Updated from 4:17 p.m. EDT
dropped 2 3/8 to 52 9/16 after it made a bid for
that values VoiceStream's stock at about $205.60 per share, or about $53 billion. VoiceStream popped 7 1/2, 5.2%, to
wrote about the possible
popped 8 5/16, or 7.6%, to 117 1/16 after it reported second-quarter earnings of $1.06, beating the 23-analyst estimate of $1 a share, and up from the year-ago earnings of 91 cents. IBM's chairman and CEO
said in a press release that the results are in line with the company's expectations.
He said the company has had three quarters of slow revenue growth, attributed to a combination of the Y2K slowdown and an effort to improve its business portfolio. Also, he said, such product areas as Web management software, e-business consulting, Web hosting, systems integration and wireless chips experienced "explosive" growth in the quarter.
lifted its rating on IBM to strong buy from buy.
IBM's earnings were highlighted in a
shed 10 3/8, or 16.1%, to 54 1/8 after it posted third-quarter earnings of 30 cents a share, a penny better than the 19-analyst estimate and up from the year-ago 23 cents. The company also scaled back some growth forecasts and announced plans to spin off its microelectronics unit . Lucent said it expects fourth-quarter pro-forma revenues and earnings-per-share from continuing operations to grow about 15%, which is lower than its previous forecast of about 20%. In the first quarter of 2001, revenue from continuing operations will increase 20%, but pro forma EPS will fall 15%, due in part to a switch to products with lower profit margins. For the full-year 2001, the company said it expects to return to 20% revenue growth and 20% growth in pro-forma earnings per share.
soared 21 3/8, or 20%, to 128 1/2 after news that it will replace
. Goldman started JDS Uniphase on its recommended list. News of the stock's inclusion in the S&P
boosted JDS in
after-hours trading last night.
wrote about the move in a
story. Meanwhile, Rite Aid edged up 1/16 to 5. Wednesday night.
gained 1/16 to 63 1/16 after it posted third-quarter earnings of 27 cents a share, in line with the 19-analyst estimate and up from the year-ago 22 cents. Revenue rose to $713.52 million from $644.69 million in pro-forma terms a year earlier.
Mergers, acquisitions and joint ventures
German media group
said it will pay $117 million for cash-strapped online music seller
. Under terms of the agreement, Bertelsmann will acquire the company in an all-cash tender offer for $3 a share, a notch above yesterday's closing price of 2 7/8. Bertelsmann will give CDnow $42 million to pay off loans and fund ongoing operation until the deal closes. CDnow inched up 3/64 to 2 59/54.
Freightliner unit will purchase Canadian truck-maker
Western Star Trucks Holdings
in a deal worth about $456 million. DaimlerChrysler added 3/8 to 55 7/8.
moved up 1 11/16 to 74 13/16 after it said it entered a deal with
to offer free phone calls to users of Microsoft's Internet messaging service. Net2Phone lost 2 1/8, or 5.5%, to 36 1/4, despite the news.
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Earnings/revenue reports and previews
Storage solution company
added 1/16 to 23 after it announced first-quarter earnings of 33 cents per share, down from 44 cents a year ago. The company fell short of the 38-cent consensus estimate and posted revenues of $183 million, down 5% from last year's revenue.
Advanced Micro Devices
dropped 4 15/16, or 5.5%, to 85 5/16 despite posting second-quarter earnings of $1.21 a share, well above the 18-analyst estimate of $1.14. The year-ago earnings of 53 cents included items. The company also set a 2-for-1 stock split.
American Home Products
lost 1 11/16 to 53 9/16 after it reported second-quarter earnings of 31 cents a share, in line with the 19-analyst estimate and up from year-ago earnings of 22 cents a share, which includes an $82 million charge. Also, the company's board announced a dividend of 50 cents a share.
lost 2 1/16 to 51 1/8 after it said that it's expecting second-quarter earnings of $1.22 a share, which would beat the 27-analyst estimate of $1.08 and be way up from the year-ago earnings of 28 cents.
Dutch software company
lost 1 /32 to 2 7/16 after it warned that it will report a loss of between $85 million and $95 million, or 32 cents to 35 cents a share, when it reports its second-quarter results.
First Call/Thomson Financial
, the three analysts that cover the stock expected a loss of 6 cents.
slipped 1/4 to 17 1/16 after it posted second-quarter earnings of 18 cents per diluted share, vs. 20 cents last year and in line with analyst consensus estimates. Revenues came in at $330 Million, reflecting the low cost of operations and its premium gold sales program.
Medical supplies firm
Becton Dickinson 's
dropped 3 5/16, or 11.7%, to 24 15/16 despite meeting analyst expectations with third-quarter earnings of 43 cents per share. Revenue was 114.4 million, but the company missed operating results by 3 cents.
lost 1/8 to 13 7/8 after reporting second-quarter earnings of 24 cents, which includes investigation-related costs of $5 million and a gain of $4 million on the disposal of businesses. The figure is in line with the seven-analyst estimate, but down from the year-ago estimate of $1.05.
climbed 7/8 to 55 3/8 after it reported second-quarter
earnings of 42 cents per share vs. 36 cents last year and a penny better than Wall Street expectations. The company said revenue rose 2.5% to $2.34 billion from $2.29 billion a year ago and would have increased 7% without the impact of the stronger dollar.
lost 1 7/8 to 62 13/16 after it reported second-quarter earnings of $1.43 a share, better than the nine-analyst estimate of $1.40 and up from the year-ago $1.23. Coors announced plans to close its sales and brewing operations in Spain by the end of 2000. Spanish operations have incurred substantial operating losses since Coors acquired a brewery in Zaragoza in 1994.
lost 1/4 to 8 1/2 after it reported second-quarter earnings of 20 cents a share, missing the five-analyst estimate of 27 cents and down from the year-ago earnings of 40 cents. The company attributed its shortfall in the second quarter to high fuel prices and tractor utilization.
Internet banking services company
gained 1 1/2 to 42 3/4 after it said it expects to report a second-quarter loss of about $4.6 million, or 20 cents a share excluding items, better than the current nine-analyst estimate of a loss of 23 cents a share.
lost 3/8 to 43 7/8 after it said it will take a third-quarter charge of 2 cents a share for restructuring a New Jersey facility. DuPont said it will cut about 160 jobs there and sell a minority share in Mexico-based
. The move, it said, will yield a gain of 2 cents a share in the third quarter.
soared 32 1/4, or 27.8%, to 148 1/4 after it reported fourth-quarter earnings of 1 cent a share, which includes amortization of goodwill and other charges. Excluding items, the company reported pro-forma earnings of 9 cents a share. The 11-analyst estimate was a loss of 5 cents, while year-ago earnings were 5 cents a share. Also, the company's board approved a 2-for-1 stock split.
Federated Department Stores
, the parent of Macy's and Bloomingdale's, dropped 3 3/8, or 12.6%, to 23 1/2 after it said a credit delinquency problem at its Fingerhut unit may cut second-quarter earnings in its direct-to-consumer business unit by $150 million, or 43 cents a share. Analysts had expected Federated to report earnings of 65 cents a share.
edged up 3/4 to 27 9/16 after it posted second-quarter operating earnings of 73 cents a share, a penny better than the 24-analyst estimate. The year-ago 90-cent result included a one-time gain. For the quarter, the company reported a loss of $2.2 billion, as it warned it would, because of a large charge to turn around its operations as it copes with rising interest rates. Including the charge, the company reported a per-share loss of $2.27.
lost 1 to 32 5/16 after it posted second-quarter profits of 28 cents per share or $296 million, vs. 25 cents last year. The company met analyst consensus estimates for earnings and increased sales to $2.25 billion from $2.21 billion in 1999. Excluding the adverse effects of exchange and the divestiture of the White Rain hair-care line, sales climbed 8%. Profit from operations was $499 million, up 5% from $477 million the year before.
fell 3 7/8, or 24.3%, to 12 1/16 after it posted second-quarter earnings of 4 cents, in-line with the nine analyst 4-cent estimate but below the year-ago 16 cents.
Illinois Tool Works
, a diversified manufacturer of industrial equipment and systems, slipped 7/16 to 55 9/16 after it met Wall Street expectations with second-quarter earnings of 90 cents a share compared with 79 cents a share a year ago. Operating revenues jumped 9% and profits increased 14% with net income of $273.3.million.
rose 5/8 to 21 11/16 after it posted second-quarter earnings of $1.33 a share, a penny better than the 19-analyst estimate and up from the year-ago $1.10. Lear said it is comfortable with analyst forecasts for 2000 EPS of $4.47.
rose 1 3/8, or 5.4%, to 26 3/4 after it posted second-quarter earnings of 29 cents, ahead of the 13-analyst 21-cents estimate and the year-ago 8-cent loss.
lost 3/8 to 12 3/4 after it posted second-quarter earnings of 1 cent a share, which it said includes a nonrecurring credit that represents adjustments made to the restructuring and nonrecurring charges recorded in 1999. The company said exact figures were not immediately available. The seven-analyst estimate called for 1 cent a share, while the year-ago loss of 52 cents included 56 cents in charges.
National Discount Brokers
rose 2 3/4, or 7.5%, to 39 1/2 after it posted fourth-quarter earnings of 53 cents a share excluding items. Including items, the company reported earnings of 47 cents a share. Both numbers are well above the five-analyst estimate of 42 cents, while the year-ago earnings were 47 cents. The company said NDB.com added a record 37,700 new accounts. NDB also said it will expand its work force and spend up to $50 million in advertising next year.
popped 13 1/16, or 20.6%, to 76 3/8 after it reported a second-quarter loss of 2 cents a share, beating the six-analyst estimate by a nickel and up from the year-ago pro-forma loss of 19 cents.
gained 3 1/8, or 11.%, to 31 3/8 after it posted second-quarter earnings of 75 cents a share, in-line with the seven-analyst estimate but above the year-ago 66-cent profit.
rose 1 1/4, or 6.9%, to 19 5/16 after it said it would post second-quarter earnings between 13 and 14 cents a share, in line with the 11-analyst estimate of a 13-cent profit.
dropped 5, or 6.4%, to 73 1/8 after it posted second-quarter earnings of $1.11 a share, better than the 10-analyst estimate of $1.06 and the year-ago 95 cents a share. The company said it expects EPS growth in the high teens for the rest of the year.
fell 2 7/8, or 5.4%, to 42 9/16 after it reported second-quarter earnings of 67 cents a share, well above the 12-analyst estimate of 49 cents and the year-ago 12 cents.
Meanwhile its wireless operation
rose 33/64 to 64 3/8 after it reported a second-quarter loss of 46 cents a share, narrower than the 19-analyst expected loss of 49 cents.
tacked on 6 1/2 to 160 after it reported second-quarter earnings of 28 cents a share, which beat the three-analyst estimate of 20 cents and was up from the year-ago loss of 29 cents. The company also announced a 2-for-1 stock split, to be effected in the form of a stock dividend.
Maker of polyester and nylon yarns
added 3/16 to 11 7/8 after it announced that fourth-quarter earnings would fall below analysts' expectations due to special charges and raw material prices.
United Parcel Service
fell 1 11/16 to 59 9/16 after it said it would tack on a temporary surcharge to offset rising fuel costs. The package delivery company said it would issue the 1.25% charge on Aug. 7 because its fuel costs would be $100 million more than expected. UPS posted second-quarter earnings of 60 cents a share, in line with the 16-analyst estimate and up from the year-ago 52-cent profit.
lost 1 13/16, or 26.9%, to 4 15/16 after it warned investors that its fiscal 2000 earnings would miss the 12-analyst estimate of $1.74. The apparel company sees the year EPS between 26 cents to 36 cents a share, possibly 85% below expectations. Warnaco, which said its second-quarter earnings would also be lower, blamed the shortfall on higher interest expense, increased product price markdowns, weak sales in certain brands and expenses related to its litigation with Calvin Klein.
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was upgraded to buy from outperform at
. Lehman analyst George Elling also raised his price target to 160 and raised his 2000 earnings per share estimate to $4.42 from $4.30. He increased 2001 estimates to $5.10 from $5.00.
Credit Suisse First Boston
reiterated its existing buy recommendation for the company. IBM popped 8 5/16, or 7.6%, to 117 1/16.
: UP to strong buy from buy at
. Apple tacked on 2 7/16 to 55 1/18.
: 12-month price target UP to 85 from 70 at
Donaldson Lufkin & Jenrette
; UP to 100 from 60 at
Chase Hambrecht & Quist
. Celestica shot 15, or 25%, to 75.
Check Point Software
: price target UP to 275 from 250 at
. Check Point Software climbed 18 3/8, or 8.1%, to 243 1/4.
: UP to buy from neutral at SG Cowen. Cirrus Logic tacked on 1 1/2, or 8.1%, to 20.
: UP to near-term buy from accumulate at
. Gasonics declined 2 3/16, or 7.3%, to 27 11/16.
: UP to near-term buy from accumulate at Merrill Lynch. Harrah's Entertainment hopped 1 1/4, or 5.6%, to 23 1/4.
: Price-target UP to 190 from 100 at Lehman Brothers. Micromuse skidded 6 to 158.
: UP to near-term buy from accumulate at Merrill Lynch. Nicor edged up 7/8 to 34 1/16.
: Price-target UP to 70 from 50 at Lehman Brothers. Purchasepro.com 7, or 16.8%, to 49.
: Price-target UP to 100 from 85 at Lehman Brothers. Tut Systems jumped 18 1/16, or 26.4%, to 86 5/16.
: DOWN to neutral from buy at PaineWebber. Alltel climbed 13/16 to 62 15/16.
: DOWN to buy from strong buy, price target DOWN to 51 from 55 at UBS Warburg. ATMI shed 12, or 27.8%, to 31 1/16.
: DOWN to neutral from buy: price target DOWN to 15 from 30 at Lehman Brothers. Citrix stumbled 3 7/8, or 17.5%, to 18 1/4.
: price target DOWN to 100 from 140 at CSFB. Conexant lost 9 7/8, or 20%, to 39 1/16.
: DOWN to neutral from buy at PaineWebber. Federated Investors shed 1/2 to 25 3/16.
: DOWN to market perform from buy at DLJ. Flowers Industries skidded 1 3/16, or 5.3%, to 21 3/16.
Great Lakes Chemical
: DOWN to neutral from buy at Lehman Brothers. Great Lakes Chemical slipped 1 1/8 to 29 3/8.
: DOWN to market perform from market outperform at Goldman Sachs. Hubbell lost 9/16 to 25 15/16.
: DOWN to outperform from strong buy at
Morgan Stanley Dean Witter
. Mead fell 1/2 to 25 3/8.
: DOWN to neutral from outperform at
and price target down to 23 from 25; DOWN to market perform from buy at
Deutsche Banc Alex. Brown
. Sonoco Products was off 9/16 to 20.
: DOWN to neutral from buy at PaineWebber. Sprint shed 2 7/16, or 5.4%, to 42 9/16.
: NEW buy at Merrill Lynch. Arkansas Best climbed 1 1/16, or 9.6%, to 12 1/16.
: NEW buy at Lehman Brothers. Best Buy declined 7/16 to 75.
: NEW neutral at Lehman Brothers. Circuit City stumbled 3 1/2, or 9.8%, to 32.
Foundation Health Systems
: NEW market outperform at Goldman Sachs. Foundation Health Systems added 7/16 to 14.
: NEW market outperformer at Goldman Sachs. InfoNet Services tacked on 5/16 to 16.
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Offerings and stock actions
soared 16 61/64, or 113%, to 31 61/64 after it was priced at $15 a share above its estimated price range. Airspan, which supplies wireless communications systems, raised $82.5 million by selling 5.5 million shares.
climbed 2 7/16 to 95 3/4 after it said its board approved a 2-for-1 stock split to be paid on Aug. 15 to stockholders of record as of close of business on July 31.
lost 1 1/8, or 8.9%, to 11 7/16 after its board of directors approved a spinoff of the company's Saks Fifth Avenue brand and its related businesses into a new public company.
As a result of the move, each Saks shareholder is expected to receive one share of the spun-off company.
rose 4 3/16, or 34.9%, to 16 3/16 after it made its debut at $12, which was the middle of its price range. The company offered 3.5 million shares, boosted from its original plan to offer 3 million.
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Internet content management firm
slipped 1/8 to 49 after it announced that John McAdam has been appointed president and CEO. He had previously served as IBM's general manager of its Web sales business unit.
drug for the treatment of schizophrenia received approval Wednesday from a federal advisory panel. Pfizer lost 1 11/16 to 44 3/4.
The panel recommended that the
U.S. Food & Drug Administration
approve the drug Zeldox -- a serotonin and dopamine antagonist -- for the disease. Zeldox had been rejected by the FDA two years ago.
was unchanged at 60 after it said it plans to add 50 new stores to the 95 it now operates in Germany and to double its share of the sector within three years,
The Wall Street Journal
reported. The story said the company did not deny speculation that it is considering acquiring
, Germany's largest retail group.
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By the Numbers
The data on NYSE and Nasdaq percent winners and losers are filtered to exclude stocks whose previous day's volume was less than 25,000 shares; whose last price was less than 5; and whose net change was less than 1/2.
Dow point gain and loss data are based on New York closing prices and do not reflect late composite trading.
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