

(CREAF)

posted fourth-quarter earnings of 43 cents a share, beating the two-analyst 19-cent estimate and the year-ago 17-cent result.

Fresh Del Monte

(FDP) - Get Fresh Del Monte Produce Inc. Report

posted second-quarter earnings of 32 cents a share, in line with the three-analyst estimate but below the year-ago 71-cent pro forma result.

Gap

(GPS) - Get Gap, Inc. (GPS) Report

said it expects its second-quarter earnings to come in about 10% below analyst forecasts due to weak sales in July. The company said

same-store sales in July dropped 1% and as a result would miss the 22-analyst estimate of 23 cents by 2 to 3 cents.

TheStreet.com

wrote about Gap's latest

news in a separate story.

Thomas Weisel

downgraded Gap to market perform from buy.

Walt Disney's Internet division,

Go.com

(GO) - Get Grocery Outlet Holding Corp. Report

, reported third-quarter losses of 34 cents a share, besting the seven-analyst estimate of a 45-cent loss and above the year-ago $1.64 pro forma loss. At the same time, the company announced it will change its name to

Walt Disney Internet Group

. For more news on Go.com, check out

TheStreet.com/NYTimes.com's

story.

Hyperion Solutions

(HYSL)

posted fourth-quarter earnings of 27 cents, in line with the five-analyst estimate and the year-ago 17-cent profit.

Mercury Computer

(MRCY) - Get Mercury Systems, Inc. Report

listed fourth-quarter earnings of 20 cents a share, below the two-analyst estimate and the year-ago 21-cent profit.

PanAmerican Beverages

(PB) - Get Prosperity Bancshares, Inc.(R) Report

reported second-quarter earnings of 9 cents a share, topping the five-analyst 8-cent estimate and the year-ago break-even result.

ZDNet

(ZDZ)

posted second-quarter earnings of 7 cents a share, a penny better than the five-analyst estimate and up from the year-ago 5 cents.

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Analyst actions

Upgrades

Abercrombie & Fitch

(ANF) - Get Abercrombie & Fitch Co. Class A Report

: UP to buy from hold at

First Union

.

American Eagle Outfitters

(AEOS)

: UP to buy from hold at

Credit Suisse First Boston

.

AnnTaylor Stores

(ANN)

: UP to strong buy from buy at

Banc of America

. The company said its July sales at stores open at least one year rose 1.6%, and it expects to post second-quarter earnings of 45 cents a diluted share, a penny above a 15-analyst estimate and higher than year-ago earnings of 42 cents.

Aon

(AOC)

: 12-month price target UP to 50 from 42 at

UBS Warburg

.

Cardinal Health

(CAH) - Get Cardinal Health, Inc. Report

: 12- to 18-month price target UP to 110 from 90 at

Banc of America

.

Cigna

(CI) - Get Cigna Corporation Report

: 2001 price target UP to 115 from 110 at

Bear Stearns

.

Go.com

(GO) - Get Grocery Outlet Holding Corp. Report

: UP to recommended for purchase list from market outperformer at

Goldman Sachs

; 2000 earnings estimate UP to a loss of $1.65 a share from a loss of $1.75 at

PaineWebber

; 2001 earnings estimate DOWN to a loss of $1.70 a share from a loss of $1.60 at PaineWebber.

Hyperion

(HYSL)

: UP to market outperformer from market performer at

Goldman Sachs

.

Manor Care

(HCR) - Get Hi-Crush Inc Report

: UP to attractive from neutral at PaineWebber; 12-month price target UP to 13 from 8.

Teradyne

(TER) - Get Teradyne, Inc. Report

: DOWN to buy from strong buy at

SG Cowen

.

Vornado Realty Trust

(VNO) - Get Vornado Realty Trust Report

: 12-month price target UP to 44 from 41 at

UBS Warburg

.

ZDNet

(ZDZ)

: UP to buy from hold at

Credit Suisse First Boston

.

Downgrades

DeVRY

(DV)

: DOWN to hold from buy at

Credit Suisse First Boston

.

Energen

(EGN)

: 2001 earnings estimate DOWN to $1.90 a share from $2.05 at PaineWebber.

Federated Investors

(FII) - Get Federated Investors, Inc. Class B Report

: DOWN to near-term neutral from accumulate at

Merrill Lynch

; reiterated long-term buy.

Intermedia Communications

(ICIX)

: DOWN to market performer from buy at

Banc of America

.

Mercury Computer Systems

(MRCY) - Get Mercury Systems, Inc. Report

: 12-month price target DOWN to 40 from 80 at PaineWebber.

Mortgage.com

(MDCM)

: 12-month price target: DOWN to $3 from $5 at

UBS Warburg

.

NCO Group

(NCOG)

: DOWN to market performer from buy at

Banc of America Securities

; third-quarter earnings estimate: DOWN 45 to 46 cents a share from 49 to 52 cents; fourth-quarter earnings estimate: DOWN to 45 to 46 cents a share from 52 to 54 cents.

PacifiCare Health Systems

(PHSY)

: DOWN to neutral from attractive at

Bear Stearns

.

Spherion

(SFN)

: DOWN to attractive from buy at

Bear Stearns

; 2000 earnings estimate: DOWN to $1.55 a share from $1.82; 2001 earnings estimate: DOWN to $1.75 a share from $2.10. DOWN to neutral from buy-average at

Dain Rauscher

; 2000 earnings estimate DOWN to $1.54 a share from $1.84.

Initiations

B.F. Goodrich

(GR)

: NEW buy at

Donaldson, Lufkin & Jenrette

; 12-month price target: 50.

Broadwing

(BRW)

: NEW buy at

Banc of America

; 12-month price target: 48.

Commerce One

(CMRC)

: NEW buy at

Deutsche Banc Alex. Brown

; earnings expectation for 2000: loss of 43 cents a share; earnings expectation for 2001: loss of 14 cents a share.

eFunds

(EFDS)

: NEW attractive at Bear Stearns.

Hudson City Bancorp

(HCBK)

: NEW outperform at

Lehman Brothers

.

7-Eleven

(SE) - Get Sea Ltd. (Singapore) Sponsored ADR Class A Report

: NEW buy at

Deutche Banc Alex. Brown

; 12-month price target: $18.27.

Silicon Valley Bancshares

(SIVB) - Get SVB Financial Group Report

: NEW buy at

Donaldson Lufkin & Jenrette

; price target: 59.

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Offerings

Life-science systems maker

Bruker Daltonics

(BDAL)

raised the terms of its IPO from 8 million shares with a projected range of $12 to $13 per share, up from its initial terms of 7.5 million shares priced at $10 to $12. The company, which makes technology for drug testing, expects to net $91.5 million in the deal.

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Miscellany

As its search for a new chief executive narrows,

Aetna

(AET)

plans a widespread restructuring program that includes an overhaul of its sales-incentive plan, according to

The Wall Street Journal

. The changes will also affect the way Aetna's regional offices operate, according to the article. The Hartford, Conn.-based company recently sold its financial services and international businesses to the Dutch firm

ING

(ING) - Get ING Groep NV Sponsored ADR Report

.

TheStreet.com/NYTimes.com

covered Aetna's latest

news in a separate story.

Corning

(GLW) - Get Corning Inc Report

said it will invest an additional $250 million to increase production of its liquid crystal display glass used in computers, Internet and communications appliances.

SAFECO

(SAFC)

Chief Executive Roger Eigsti announced that he will retire at the end of the year, and Randy Stoddard, president of the home insurance company's property and casualty operations, resigned, effective immediately.

Walter Industries

(WLT)

announced that its chairman, president and chief executive, Robert Burton, resigned for personal reasons, and the company has begun searching for a successor.

Last night, the company posted fourth-quarter earnings of 18 cents a share, ahead of the three-analyst estimate of 17 cents but down from the year-ago 39 cents.

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