Updated from 2:51 p.m.

Say

Archer Daniels Midland

(ADM) - Get Report

10 times fast. Boy, that was fun. Now say "first quarter earnings more than doubled."

The company announced first-quarter earnings of 17 cents a share, better than last year's 6 cents a share and the

First Call/Thomson Financial

estimate of 10 cents. Archer Daniels Midland said this quarter exceeded expectations due to a $95 million one-time gain, which accounted for 15 cents a share. The company's stock closed down despite the good news, though, lower by 13 cents, or 1.3%, to $9.50.

McDonald's

(MCD) - Get Report

posted third-quarter earnings of 41 cents a share, in line with the 14-analyst estimate and above the year-ago 39 cent profit. The golden arches stock closed down 19 cents, or 0.7%, to $27.88.

For

UAL

(UAL) - Get Report

, the skies have not been all that friendly. Today, UAL announced a much wider-than-expected loss. The company lost $1.29 per share, larger than the 11-analyst prediction of a 54 cent loss and below the year-ago $2.89 profit. It's a topsy-turvy world, though -- the stock flew up by 50 cents, or 1.4%, to $36.81.

Mergers, acquisitions and joint ventures

Health care technology company

MedicalControl

(MDCL)

said it will sell its preferred provider organization (PPO) unit to managed-care company

Beyond Benefits

. Terms of the deal were not disclosed. The stock closed flat at $8.

Medtronic

(MDT) - Get Report

agreed to buy privately held

PercuSurge

in a stock deal worth $225 million.

The acquisition -- which will be accounted for as a pooling of interests -- is not expected to affect earnings for the first year after the deal is closed and to add to earnings after that, Medtronic said.

PercuSurge will join the Medtronic Vascular unit. Medtronic said the acquisition will enhance its interventional vascular products and help add innovations to reduce complications in the treatment of vascular disease. Medtronic ended the day down 50 cents, or 0.9%, to $53.44.

Specialty pharmaceutical company

Sepracor

(SEPR)

plunged this morning on news that partner

Eli Lilly

(LLY) - Get Report

ended a development deal for Sepracor's new form of the antidepressant Prozac.

Sepracor ended the day down $33.75, or 27.9%, to $87.06; $78.50; Lilly was off 75 cents, or 0.8%, at $88.50.

Sepracor -- which helps drug companies fend off generic competitors when their drugs go off patent -- has ended the R-fluoxetine program, citing results based on the review of clinical data. R-fluoxetine is a single-isomer form of Prozac. Lilly licensed the patent for it from Sepracor in late 1998, hoping to make up for the loss in sales to generic competition when its Prozac franchise expires in late 2001.

Sepracor, based in Marlborough, Mass., saw its share price skyrocket in the past two years after licensing its version of Prozac to Lilly and Claritin to

Schering-Plough

(SGP)

.

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Earnings/revenue reports and previews

Air Products

(APD) - Get Report

posted fourth-quarter earnings of 64 cents a share, beating the 11-analyst estimate and up from year-ago earnings of 54 cents a share. Air Products closed down $2.75, or 7.7%, to $32.94.

Consolidated Edison

(ED) - Get Report

, or Con Ed to New Yorkers, has browned out, missing third-quarter expectations.

Gotham's power provider announced third-quarter earnings of $1.32 a share, missing the $1.42

First Call/Thomson Financial

estimate by a dime and last year's quarter by 18 cents. The company said this year's quarter came in with less juice than expected because of cooler-than-average weather, thus reducing the need for those power-hungry air-conditioning units.

The Indian Point 2 nuclear power unit was also cited as a major reason for the miss, because Con Ed said it had to purchase additional power to cover supply when Indian Point 2 was down with operational problems.

As a result of the miss, Con Ed has warned about earnings for the year, lowering the range to between $3.10 and $3.15 a share, lower than the analysts' $3.17 call. The company's stock closed up 25 cents, or 0.8%, to $33.13.

Toymaker

Mattel

(MAT) - Get Report

, home to childhood staples Barbie and Hot Wheels, announced third-quarter earnings of 41 cents a share, exactly what the analysts expected, but lower than last year's 52 cents a share.

Along with the earnings release, the company said it's comfortable with its fiscal 2000 First Call/Thomson Financial estimate of 67 cents a share.

Lately, there hasn't been much to laugh about at Mattel. A few weeks ago, the company

announced a major restructuring to help increase profitability. As part of this plan, the company laid off 350 people, 10% of its work force, and cut its dividend by 86%, reducing its quarterly 9 cent payout to a yearly 5 cent stipend. Mattel closed up 38 cents, or 3.4%, to $11.44.

Reliance Steel & Aluminum

(RS) - Get Report

posted earnings of 57 cents a share, topping the seven-analyst 56 cent estimate and the year-ago 53 cent result. Reliance closed up 38 cents, or 1.8%, to $21.19.

UCAR International

(UCR)

, a manufacturer of graphite and carbon electrodes, announced earnings of 16 cents a share, in line with the three-analyst estimate but below the year-ago 45 cent profit. UCAR closed down 25 cents, or 2.3%, to $10.69.

After Wednesday's Close

BHC Communications

(BHC) - Get Report

reported earnings of 85 cents a share, topping year-ago returns of 52 cents a share.

Chris-Craft Industries

(CCN)

owns 80% of BHC's outstanding shares. In August, Chris-Craft, BHC and UTV agreed to be acquired by

News Corp.

(NWS) - Get Report

and Fox. OK, here we go: BHC closed up $3.63, or 2.7%, to $139.50; Chris-Craft ended up $1.94, or 2.8%, to $71.50; and News Corp. was up $2, or 4.9%, to $42.69.

Celestica

(CLS) - Get Report

, one of the world's largest electronics manufacturers, said third-quarter profits grew by 186%, to $55.7 million, fueled by increasing demand from companies building communications networks.

The company reported earnings of 39 cents per share on revenues of $2.6 billion vs. year-ago net income of $19.5 million, or 11 cents per share, on revenues of $1.36 billion. Analysts had been expecting the company to report earnings of 34 cents a share, according to First Call/Thomson Financial.

Credit Suisse First Boston

raised its price target to $96 from $80 and 2001 EPS estimate to $1.92 from $1.78.

Merrill Lynch

raised 2000 EPS to $1.35 from $1.29 and 2001 EPS to $1.92 from $1.82 and

Lehman Brothers

upped it to buy from neutral. Celestica closed up $7.56, or 10.6%, to $78.94.

Semiconductor and telecommunications equipment manufacturer

Integrated Device Technologies

(IDTI) - Get Report

reported earnings of 77 cents a share -- beating analyst expectations for 71 cents a share -- for the fiscal second quarter. The company reported revenues of $268.7 million, compared with $173.5 million for the same time period last year, when it reported earnings of 18 cents per share. The stock ended the day down $2.56, or 3.5%, to $70.38.

Web publisher

Macromedia

(MACR)

reported fiscal second-quarter earnings of 26 cents a share on pro forma net income of $15 million, beating the 11-broker First Call/Thomson Financial consensus for 24 cents a share. The company reported earnings of 11 cents a share on pro forma net income of $6.1 million at this time last year. Macromedia closed up $5.88, or 8.5%, to $74.88.

Newport

(NEWP)

, which supplies instruments to the fiber-optic and semiconductor industries, reported earnings of 25 cents a share on sales of $66.6 million (the sign of the beast). The earnings beat the seven-broker First Call/Thomson Financial consensus for 21 cents a share. At this time a year ago, the company reported earnings of 7 cents per share on net sales of $35.5 million. Newport ended the day up $15.50, or 11.9%, to $146.

Broadband DSL company

Next Level Communications

(NXTV)

beat the Street today, reporting a narrower loss than analysts had anticipated. The company reported a loss of 12 cents per share, excluding compensation charges, compared with the six-broker consensus for a loss of 17 cents per share. Revenues for the quarter were $48.3 million. Next Level closed up $6.69, or 18.8%, to $42.25.

Phone.com

(PHCM)

, which makes infrastructure software for wireless companies, reported a net loss of 13 cents per share for the fiscal first quarter, beating Wall Street estimates. The 14-broker First Call consensus estimated a loss of 20 cents a share for the company, which plans to merge with

Software.com

(SWCM)

next quarter. At this time last year, the company reported earnings of 8 cents a share. Phone.com closed up $16.31, or 19.5%, to $100. See below for closing numbers for Software.com.

PNC Financial

(PNC) - Get Report

closed up $2.63, or 4.5%, to $61.06 after saying it expects fourth-quarter earnings in line with estimates and posting third-quarter earnings that met estimates.

The company said earnings for the quarter, including discontinued operations, will be $1.10 to $1.15 a share. The First Call/Thompson Financial 19-analyst estimate is $1.13 a share. Its year-ago earnings for the quarter were $1.01. PNC said asset quality will remain relatively stable through the rest of 2000.

PNC Financial's third-quarter earnings from net income was $1.09 a diluted share, in line with the 22-analyst estimate and up from year-ago earnings of $1. The company's earnings from continuing operations, however, were $1.01 a share, higher than its 1999 third-quarter figure of 93 cents.

TheStreet Recommends

RadiSys

(RSYS) - Get Report

, a manufacturer of computer applications used in medical, manufacturing-automation and transportation devices, reported earnings of 50 cents a share, easily surpassing the 11-broker First Call estimate calling for earnings of 41 cents per share. The company reported revenues of $90 million for the third quarter, up from $64 million in revenue at this time last year, when it reported earnings of 6 cents per share. RadiSys closed down $13.88, or 36.8%, to $23.88.

Software.com

(SWCM)

, a developer of Internet infrastructure software for telecommunications companies, beat Wall Street estimates by a wide margin in the third quarter today. The company reported earnings of 13 cents a share on revenue of $37.6 million, ahead of the First Call/Thomson Financial seven-broker consensus for earnings of 3 cents per share.

At this time last year, the company reported a net loss of 7 cents a share on revenue of $12.7 million. The company's merger with Phone.com, which also reported earning post-close yesterday, is expected to close next month. (See above for Phone.com information) Software.com closed up $24.88, or 18.7%, to $158.

Support.com

(SPRT) - Get Report

, which makes business infrastructure software for Internet companies, reported a loss of 24 cents a share for the third quarter on revenue of $5.3 million, beating First Call/Thomson Financial's four-broker estimate for a loss of 29 cents a share. Support.com closed up $5.44, or 26.9%, to $25.63.

Webvan

(WBVN)

, a company for which the word "beleaguered" was invented, missed Wall Street's estimates today, showing widening losses. The online grocery deliverer reported pro forma losses of 26 cents a share, falling short of the 12-broker First Call estimate for 21 cents a share. The company reported a loss of 8 cents per share for the same time a year earlier.

Prudential Securities

cut the stock to sell from hold. Webvan ended the day down 38 cents, or 24%, to $1.19.

Telecommunications equipment company

Westell Technologies

(WSTL) - Get Report

missed earnings estimates for its fiscal second quarter and lowered its estimates for future earnings all the way through 2002. The company reported net income of 1 cent per share on pro forma net income of $483,000 for this quarter, missing the eight-broker First Call estimate of 8 cents a share. Last year, the company reported a loss of 8 cents.

The company also said earnings for fiscal year 2001 would come in between 13 cents and 15 cents per share on revenue of $400 million to $425 million, down from the estimated 33 cents a share. For fiscal 2002, earnings should come in between 60 cents and 70 cents a share, down from the current estimate for earnings of 90 cents a share. Westell closed down $3.06, or 34%, to $5.94.

Zygo

(ZIGO)

, a developer and supplier of fiber-optic instruments, reported earnings of 5 cents per share, in line with the four-broker First Call consensus. Zygo closed up $2.13, or 3.2%, to $69.25.

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Analyst actions

Bear Stearns

raised

Sun Microsystems'

(SUNW) - Get Report

2001 EPS view to $1.40 from $1.35 and its 2002 EPS view to $1.85 from $1.60.

ABN Amro

upped it to buy from outperform and its 12-month price target to $150 from $140. Sun closed up $7.38, or 6.7%, to $117.69.

Goldman Sachs

boosted

Microsoft's

(MSFT) - Get Report

2001 EPS estimate to $1.91 from $1.88.

Merrill Lynch

raised its 2001 EPS estimate to $1.90 from $1.86. Microsoft closed up $10.13, or 19.6%, to $61.88.

Credit Suisse First Boston

cut

Apple's

(AAPL) - Get Report

2001 EPS view to $1.10 from $1.75 and its 2002 EPS view to $1.45 from $2.10 after it announced its missed revised earnings. Apple ended the day down $1.19, or 5.9%, to $18.94.

Upgrades

Amphenol

(APH) - Get Report

: price target UP to $85 from $90 at CSFB, 2000 EPS estimate UP to $2.46 from $2.34 and 2001 EPS estimate UP to $3.25 from $2.99. Amphenol closed up $7.94, or 13.9%, to $65.13.

Broadcom

: 2000 EPS view UP to $1.01 from 90 cents at CSFB and 2001EPS view UP to $1.35 from $1.22. Goldman raised its 2000 EPS estimate to $1.01 from 90 cents and 2001 EPS estimate to $1.42 from $1.25. Broadcom ended the day up $24.75, or 11.8%, to $234.13.

Global Marine

(GLM)

: UP to strong buy from buy at

ING Barings

. Global Marine closed down 25 cents, or 0.8%, to $29.38.

Progressive

(PGR) - Get Report

: UP to strong buy from buy at CSFB; 12-month price target UP to $120 from $111. Progressive progressed up to close higher by $14.88, or 20.95%, to $85.88.

Downgrades

Allaire

(ALLR)

: DOWN to neutral from attractive at Bear Stearns and fourth-quarter EPS view DOWN to a loss of 26 cents from a profit of 10 cents. Allaire ended the day down 13 cents, or 1.9%, to $6.63.

Eastman Kodak

(EK)

: 2000 EPS estimate DOWN to $5 from $5.25 at Goldman, and 2001 EPS estimate to $5.50 from $5.80. Kodak's snapshot at the close showed the stock down by $1.25, or 3.3%, to $37.

Northrup Grumman

(NOC) - Get Report

: DOWN to hold from accumulate at

Prudential Securities

. Northrup closed up 25 cents, or 0.3%, to $83.25.

Texas Instruments

(TXN) - Get Report

: 2000 EPS view DOWN to $1.24 from $1.29 at CSFB and 2001 EPS view DOWN to $1.62 from $1.70. ABN Amro cut the company's 12-month price target to $65 from $85, 2000 EPS view to $1.24 from $1.28 and 2001 EPS view to $1.60 from $1.70. Goldman cut its fourth-quarter EPS estimate to 33 cents from 36 cents and 2001 EPS estimate to $1.55 from $1.60. The stock closed up $8.88, or 24.1%, to $45.75.

Initiations

Amgen

(AMGN) - Get Report

: NEW accumulate at Prudential. Amgen closed up 25 cents, or 0.4%, to $67.81.

Reliant Energy

(REI) - Get Report

: NEW hold at Prudential. The stock closed down 19 cents, or 0.4%, to $45.

ViryaNet

(VRYA)

: NEW buy-speculative rating at

Dain Rauscher Wessels

; 12-month price target: $20. ViryaNet closed up $1.25, or 20.8%, to $7.25.

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Offerings and stock actions

After Wednesday's Close

Cal Dive's

(CDIS)

board approved a 2-for-1 stock split. Cal Dive ended the day up $1.88, or 3.4%, to $56.38.

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Miscellany

Gillette

(G) - Get Report

was up 15% after CEO and Chairman Michael Hawley was forced to resign, effective immediately.

The move was endorsed in a statement by its board. Boardmember Warren Buffett, one of the company's largest shareholders through his

Berkshire Hathaway

(BRK.A) - Get Report

holding company, delivered the message. Gillette closed up $4.81, or 17%, to $33.13.

Casino operator

Park Place Entertainment

(PPE)

announced that CEO and President Arthur Goldberg died earlier this morning.

The company said its board would meet sometime today to begin the search for a new CEO. The company's stock closed up 25 cents, or 1.9%, to $13.69.

After Wednesday's Close

MedQuist

(MEDQ)

, which handles electronic document management for health care companies, named Brian Kearns CFO. MedQuist closed down $2.69, or 17.1%, to $13.06.

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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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As originally published, this story contained an error. Please see

Corrections and Clarifications.