shed 13 13/16, or 18.3%, to 57 3/8 after it warned investors that it would miss second-quarter and fiscal 2000 consensus estimates. The second-quarter, 18-analyst estimate expected the company to post an $1.34 profit, while the fiscal 2000 20-analyst estimate forecasted a $5.46 profit. The regional bank blamed the shortfall on rising interest rates.
Other regional banks were feeling the pain, with
tumbling 4 7/16, or 7.6%, to 53 3/4,
fell 1 1/8, or 5.9%, to 18 1/16 and
sliding 1 1/2, or 7.3%, to 19 1/16.
On the upside,
soared 7, or 16.9%, to 48 1/2 after
Morgan Stanley Dean Witter
lifted its rating to strong buy from outperform with a price target of 100.
gained 1 3/4, or 28%, to 8 after
restarted it as a strong buy.
Mergers, acquisitions and joint ventures
gained 1 3/4 to 54 3/16 after it said it will give users mobile Internet access through Internet-ready phones from
. Sprint PCS rose 13/16 to 61 15/16.
lost 9/16 to 46 7/8 after its Mobility DCS unit said it had awarded
a three-year $200 million contract to build a next generation wireless network in the southeastern U.S. Nortel climbed 1 9/16 to 65 15/16. The network will be supplied with Nortel's S8000 GSM base transceiver stations, DMS-MSC digital mobile switching and network management equipment.
gained 1 1/16 to 58 1/4 after it said it will form a joint venture with Finnish state-owned alcohol group
to market its
Altia said Brown-Forman paid $83 million for a 45% stake in the newly formed group
Finlandia Vodka Worldwide
. Altia will own the other 55%.
, a London tobacco company, said it has entered a $390.5 million cash deal to buy the Russian cigarette company
. The terms call for Gallaher to purchase Liggett-Ducat from the
, a U.S. holding company, and take on $56.4 million of Liggett-Ducat's debt as of March 31, 2001. Vector gained 1 3/4, or 10.9%, to 17 13/16.
its primary supplier of network infrastructure in a deal expected to be worth up to $1.5 billion. The proposed deal will allow the largest U.S. wireless carrier to increase its coverage and capacity in key markets. Lucent was lately rising 3 3/8, or 6%, to 60.
The parties expect to enter into a purchase agreement, which will develop the existing relationships between Lucent and Verizon Wireless. Verizon is the venture that resulted from the merged U.S. wireless businesses of
Separately, Lucent is reviewing a possible spinoff for its microelectronics division, which according to analysts, could be valued at more than $50 billion,
The Wall Street Journal
affiliate, agreed to invest $500 million in a new company that would add scanning technology to Web shopping over wireless and Internet-enabled products. The technology will allow Motorola and other mobile phone companies to make cable TV set-top terminals to access the Web through Symbol bar code scanning technology. Motorola added 5/8 to 33 3/16, Symbol Technologies moved up 1 15/16 to 54 3/4 and Ericsson slipped 41/64 to 21 39/64.
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Earnings/revenue reports and previews
fell 9/32, or 7%, to 3 3/4 after it warned investors it would report soft second-quarter revenue as well as a loss for the quarter. The floundering Canadian software maker said it expects revenues between $37 million and $38 million and a loss between $22 million and $24 million. The two-analyst estimate was for a second-quarter loss of 32 cents.
, an e-commerce services provider, dropped 2 1/2, or 24.4%, to 7 3/4 after it said it saw second-quarter sales in the range of $30 million to $30.5 million, below Wall Street's forecast due to an especially slow period for its software services unit.
However, the company said it should "meet or better" the
First Call/Thomson Financial
consensus loss per share estimate of 40 cents a share for the quarter, compared to a loss of 27 cents a share in the same year-ago period.
rose 1 1/8 to 40 3/4 after it posted fourth-quarter earnings of 63 cents a share, in line with the 12-analyst estimate and up from the year-ago 60-cent profit.
International Flavors & Fragrances
dropped 2 5/8, or 6.8%, to 31 15/16 after it said it expects its earnings for the second quarter and the year to be lower than expected.
The company said it anticipates sales to decline about 1% and to be comparable to 1999's sales levels. It's now expecting second-quarter earnings of the same as the year-ago 48 cents a share, which would miss the four-analyst estimate of 53 cents.
climbed 1 1/4, or 9.5%, to 14 7/16 after it reported first-quarter earnings of 25 cents a share, in line with the four-analyst estimate and a penny better than the year-ago report.
gained 3 1/2, or 12.4%, to 31 11/6 after it posted a third-quarter operating loss of 12 cents a share, well below the two-analyst estimated profit of 8 cents and the year-ago earnings of 7 cents. The loss came despite a year-over-year jump in revenue (revenue did decline sequentially), while net income benefited from an investment gain.
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was upgraded this morning to buy from outperform at
Salomon Smith Barney
. The company's shares were 1 7/8 higher to 54 7/8.
slipped 2 7/16 to 89 3/8: UP to strong buy from accumulate at
lifted 5 7/8 to 242 7/8: price target UP to 270 from 230 at
Donaldson Lufkin & Jenrette
edged up 5/8 to 53 5/8: target price UP to 68 from 60 at Prudential.
St. Jude Medical
rose 1 1/8 to 42 1/8: UP to outperform from hold at
; price target: 50.
jumped 1 7/8 to 28: UP to market outperformer from market performer at
slipped 1/16 to 11: DOWN to hold from buy at ING Barings.
lost 4 1/16 to 79 1/16: DOWN to hold from accumulate at Prudential.
lost 11/16 to 34 11/16: NEW buy at DLJ; price target: 50.
rose 13/16 to 28 15/16: NEW strong buy at
Deutsche Banc Alex. Brown
; price target: 40.
fell 1/16 to 14 3/4: RESTARTED as buy at
was off 1/4 to 9 1/16: NEW market outperformer at Goldman Sachs.
jumped 2 3/4, or 8.2%, to 36 1/8: NEW buy at CSFB; price target: 80.
Banc of America
initiated coverage of several biotech companies:
- Amgen (AMGN) - Get Report at buy; price target: 82. Amgen shares were up 13/16 to 65 1/8.
Biogen at market performer. Biogen shares lost 9/16 to 56 3/8.
Genentech (DNA) at buy; price target: 167. Genentech shed 5 1/8 to 136 1/4.
Gilead Sciences (GILD) - Get Report at buy; price target: 84. Gilead Sciences lost 2 7/16 to 60 1/4.
Idec Pharmaceuticals (IDPH) at strong buy; price target: 139. Idec Pharmaceuticals gained 3/16 to 97 3/4.
Immunex (IMNX) at strong buy; price target: 51. Immunex rose 1 17/32 to 35 15/16.
MedImmune (MEDI) at buy; price target: 77. MedImmune lost 5/16 to 64 5/16.
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Offerings and stock actions
dropped 4 3/8, or 12.8%, to 29 15/16 after it said its board approved a plan to divide the drugmaker into three publicly traded companies, one of which will be based in Moscow and not traded in the U.S.
The firm said ICN would be the parent company and that chairman and CEO Milan Panic will also be the chairman of the other two companies. One company will be named Ribapharm and will encompass ICN's research and development activities, while a second company based in Moscow, will be called ICN International and will include ICN's operations in Eastern and Western Europe and the Pacific Basin.
Kansas City Southern Industries
, a railroad and financial services company, climbed 3 11/16 to 80 3/8 after it said its board favored the spinoff of its financial services arm, which includes the
mutual fund group. According to the terms, Kansas City Southern shareholders would receive two shares of the spinoff,
, for every Kansas City Southern share they owned as of June 28. Kansas City Southern will distribute about 222.8 million shares of the spinoff. Stilwell will trade on the
New York Stock Exchange
, under the symbol "SV".
tacked on 1 1/2 to 59 1/2 after it set a 2-for-1 stock split.
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The government requested that a federal appeals court disregard
argument to suspend last week's decision to split the company, reported
The Wall Street Journal
. Microsoft moved up 1 7/16 to 71 15/16.
The British energy regulator
launched a formal investigation to see whether a decision by
Edison Mission Energy unit to withdraw 500 megawatts of generating capacity from a power station in northwest England was actually market abuse. Edison added 3/16 to 21 15/16.
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