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Deutsche Banc Alex. Brown

lowered its 2000 EPS estimate for

eBay

(EBAY) - Get eBay Inc. Report

to 15 cents a share from 18 cents.

Goldman Sachs

lowered its EPS expectations for the company to 17 cents from 21 cents.

Mergers, acquisitions and joint ventures

Apache

(APA) - Get Apache Corporation Report

was up 2 5/16 to 59 1/8 after it signed a definitive agreement with

Collins & Ware

to acquire long-lived producing properties in the Permian Basin and South Texas. Apache will pay more than $300 million, subject to adjustments.

Closing is expected by June 30, 2000, subject to satisfaction of certain approvals and conditions. Executive vice president and CFO Roger Plank said, "With this transaction, year to date, Apache has purchased or has under contract total reserves of approximately 126 million barrels of oil equivalent (70% gas) which represent an estimated full-year 2000 reserve replacement of 136% at an average cost of less than $4 per barrel of oil equivalent."

Critical Path

(CPTH)

and

TheStreet Recommends

Aether Systems

(AETH)

said they have entered a venture to make and sell wireless messaging devices. According to the terms, Aether, a wireless data systems provider, will enable users to access Critical Path's Web messaging services and will help Critical Path be a reseller of

Research in Motion's

(RIMM)

Blackberry

wireless email services. Critical Path rose 2 15/16, or 6.5%, to 48 3/8, while Aether jumped 7 11/16 to 188 11/16 and Research in Motion edged up 5/8 to 47 1/4.

French media group

Vivendi

(VVDIY)

and its pay-television subsidiary

Canal Plus

are in talks with beverage and entertainment giant

Seagram

(VO) - Get Vanguard Mid-Cap ETF Report

about a joint stock-swap bid that would value Seagram at more than $70 a share, or $30.6 billion in stock, according to a report in the

The Wall Street Journal's

online edition. Earlier today, the

Financial Times

reported that Vivendi had resumed talks with Seagram after they collapsed earlier this year over price and management issues. Seagram soared 7 1/4, or 13.7%, to 60 1/4.

NUI

(NUI)

will acquire

Virginia Gas

(VGCO)

as a wholly-owned subsidiary. Terms of the agreement call for NUI to acquire all of Virginia Gas' common stock for $4 a share in NUI common stock, with the exchange ratio to be established near the time of closing. Based on Virginia Gas' shares outstanding as of March 31, the transaction values Virginia Gas' equity at $22 million. NUI slipped 1/16 to 27 9/16, but Virginia Gas shot up 19/32, or 20%, to 3 1/2.

Office Depot

(ODP) - Get ODP CORPORATION Report

said it entered a pact with

Microsoft

(MSFT) - Get Microsoft Corporation (MSFT) Report

that would focus on attracting small business customers. Office Depot edged off 1/16 to 6 13/16 and Microsoft gained 2 1/4 to 70 1/8.

The deal calls for Office Depot to be the exclusive product supplier on Microsoft's

bCentral

Web site, which is directed at small businesses. Microsoft also said that it would offer Office Depot's products on MSNBC.com,

eShop

and its

WebTV

service.

Executives at

UAL

(UAL) - Get United Airlines Holdings, Inc. Report

and

US Airways

(U) - Get UNITY SOFTWARE, INC. Report

were questioned by lawmakers yesterday about their plans to merge, with concerns voiced about diminished competition and prospects of a rush of mergers by other large airlines. UAL shares bumped up 3/4 to 55 1/4 and US Airways shed 9/16 to 42 5/16.

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Earnings/revenue reports and previews

Eastman Kodak

(EK)

grew 1/2 to 59 1/4 after it said that second-quarter revenue is in line with its fiscal 2000 6% to 7% growth forecast and said it would meet the second-quarter and 2000 earnings consensus estimates. For the second quarter, Eastman Kodak said it would post earnings of $1.60 to $1.70 a share, roughly in line with the 10-analyst estimate of a $1.65 profit. The company said fiscal 2000 would come in between $5.50 and $5.80 a share. The 10-analyst estimate calls for a $5.67 profit.

Midas

(MDS)

shed 3 1/2, or 14%, to 21 1/2 after it warned investors that its second-quarter and fiscal 2000 earnings would miss expectations. For the second quarter, the two-analyst estimate saw the company posting a profit of 81 cents a share, and the fiscal 2000 estimate expected Midas to report a $2.46 profit.

Winnebago

(WGO) - Get Winnebago Industries, Inc. Report

climbed 3/16 to 13 1/16 after it posted third-quarter earnings of 74 cents a share, topping the four-analyst estimate and up from the year-ago 65 cent-profit.

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Offerings and stock actions

ADC Telecommunications

(ADCT) - Get ADC Therapeutics SA Report

set a 2-for-1 stock split. ADCT gained 1 1/8 to 19 5/8.

Certicom

(CERT)

, which provides security products for wireless devices, grew 1 point to 52 9/16 after announcing a 2-for-1 stock split and posting fourth-quarter revenue of $4 million, a 156% increase from the year-ago $1.5 million.

Diodes

(DIO)

jumped 4 1/16, or 11.0%, to 41 1/16 after setting a 3-for-2 stock split.

EntreMed

(ENMD)

shed 2 1/16, or 8.0%, to 23 13/16 after

Banc of America

priced a one million share offering for at $22 a share.

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Analyst actions

Allstate

(ALL) - Get Allstate Corporation Report

dropped 3/8 to 26 5/16 after

Bear Stearns'

insurance analyst, Michael Smith, lowered his earnings estimate for the second quarter to 65 cents a share from 70 cents and his full-year estimate to $2.75 from $2.80 a share. Smith maintained his attractive rating on the stock.

After meeting with the company's management, Smith said Allstate's second-quarter will likely be affected by higher-than-expected payouts from storms.

Upgrades

Bausch & Lomb

(BOL)

gained 4 3/8, or 6.1%, to 75 7/8: price target UP to 85 from 75 at

UBS Warburg

.

Boise Cascade

(BCC) - Get Boise Cascade Co. Report

hopped up 1 15/16, or 7.6%, to 27 9/16: UP to buy from outperform at

Salomon Smith Barney

; price target: 54.

Canadian National

(CNI) - Get Canadian National Railway Company Report

was off 9/16 to 18 1/16: UP to buy from hold at

Credit Suisse First Boston

.

R&B Falcon

(FLC) - Get Flaherty & Crumrine Total Return Fund Inc Report

lost 1/8 to 24 7/8: UP to buy from neutral at

Lehman Brothers

.

Schering-Plough

(SGP)

rose 2 7/8, or 6.2%, to 48 5/16: UP to strong buy from neutral at

Morgan Stanley Dean Witter

.

Downgrades

Alaska Air

(ALK) - Get Alaska Air Group, Inc. Report

fell 5/16 to 29 1/16: DOWN to hold from buy at ING Barings.

Centex

(CXP) - Get Columbia Property Trust, Inc. Report

shed 5/8 to 28 3/16: DOWN to near-term neutral from accumulate at

Merrill Lynch

.

Fatbrain.com

undefined

tumbled 1 13/16, or 18.7%, to 7 7/8: DOWN to market performer from buy at

Banc of America

.

Kennametal

(KMT) - Get Kennametal Inc. Report

slipped 1 1/8 to 24 3/8: DOWN to hold from buy at ING Barings.

NBC Internet

(NBCI)

dropped 3/4 to 16 7/8: DOWN to market perform from buy at Banc of America.

Parker Hannifin

(PH) - Get Parker-Hannifin Corporation Report

toppled 3 3/16, or 7.9%, to 37 5/16: DOWN to attractive from buy at Bear Stearns.

Initiations

BioSource

(BIOI)

: NEW strong buy at

Thomas Weisel

; price target: 19.25. BioSource bounced up 3 1/16, or 35.5%, to 11 11/16.

eSpeed

(ESPD)

: NEW strong buy at

Prudential

; price target: 68. eSpeed added 7/8 to 36 3/8.

Factory 2-U

(FTUS)

: NEW buy at Salomon Smith Barney; price target: 46. Factory 2-U rose 1 11/16 to 37 1/16.

Homestore.com

(HOMS)

: NEW buy at

UBS Warburg

; price target: 40. Homestore.com added 13/16 to 28 1/8.

Improvenet

(IMPV) - Get Imperva, Inc. Report

: NEW hold at UBS Warburg; price target: 6. Shares were unchanged at 3 3/4.

Minerals Technologies

(MTX) - Get Minerals Technologies Inc. Report

: NEW buy at

J.P. Morgan

. The stock slipped 3/16 to 43 5/16.

Paradigm Genetics

(PDGM)

: NEW buy at J.P. Morgan. Paradigm was unchanged at 12 1/2.

Pfizer

(PFE) - Get Pfizer Inc. Report

: RESTARTED as buy at Bear Stearns; price target: 52. Pfizer rose 19/32 to 46 7/16.

Sherwin-Williams

(SHW) - Get Sherwin-Williams Company Report

: NEW buy at J.P. Morgan. Sherwin-Williams climbed 13/16 to 24 5/16.

Symyx

(SMMX)

: NEW buy at

J.P. Morgan

. rose 1 1/4 to 33 1/8.

WindRiver Systems

(WIND)

: NEW buy at

WR Hambrecht

; price target: 45. Shares slipped 5/16 to 38 1/8.

Group Moves

PaineWebber initiated coverage of the oil and gas exploration & production companies:

Miscellany

America Online

(AOL)

edged up 1 7/8 to 53 1/2 after

The Wall Street Journal

reported that it is the latest company to be put under the antitrust microscope by the

Federal Trade Commission

. As part of the FTC's review of AOL's $113 billion buyout of

Time Warner

(TWX)

, federal investigators are examining AOL's dominance in instant messaging, the

Journal

cites lawyers and industry executives as saying.

Boeing

(BA) - Get Boeing Company Report

gained 1/4 to 39 1/16 after

The Wall Street Journal

reported the company was making an effort to boost confidence in its Delta III rocket, and would launch one outfitted with a mock payload in August. The last two launches of the vehicle failed, which increased apprehension in potential customers who would use the rocket to carry their satellites. The newspaper said the launch of a Delta III costs about $85 million.

Microsoft

(MSFT) - Get Microsoft Corporation (MSFT) Report

filed formal notice to appeal federal judge Thomas Penfield Jackson's order that the company be broken up for violating antitrust law. Microsoft also said it asked the

U.S. Court of Appeals

in Washington, D.C., to stay a number of business restrictions that were issued as part of the ruling. Microsoft shares were up 2 1/2 to 70 3/8.

Sprint's

undefined

chairman and CEO, William Esrey, told shareholders "it remains unclear" if the company will receive the necessary regulatory approval it needs for its $115 billion merger with

WorldCom

(WCOM)

, the

Journal

reported. Sprint shares slipped 1 3/4 to 61 7/8.

A Sprint spokesman said Esrey was trying to give shareholders a realistic assessment of the negotiations with the

Justice Department

.

Standard & Poor's

said it plans to make changes to its

S&P 500 index by dropping soon-to-merge paper company

Champion International

(CHA) - Get China Telecom Corp. Ltd. Sponsored ADR Class H Report

and computer firm

SGI

(SGI)

from the roster. Semiconductor equipment maker

Novellus Systems

(NVLS)

will replace Champion, which is set to merge with

International Paper

(IP) - Get International Paper Company (IP) Report

, after the market closes Friday. Luxury retailer

Tiffany

(TIF) - Get Tiffany & Co. Report

will replace SGI after the close of trading June 20. SGI is being removed for lack of representation.

Champion International was 7/8 higher to 73 5/16; SGI lost 11/16, or 8.1%, to 7 13/16; Novellus gained 5 7/16, or 10.5%, to 57; International Paper rose 1 3/16 to 34 1/8; Tiffany edged up 1 5/8 to 62 1/4.

Raytheon Systems

, a unit of

Raytheon

(RTN.A)

, is selling its own version of computer-security software called SilentRunner, the

Journal

reported today. Raytheon shares were unchanged at 23 1/2.

The newspaper said Raytheon has sold licenses for the software to six unnamed federal government agencies involved in defense, intelligence or law enforcement, with one agency buying 12 licenses. The $65,000 program uses complex algorithms to find potentially improper uses of internal computer networks, and Raytheon claims the product can identify hard-to-discern patterns of data traffic that signal fraud, insider trading or espionage by a company's employees, the article said.

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Corrections and Clarifications.