Updated from 4:04 p.m. EDT
The No. 1 manufacturer of semiconductor equipment,
, posted a fiscal third-quarter 70-cent profit, besting the 28-broker forecast by 2 cents and exceeding the year-ago 31-cent result. Additionally, Applied Materials reported an 83% surge in sales. The chipmaker's earnings are widely viewed as a proxy for the wider tech sector.
cut its price target to 90 from 115. Shares fell 2 7/8 to 69 1/4.
posted second-quarter earnings of 21 cents a share, a penny ahead of the 22-analyst estimate and down from the year-ago earnings of 22 cents. The company warned its third-quarter results could fall to or below the 35 cents it earned in the year-ago period if current business conditions continue. Gap lost 4 1/2, or 14.3%, to 27.
After the announcement,
cut its rating on Gap to attractive from buy and
Deutsche Banc Alex. Brown
cut Gap to market perform from buy.
has been keeping an eye on
developments in the Gap as well as in the broader
edged up 1/16 to 7 1/4 after it reported second-quarter earnings, posting results of 5 cents a share, excluding a charge for strategic actions. The number was in line with the 16-analyst estimate, but down from year-ago earnings of 26 cents a share.
Also, the retailer said it planned to invest close to $2 billion in infrastructure improvements over the next two years in an effort to boost earnings and store operations.
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Mergers, acquisitions and joint ventures
lost 7/16 to 30 7/16 and
Toys R Us
was unchanged at 17 3/8 after the companies said they will create a co-branded online toy and video-game store to be launched in the fall. Amazon said it would get warrants to buy up to 5% of Toys R Us.
Car rental company
added 15/16 to 24 11/16 after it said it closed its deal to create a joint venture with France's
and used proceeds from the deal to retire $1 billion in term debt. Under the transaction, announced in April, BNP agreed to pay $800 million in cash for 80% interest in the joint venture, which will offer car fleet management and leasing services to firms. Avis' board also authorized a stock buyback plan of up to $100 million worth of common stock.
edged up 7/16 to 58 7/8 and
climbed 1 1/2, or 5.5%, to 28 5/8 after the companies said they have agreed to extend their exclusivity period for talks, saying the talks have been constructive and that important progress has been made. British Airways and KLM said a business rationale for a potential merger exists and that they have allowed for several more weeks of talks.
said it will invest $400 million in
. For the investment, Warburg Pincus will receive Avaya participating preferred stock, which can be converted into about 5% of Avaya common stock, and a place on Avaya's board. Lucent lost 1/2 to 40 7/8.
lost 1 to 22 1/2 and
dropped 1 5/8 to 36 1/2 after the companies announced the initiation of two new collaborative programs to discover orally active antiviral agents. The programs are in addition to an existing collaboration signed between the two companies in March.
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Earnings/revenue reports and previews
moved down 1/2 to 14 5/8 after it posted second-quarter earnings of 19 cents a share, beating the 10-analyst estimate by a penny and exceeding year-ago earnings of 11 cents a share.
, a provider of document-management services, gained 11/16, or 7.8%, to 9 9/16 after it announced second-quarter earnings of 30 cents a share, topping the two-analyst estimate of a 26-cent result and improving upon year-ago earnings of 35 cents a share.
Crown Castle International
tacked on 2 1/64, or 5.8%, to 36 49/64 after it posted a second-quarter loss of 43 cents a share, wider than the four-analyst estimate of 39 cents and the year-ago loss of 22 cents.
rose 1/4 to 21 1/4 after it reported second-quarter earnings of 6 cents a share, missing the nine-analyst estimate by a penny, but up from the year-ago loss of 28 cents a share. The company's struggle to turn around its Mrs. Smith's frozen pies division was blamed for the miss.
plummeted 7 11/16, or about 54%, to 6 9/16 after the company revised downward its outlook for 2000 and 2001 results.
Donaldson Lufkin & Jenrette
cut the stock to market perform from buy.
rose 5/32 to 4 27/32 after it announced a restructuring designed to streamline its operations and said it expects to take a related charge of $75 million to $90 million in the third quarter. The Internet software-maker also said it expects additional charges of $10 million to $15 million during the transition period of corporate realignment, which is expected to last through the first half of 2001. Additionally, Informix said it will begin its repurchase of 6.4 million shares on Aug 14.
Integrated Electrical Services
, a provider of electrical contracting, lost 1/8 to 5 7/16 after it posted fiscal third-quarter earnings of 25 cents a share, in line with the four-analyst estimate but below the year-ago's 39 cents.
lost 2 1/4, or 7.4%, to 28 3/16 after it posted a second-quarter loss of 6 cents a share, missing the 10-analyst estimate by 13 cents and significantly down from year-ago earnings of 14 cents. The company called the loss for the quarter "unexpected and disappointing." Based on sales trends earlier in the quarter, Lands' End had already lowered its outlook.
The company, which is reportedly seen as a potential buyout target, said overall sales trends in the quarter were weaker than expected, with flat sales in its core business segment and specialty business segment. But the Internet sales were 70% higher compared to last year, and sales in the international business segment -- comprising operations in Japan, the United Kingdom and Germany -- were up about 2% from last year.
lost 13/16 to 15 3/4 after it posted first-quarter earnings of 21 cents a share, beating the five-analyst estimate by one cent but below the year-ago 25-cent profit. Although La-Z-Boy beat analysts' revised forecast, net income fell 2%, hurt by a slowdown in the furniture industry.
Lone Star Steakhouse & Saloon
slipped 7/32 to 8 17/32 after announcing it would take a charge of about $350,000, or a penny a share, in the third quarter related to restaurant closures. Lone Star said the move won't have "significant impact" on its financial position or operations.
moved up 1/16 to 10 9/16 after it said it expects about $100 million in lost sales in the second half of 2000 because of a worldwide shortage of computer chips. Jill Krutick, an analyst with
Salomon Smith Barney
that the lost sales translate to about 5 cents a share in the second half of 2000.
Modis Professional Services
posted second-quarter earnings of 13 cents a share, beating the 10-analyst estimate by a penny, but down from year-ago earnings of 27 cents a share. Modis was up 1/2, or 6.9%, to 7 3/4.
, a provider of free Internet access, posted pro-forma losses of 25 cents a share, narrower than the six-analyst expectation of a 29-cent loss. The stock edged up 7/32 to 5 11/32 on the news.
The company added more than 900,000 registered users in the June quarter, bringing its total number of users to nearly 5 million at the fiscal year end and representing more than a 315% increase during the past year.
look at NetZero's business in an earlier story.
posted second-quarter earnings of 12 cents a share, missing the seven-analyst estimate of 20 cents. The year-ago earnings of 15 cents included items. The company said its results were hurt by unseasonably rainy weather and lower temperatures than usual during the quarter. Investors punished Six Flags, which fell 1 3/16, or 7.9%, to 13 7/8.
Music and video retailer
Trans World Entertainment
reported second-quarter earnings of 14 cents a share, beating the five-analyst estimate of 11-cent earnings and the year-ago 11-cent outcome. Still, the stock slipped 27/32, or 7.7%, to 10 5/32.
reported second-quarter earnings of 80 cents, excluding realized gains and losses and a one-time favorable tax benefit, beating the 14-analyst estimate by 2 cents. Because of the one-time tax benefit, there is no comparable year-ago figure. Its year-ago earnings excluding realized gains and losses was 49 cents a share. Trigon was down 1 3/4 to 55 1/8.
moved up 3/16 to 15 3/16 after it posted a second-quarter loss of 21 cents, narrower than the single-analyst estimate of a loss of 25 cents and wider than the year-ago loss of 2 cents.
stated second-quarter earnings of 72 cents a share, besting the 17-analyst estimate of 68 cents and the year-ago 9-cent result. It inched up 1/8 to 19 3/4.
posted second-quarter earnings of $1.08 a share, in line with the 11-analyst estimate, but down from the year-ago $1.13. The stock lost 1 15/16, falling to 66.
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Offerings and stock actions
said it was indefinitely delaying its IPO due to unfavorable market conditions.
Corporate Executive Board
was boosted 2 15/16 to 67 5/16 after it set a 2-for-1 stock split.
said it plans to issue up to 70 million new shares of its stock and said
American Home Products
, now the majority owner of the biotech company, will see its ownership stake fall. Even though
Banc of America
raised its price target on Immunex to 65 from 51, the stock dropped 6 7/16, or 12.1%, to 47.
Large Scale Biology
ended its first day of trade up 4 7/8, or almost 29%, to 21 7/8. The IPO of 5 million shares was priced at $17 after its original price range of $20 to $22 was lowered to $12 to $14. The number of shares offered was also raised twice after starting at an offering of 3.5 million.
cut its IPO to 7.2 million shares in a range of $8 to $10 a share from 12 million shares at $10 to $12 a share. It's been approved to trade on the New York Stock Exchange under the symbol "SN."
said its board approved a plan to buy back up to $1.9 billion of its common shares. CEO Arthur Martinez said the company is pleased with the health of the economy and its strong cash flow capabilities. Sears was down 7/16 to 30 9/16.
crept up 3/16 to 13 13/16 after it said it will buy back up to 6 million common shares, or 14.3%, of its outstanding shares for between $13.50 and $15 a share in a "Dutch auction" tender offer. In such an auction, successful bidders pay the price of the lowest bid the seller is willing to accept within a set range.
Also, the company announced that it named Neal Cohen its chief financial officer.
raised its quarterly payout 5% to 20 cents a share from its previous quarterly rate of 19 cents a share. The stock slid 3/16 to 39 9/16.
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The drug sector saw a flurry of activity today as a number of analysts came out with comments on a number of stocks in the wake of
early loss of patent protection for its blockbuster antidepressant drug Prozac.
Credit Suisse First Boston
cut estimates on Lilly with 2001 earnings-per-share estimates lowered to $2.84 from $3.05 and 2002 EPS views to $3.15 from $3.59.
cut the stock to hold from outperform.
cut Lilly's price target to 100 from 130 but maintained a buy rating on the stock. Meanwhile
Morgan Stanley Dean Witter
raised Lilly to outperform from neutral. The stock plummeted 31% yesterday. Today the stock was 3/8 up to 77 1/4.
, which has a licensing pact with Eli Lilly to develop and sell a variation of Prozac, was cut to buy from strong buy at
Deutsche Banc Alex. Brown
and its price target was cut to 115 from 136 at Lehman Brothers. Meanwhile
Banc of America
lifted the stock to buy from market perform. The stock sunk 11 5/8, or almost 11%, to 94 1/2.
Elsewhere in the drug sector, ABN Amro raised its rating on
, which was off 3/4 to 51 1/4, to buy from hold .
was raised to top pick from buy at
Donaldson Lufkin & Jenrette
. It was down 3/4 to 40 1/16. Meanwhile, DLJ cut
to buy from top pick. Baker Hughes was 1 9/16 lower to 37 3/16.
was up 4 11/16, or 7.6%, to 66 11/16 after its price target was raised to 83 from 78 at Lehman.
: price target UP to 100 at
. Barr was down 4 17/32, or 5.9%, to 71 15/32.
: UP to buy from hold at CSFB. Biogen was up 3 9/16 to 62 7/8.
hopped up 7/8, or 8.2%, to 11 1/2 after it was raised to buy from hold at UBS Warburg.
: UP to strong buy from accumulate at
; price target down to 100 from 115 at UBS Warburg. The news lifted the stock up 3 1/2 to 93.
: price target UP to 27 from 23 at UBS Warburg. Met rose 1/4, or 1.1%, to 23.
Polo Ralph Lauren
: 2002 EPS UP to $1.95 from $1.85 at CSFB; price target UP to 24 from 18. Polo was 1 3/8, or 7.6%, higher to 19 3/8.
: DOWN to underperform from buy at
Chase Hambrecht & Quist
. QXL fell 7/8, or 16.1%, to 4 9/16.
was down 1 3/16, or 7.9%, to 13 7/8, after it was cut from
recommended for purchase list.
: price target DOWN to 60 at UBS Warburg. The stock dropped 2 3/16 to 51 7/16.
Apex Silver Mines
: NEW buy at CSFB price target: 18. Apex Silver Mines tacked on 5/8, or 6.9%, to 9 5/8.
: NEW buy at DLJ. Cemex was unchanged at 22 7/8.
: NEW market performer at Goldman Sachs. Dana edged up 5/32 to 25 17/32.
: NEW market perform at DLJ. Imsa declined 7/16 to 11.
The Midland Company
: NEW buy at CSFB price target: 38. The Midland Company skidded 1/16 to 26 7/16.
: NEW accumulate at Prudential Securities. Polycom shed 1 7/8, or 1.9%, to 94 7/8.
: NEW buy at
; price target: 57. RealNetworks lifted 5/16 to 40 7/8.
: NEW market performer at Goldman Sachs. Synovus Financial lost 3/16 to 19 7/16.
: NEW strong buy at Prudential Securities. Telecorp climbed 3/16 to 36 15/16.
: NEW market perform at DLJ. Vitro moved up 1/16 to 3 3/8.
UBS Warburg initiated coverage of U.S. auto parts companies:
- Borg & Warner Automotive (BWA) - Get Report: NEW buy; price target: 48. Borg & Warner Automotive declined 1/16 to 35 1/4.
Delphi (DPH) : NEW strong buy; price target: 23. Delphi gained 1/16 to 15 3/16.
Johnson Controls (JCI) - Get Report: NEW buy; Two-month price target: 68. Johnson Controls skidded 5/8 to 56 1/8.
Visteon (VC) - Get Report: NEW buy; price target: 21. Visteon climbed 1/8 to 15 5/8.
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Energy holding company
was unchanged at 18 25/64 after it reported that its chairman and CEO Walter Higgins resigned to take over the top job at
Sierra Pacific Resources
will take down a new Internet search engine that had allowed users to find music files online in the MP3 format,
The Wall Street Journal
reported. AOL lost 7/8 to 51 3/4.
American Airlines announced it will pay $1.7 million to 99 people with disabilities who were denied jobs at facilities in Nashville, Tenn., and Detroit,
reported the Labor Department as saying. AMR hopped 3/8 to 33 3/4.
Mexico's antitrust body, the
Federal Competition Commission
, said it had found indications of monopolistic practices by global beverage giant
. The commission launched a preliminary probe into exclusivity contracts by Coca-Cola following a formal complaint from its main competitor
. Coca-Cola jumped 1 3/16 to 61, while Pepsi popped 1 1/16 to 45 1/16.
jumped 2 3/4, or 22%, to 15 1/4 after it announced that it won a five-year $100 million contract to supply high-speed telecommunications equipment to Australian network-services developer
Intelligent Public Network
stumbled 1 5/8 to 72 5/8 after it said it promoted several executives to lead its new "dot-NET" Internet project, creating a group that will oversee efforts to strengthen the company's focus on Web-based services. The executive reorganization marks the company's third reshuffling in 18 months, according to
The Wall Street Journal
bounced 1/4 to 17 13/16 after announcing it would increase its stock buy-back program to repurchase between $5 million and $8 million worth of shares, pending regulatory approval.
chairman and CEO William Steere Jr. said he's retiring at the end of this year and that Henry McKinnell, Pfizer's president and COO, will replace him. Steere, who's been with the company for 40 years, said he'll remain chairman until Pfizer's annual meeting April 1, 2001. Pfizer lost 3/16 to 42 9/16.
U.S. utility company
was off 3/32 to 27 9/64 after saying it would block a German rival's attempt to transfer its stake in Berlin power supplier Bewag, which it had been in talks to buy. The German utility firm announced Wednesday that it was transferring its 49% holdings in Bewag to another German utility as part of a wider stock swap.
High-end coffee house chain
declined 1/8 to 42 7/8 after it announced that it has raised prices on its drip coffee, espresso and blended beverages by about 7 cents a cup at its 2,800 U.S. and Canadian locations. The increase, according to Starbucks, will help offset rising operational costs, including rent and wages.
Thomas & Betts
, an electrical component manufacturer, announced that Chairman and CEO Clyde Moore has stepped down. The company named T. Kevin Dunnigan as his successor. Thomas & Betts slid 3/4 to 20.
KFC unit is voluntarily recalling 425,000 Tangled Treeples toys included with its kids' meals. Tricon Global mounted 1 to 29.
added 3/4 to 41 1/8 after it said it is growing closer to settling the strike with its workers, the telephone company said. Progress has been made in negotiations to end the five-day standoff. The Communications Workers of America is fighting for an easier opportunity to organize workers in Verizon's non-unionized wireless unit, the carrier's fastest-growing business.
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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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