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posted fourth-quarter pro-forma earnings of 19 cents a share before items, beating the

First Call/Thomson Financial

27-analyst estimate of 15 cents and the year-ago 4 cents, excluding items. The company said its revenue totaled $201.1 million, up from $91.3 million in last year's fourth quarter, and that its December traffic averaged 465 million page views a day, compared with an average of 167 million the year before. Yahoo! also announced a 2-for-1 stock split effective Feb. 14.

In a report,

Merrill Lynch

analyst Henry Blodget wrote that while revenue and earnings "did not beat the highest estimates, the strength of the fundamental business drivers -- audience, commerce, advertising and communications -- suggests a strong year ahead." Blodget maintained his buy rating on the stock and gave the company an "A" grade for the quarter.

For additional coverage of Yahoo!'s

earnings, check out a separate story from the

joint newsroom.

Microsoft: Join the discussion on our

message boards.

In the latest in the government's antitrust case against


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TheStreet Recommends

(MSFT) - Get Microsoft Corporation Report

, government lawyers appear to have reached an approach that would propose a breakup of the software titan,

USA Today

reported. Under the plan favored by government lawyers, the software giant would be split into two separate companies, one for its


operating system and another for software, the newspaper reported, citing people familiar with the matter.

Mergers, acquisitions and joint ventures





(HUM) - Get Humana Inc. Report

have entered into a strategic alliance, under which, in part, Humana will leverage Healtheon/WebMD's professional and consumer transaction platforms and its exclusive online and offline media assets in targeted health care markets.

Intermedia Communications


, a nationwide integrated communications provider, said that

Kohlberg Kravis Roberts




, Microsoft and a consortium of banks have agreed to provide it with up to $700 million in strategic financing.



, Intermedia's 81%-owned subsidiary, is receiving a $100 million strategic investment from Compaq and Microsoft.

U.S. Foodservice

(UFS) - Get Domtar Corporation Report

has entered into a three-year $600 million food and product distribution deal with

Chili's Restaurants




said its

Sonera Smart Trust

division would join five certification authority platform providers, including

Baltimore Technologies











(VRSN) - Get VeriSign Inc. Report

to develop secure wireless e-commerce.

An association of

U S West


retirees is seeking to block that phone company's merger with

Qwest Communications


, charging that U S West misused pension funds to enrich shareholders and top officers,

The Wall Street Journal


Two influential pension funds have written the chairman of



questioning the drug company's tactics related to its planned get-together with

American Home Products


, the


reported. The newspaper said that the pension funds are arguing that Warner's board should fully take into account


(PFE) - Get Pfizer Inc. Report

competing hostile bid. The letter writers are the

California Public Employees' Retirement System

, which owns 3.7 million Warner shares, and Alan Hevesi, comptroller of New York City, the newspaper said. The newspaper reported New York City owns 3.5 million shares of Warner in its pension funds.

Earnings/revenue reports and previews

(Earnings estimates are from First Call/Thomson Financial.)


(T) - Get AT&T Inc. Report

CEO C. Michael Armstrong reaffirmed the company's 1999 earnings estimates of between $2.15 and $2.20 a share, in line with the 25-analyst estimate of $2.19. The company said it expects to show 1999 pro-forma revenue growth between 5% and 7%, and 2000 pro-forma revenue growth between 8% and 9%, excluding the impact of


, its joint venture with

British Telecom




(BBT) - Get BB&T Corporation Report

posted fourth-quarter earnings of 52 cents a share, beating the 21-analyst estimate of 51 cents and up from the year-ago 44 cents.



posted fourth-quarter earnings from continuing operations of 26 cents a share, ahead of the one-analyst estimate of 22 cents, but down from the year-ago 36 cents.



reported fourth-quarter earnings of 35 cents a share, beating the four-analyst estimate of 33 cents and the year-ago 29 cents.

SunTrust Banks

(STI) - Get SunTrust Banks, Inc. Report

posted fourth-quarter earnings of $1.06 a share, a penny ahead of the 23-analyst estimate and up from the year-ago 86 cents.

Offerings and stock actions

MONY Group's


board authorized a plan to repurchase 5%, or 2.4 million, of its outstanding shares of stock.

REX Stores


said it set a 1 million-share repurchasing program.



board approved a 2-for-1 stock split.

Analyst actions

Deutsche Banc Alex. Brown

initiated coverage of

America West


with a buy rating.

Alex. Brown sliced its rating on

Armstrong World


to market perform from strong buy.

Alex.Brown raised its rating on



to strong buy from buy.

Credit Suisse First Boston

raised its price target on



to 160 from 100.




tapped Jeffrey Brewer as its chairman and Ted Meisel as its CEO.

For analysis of the market's preopen tone and trends, see the Wake-Up Call, now published separately.