said it has agreed to acquire
in a stock deal valued at roughly $21 billion. VeriSign said it would issue 2.15 shares for each share of Network Solution. VeriSign said it expects to complete the deal in the third quarter of fiscal 2000. According to the terms, Jim Rutt would stay on as Network Solutions CEO and report to VeriSign's president and CEO Stratton Sclavos. In premarket activity, VeriSign was trading at 220, off from Monday's closing price of 247 7/16, while Network Solutions was up at 438 from Monday's closing price of 360 5/8.
Mergers, acquisitions and joint ventures
said they have entered a joint venture to set up an automated foreign exchange. The companies said they expect the facility to be up and running by the fourth quarter of fiscal 2000.
said it would make an investment in
to develop an online auto auction.
is expected to announce today a deal with
that calls for Entrust to provide security software to Ariba's B2B customers,
Dow Jones Newswires
said that it set standards with
for fiber-optic transceivers to make future products and devices compatible.
said that they have agreed to a pact that calls for SAP to use BackWeb's Polite push technology on its e-commerce Web site,
. According to the companies, the Polite push product allows companies to deliver multimedia packages without interfering with customers' access.
Earnings/revenue reports and previews
posted fourth-quarter earnings of 16 cents a share, in line with the 12-analyst estimate but down from the year-ago 27 cents.
was trading at 95 in premarket activity, up from yesterday's closing price of 90 3/16, after Chairman and CEO Richard Braddock said first-quarter revenue growth would beat earlier analysts' estimates of 30%.
Procter & Gamble
warned investors that it would post third-quarter earnings 10% to 11% below the year-ago 72-cent report. The company blamed their earnings shortfall on the higher cost of pulp and petroleum-based materials. The 13-analyst estimate sees Procter & Gamble reporting third-quarter earnings of 78 cents a share.
Offerings and stock actions
Morgan Stanley Dean Witter
priced a 4.35 million-ADR IPO for Japanese email provider
at $24.50 an ADR, above the expected range of $22 to $24.
priced a 10 million-share IPO for
at $20 a share, at the top end of the $18-to-$20 range. Net2000 provides broadband telecom services to businesses in the Northeast and Mid-Atlantic states.
Waddell & Reed
set a 3-for-2 stock split.
said it set a 2-for-1 stock spilt.
said it would convert itself into a holding company. Mastech said the company would consist of five existing and four new divisions, which would concentrate on e-services.
For analysis of the market's preopen tone and trends, see the Wake-Up Call, published separately.