Tuesday's Winners and Losers: WorldCom, Stratos Lightwave, Marvell Tech, Dell, Sprint - TheStreet

WorldCom

(WCOM)

rose 2 3/16, or 5.8%, to 39 11/16 and

Sprint

(FON)

fell 1 3/16 to 58 3/8 after the companies withdrew their $120 billion merger proposal with the

European Commission

, citing the

Justice Department's

objections. Earlier today, the department filed a lawsuit blocking the merger. Attorney General

Janet Reno

said the merger would lessen competition in communications services and result in higher prices for millions of consumers and businesses.

The

Washington Post

reported this morning that the companies were likely to withdraw their application instead of waiting for a negative vote from the EC.

Also,

Credit Suisse First Boston

cut Worldcom to buy from strong buy.

Shares of

Sybron International

(SYB)

sank 10 11/16, or 36.2%, to 18 7/8 after the laboratory products company warned its second half earnings would fall short of estimates. The company said the shortfall was due to higher interest rates and a stronger U.S. dollar as well as slower growth in the laboratory business.

Thomas Weisel

sliced its rating on the stock to market perform from strong buy.

Two stocks making their trading debut today certainly gave investors something to smile about. Integrated circuits maker

Marvell Tech

(MRVL) - Get Report

soared 41 5/8, or 277.5%, to 56 5/8 after its 6 million-share IPO was priced at $15 a share, above the estimated $12 to $14 range.

Meanwhile

Stratos Lightwave

(STLW)

popped 13 1/8, or 62.5%, to 34 1/8 after it priced its 8.75 million-share IPO at $21 a share, above the $16 to $18 expected range. The company makes optical subsystems for high data rate networking, data storage and telecommunications applications.

Mergers, acquisitions and joint ventures

E-commerce services company

Ariba

(ARBA)

said it agreed to acquire privately held

SupplierMarket.com

in a stock deal valued at about $581 million. SupplierMarket.com runs a business-to-business Web site for industrial manufacturers who buy and sell manufactured materials. Ariba will issue about 6.3 million shares of stock in the deal.

UBS Warburg

lifted its price target to 110 from 90 at

UBS Warburg

. Ariba slipped 2 1/8 to 90 1/16.

For more on this

story, see coverage from

TheStreet.com/NYTimes.com

joint newsroom.

Dell Computer

(DELL) - Get Report

was busy making alliances today. First with

Microsoft

(MSFT) - Get Report

to let customers connect to the Internet as soon as they take their new computer out of the box. The new co-branded Internet service called

Dellnet

by MSN gets consumers wired without signing up the service or configuring the computer.

There is also a deal for Dell's small midsize business customers, as the computer company links with

Works.com

, an e-business purchasing service, to deliver an online purchasing service for business products. By centralizing the purchasing process between several suppliers the service will help clients reduce the cost of purchasing.

Online financial services for small business will also be enhanced with today's alliance with financial solutions company

OneCore

, which has been selected as the provider of online financial services for Dell's e-business Web site. Dell stumbled 1 3/16 to 47 13/16.

Dow

(DOW) - Get Report

and

American Electric Power

(AEP) - Get Report

said they will build a $325 million cogeneration plant. Dow popped 1 1/2 to 32 1/4, while American Electric Power lost 1 7/16 to 31.

Taiwan's second-largest carrier

EVA Airways

signed contracts with

Boeing

(BA) - Get Report

to buy up to 15 passenger aircraft for around $3 billion, the airline said.

The order, which included components and spare parts, was for three Boeing B777-200X and four B777-300X jetliners and an option for eight others with deliveries to begin in 2005. The jets are equipped with engines from

General Electric

(GE) - Get Report

. Boeing added 1/4 to 40, while General Electric declined 7/16 to 49 1/2.

Ford

(F) - Get Report

and brand marketer

HA-LO Industries

(HMK)

plan to market merchandise for Ford's auto brands, following the example of motorcycle-maker

Harley-Davidson

(HDI)

. The joint venture will assign merchandising executives to work with vehicle brand managers to develop promotional and retail products. Ford was unchanged at 42 7/8 and HA-LO Industries fell 5/16, or 5/4%, to 5 3/8, while Harley Davidson climbed 1 13/16, or 5%, to 37 7/16.

General Electric's and

Bechtel Group's

jointly owned pipeline development company

PSG International

has virtually suspended work on the planned $2.5 billion trans-Caspian gas pipeline project,

The Wall Street Journal

reported, citing people close to the project.

Immunex

(IMNX)

sank 4 3/8, or 7.9%, to 50 1/2 after it said it entered a five-year genomics agreement with

Celera Genomics

(CRA)

that gives Immunex a subscription to all of Celera's current database products.

On Monday, Celera Genomics and a public consortium known as the

Human Genome Project

, announced they deciphered the genetic code that defines the biological makeup of humans.

Jupiter Telecommunications

will acquire

Titus Communications

, combining their operations to create Japan's biggest cable television company. U.S. cable TV company

Liberty Media

and Japan's

Sumitomo

jointly own Jupiter, while

Microsoft

(MSFT) - Get Report

owns a majority share in Titus. Terms of the deal call for Jupiter's joint owners to each have a 35% stake in the new company and Microsoft to hold 24%.

Toshiba

and

Itochu

will split the remaining 6%. Microsoft slipped 11/16 to 78 13/16, while Liberty Media lost 1/16 to 24 1/8.

The Wall Street Journal

reported that though both Jupiter and Titus are privately held, the new partners are considering an initial public offering later this year.

Internet research firm

Media Metrix

(MMXI)

dropped 4 7/8, or 17.3%, to 23 3/8 after it said it struck a deal to buy rival

Jupiter Communications

(JPTR)

for about $414 million in stock. Terms of the deal call for Media Metrix to issue 0.946 of a share for each share of Jupiter. Based on yesterday's closing price for Media Metrix of 28 1/4, that values Jupiter at $26.72 a share, a 16% premium over its closing price of 23 yesterday. The new company will be called

Jupiter Media Metrix

.

Schering-Plough's

(SGP)

and

Merck's

(MRK) - Get Report

plan to jointly develop medicines to lower cholesterol and treat allergies cleared review by the

Federal Trade Commission

and the

U.S. Department of Justice

under the Hart-Scott-Rodino Antitrust Improvements Act. Schering-Plough edged up 3/4 to 49, while Merck was unchanged at 74 1/4.

Siebel Systems

(SEBL)

, the world's leading provider of e-business application software, and

Avaya

, which is soon to be spun off from

Lucent

(LU)

, announced a global strategic alliance to jointly develop, deliver and market integrated e-business solutions. Siebel Systems shed 3 1/8 to 153 1/2, while Lucent stumbled 2 17/32 to 57 3/8.

State Street

(STT) - Get Report

entered into an agreement with the

Industrial & Commercial Bank of China

to be its external asset manager and provide custody services,

Reuters

reported. State Street climbed 15/16 to 106 13/16.

Media company

Tribune

(TRB)

, publisher of the

Chicago Tribune

and owner of TV station

WGN-TV

, said it may sell

Times Mirror Magazines

, the publisher of

Field & Stream

,

Popular Mechanics

and other titles, which it acquired when it bought

Times Mirror

(TMC)

earlier this month.

The company retained

Merrill Lynch

as its financial advisor to explore strategic alternatives for the magazine group, which had about $279 million in revenues in 1999. On Monday, Tribune said that

McGraw-Hill

(MHP)

agreed to buy its educational publishing unit,

Tribune Education

, for about $635 million. Tribune popped 1 5/16 to 36 1/8, while McGrar-Hill lifted 1 5/8 to 57 3/16. Times Mirror did not trade today.

Washington Post

(WPO)

unit Kaplan said it will acquire

Quest Education

(QEDC)

, a provider of post-secondary education, for $18.35 a share, or about $165 million.

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Earnings/revenue reports and previews

Crown Cork & Seal

(CCK) - Get Report

fell 9/16 to 15 5/16 after it warned that earnings for the second quarter and for the year will be lower than previously expected because of increased resin prices and softer-than-anticipated growth in demand. The company anticipates it will have second-quarter earnings of 50 cents a share and between $1.60 and $1.65 a share for the year. Currently, a 10-analyst estimate expected the company to report 73 cents a share for the quarter and $2.11 for the year.

Ciber

(CBR)

slipped 1/8 to 13 1/2 after it said it expects its second-quarter earnings to fall short of analysts' estimates. The company is expecting earnings of 11 to 12 cents a share. The seven-analyst estimate was 17 cents a share, and the year-ago was 28 cents a share. Merrill Lynch cut the stock to near-term accumulate from buy.

General Mills

(GIS) - Get Report

gained 5/16 to 38 5/8 after it posted fourth-quarter earnings of 37 cents a share, a penny better than the 12-analyst estimate and up from the year-ago 33 cents. The company said it expects to repeat its double-digit earnings-per-share growth in performance in 2001.

Harmonic

(HLIT) - Get Report

plummeted 17 1/2, or 42.9%, to 23 5/16 after it warned its second-quarter earnings would be between 12 cents and 16 cents a share because of sagging sales to

AT&T

(T) - Get Report

and the purchase of the

DiviCom

business of

C-Cube Microsystems

(CUBE) - Get Report

. The eight-analyst estimate was 29 cents a share. Harmonic makes and sells communications products that deliver video, voice and data. AT&T edged up 5/16 to 33 1/8 and C-Cube dropped 1 11/16, or 7.9%, to 19 9/16.

Hillenbrand Industries

(HB)

lost 11/16 to 32 3/8 after it posted second-quarter earnings of 56 cents a share, beating the five-analyst estimate of 53 cents but down from the year-ago 63 cents.

McClatchy

(MNI) - Get Report

gained 5/16 to 32 after it said it expects fiscal 2000 earnings at the low end of analysts' estimates of $2 to $2.50 a share due to a possible price increase for newsprint and rising interest rates. The five-analyst 2000 estimate is currently $2.02 a share. McClatchy said revenue growth in April and May has helped the company overcome recent price hikes for newsprint.

National Service

(NSI)

moved up 1 1/2, or 7.5%, to 21 7/16 despite warning its 2000 earnings-per-share will be 5% to 10% lower than the $2.72 it earned in 1999.

World Wrestling Federation

(WWFE)

moved up 1 1/16, or 6.3%, to 18 1/16 after it posted fourth-quarter pro forma earnings of 19 cents a share, better than the three-analyst estimate of 16 cents, but down from the year-ago 23 cents.

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Offerings and stock actions

Dow Jones

(DJ)

is no longer considering a tracking stock for its online assets because of poor market conditions,

The Wall Street Journal

reported. The publishing company's Internet assets include WSJ.com, SmartMoney.com and its information database Factiva. The CEO said the company has not ruled out the possibility of a tracking stock in the future. Shares were unchanged at 73 1/8.

Wisconsin Energy's

(WEC) - Get Report

moved up 1/4 to 20 1/2 after its board authorized the repurchase over the next 18 months of up to $200 million of stock, representing a reduction of about 8%, or 9.8 million, of the company's 120.5 million outstanding shares.

Young Broadcasting's

(YBTVA)

edged up 1/8 to 22 1/2 after its board of directors authorized the repurchase of up to $30 million of the company's Class A common stock. The buyback program follows the company's completion of its previously announced purchase of

KRON-TV

in San Francisco, from

Chronicle Publishing

.

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Analyst actions

An intraday note by

Goldman Sachs

that said

Synopsys'

(SNPS) - Get Report

fiscal 2001 earnings could be affected by a move to a more conservative license model helped pull down the stock, which finished the day down 7 3/4, or 18.2%, to 34 7/8. Synopsys is a supplier of electronic design automation solutions to the electronics market.

Upgrades

Anixter

(AXE) - Get Report

: UP to near-term buy from accumulate at Merrill Lynch. It was 5/16 higher to 27 15/16.

Even though

Calpine's

(CPN)

estimated 2000 earnings per share were raised to $1.20 from $1.15 and estimated 2001 EPS were UP to $1.50 from $1.38 at

Goldman Sachs

as well as its price target UP to 83 at

ABN Amro

, Calpine fell 1 1/4 to 63.

Williams-Sonoma

(WSM) - Get Report

rose 3 3/16, or 12%, to 29 11/16, after it was upgraded to buy from market performer at

Banc of America

.

Downgrades

Adelphia

(ABIZ)

: DOWN to near-term accumulate from buy at Merrill Lynch. Adelphia sunk 7 7/16, or 22%, to 26 5/16.

Complete Business Solutions

(CBSI)

: DOWN to neutral from buy at

SG Cowen

. The stock tumbled down 5 9/16, or 25.9%, to 15 15/16.

First Union

(FTU)

: 2000 EPS DOWN to $2.85 from $3.50, and 2001 estimates down to $2.75 from $3.80 at

Donaldson Lufkin & Jenrette

; NEW hold at

Prudential Securities

; price target: 32. First Union was 7/8 lower to 27.

Great Atlantic & Pacific

(GAP)

: estimated 2001 earnings per share DOWN to $0.45 from $1.00 at DLJ and estimated 2001 earnings per share DOWN to $0.50 from $1.00 at

Lehman Brothers

. The stock was off 1/8 to 17.

Lilly Industries

(LI)

: DOWN to market performer from buy at

J.P. Morgan

. Lilly was a bit lower, down 1/8 to 30 3/16.

Network Peripherals

(NPIX)

sunk 2 7/16, or 14.8%, to 14 1/16, after its rating was cut to hold from accumulate and price target was DOWN to 15 from 50, both at

Prudential Securities

.

Owens Corning

(OWC)

: 2001 EPS view DOWN to $3.90 from $5.05 at DLJ. The stock was off 7/8, or 7.5%, to 10 7/8.

Stryker

(SYK) - Get Report

edged up 1/16 to 40 5/16 despite being downgraded to buy from strong buy at

U.S. Bancorp Piper Jaffray

.

Sybron

(SYB)

: DOWN to market perform from strong buy at

Thomas Weisel

. The stock dropped 10 11/16, or 36.2%, to 18 7/8 after the company issued an earnings warning.

Initiations

Aether Systems

(AETH)

NEW buy at

W.R. Hambrecht

; price target: 275. Aether Systems rose 5 1/6 to 196.

ASM Lithography

(ASML) - Get Report

was up 1 1/4 to 44 1/4 after it was REINSTATED as a buy at

CSFB

; price target: 55.

Bausch & Lomb

(BOL)

: NEW buy at

Salomon Smith Barney

; price target: 95. The stock finished the day down 2 11/16 to 74 5/8.

CrossWorlds Software

(CWLD)

: NEW buy at

Thomas Weisel

. CrossWorlds was down 9/16 to 15 7/16.

FEI

(FEIC)

slid down 5/16 to 28 1/2 after it was started as a NEW buy at CSFB; price target: 38.

FreeMarkets

(FMKT)

: NEW accumulate at Prudential; price target: 60. FreeMarkets was 2 lower to 44 9/16.

Gildan Activewear

(GIL) - Get Report

: NEW buy at CSFB; price target: 43. Gildan was off 1/8 to 34 7/8.

Go.com

(GO) - Get Report

: NEW buy at

J.P. Morgan

; price target: 32. Go.com rose 13/16, or 7.3%, to 11 15/16.

Libbey

(LBY) - Get Report

: NEW attractive at

Bear Stearns

; price target: 40. Libbey was down 3/8 to 27 5/8.

Nelvana

(NELV)

jumped 2 1/4, or 13.3%, to 19 1/8 after it was initiated as a NEW buy at Bear Stearns; price target: 28.

Pharmacia

(PHA)

was barely higher up 3/16 to 53 9/16 after it was started as a NEW buy at Banc of America; price target: 64.

Phone.com

(PHCM)

dropped 6, or 8.1%, to 68, even though it was started as NEW strong buy at W.R. Hambrecht; price target: 125.

SBA Communications

(SBAC) - Get Report

: NEW buy at CSFB; price target: 60. SBA was 1 3/4 higher to 52 1/8.

Valero Energy

(VLO) - Get Report

, up 1 1/16 to 31 1/16 after it was REINSTATED with a buy at CSFB; price target: 44.

VerticalNet

(VERT)

: NEW strong buy at W.R. Hambrecht; price target: 60. VerticalNet was up 13/16 to 37 5/8.

Group Moves

ING Barings

initiated coverage of the following media companies:

  • Fox (FOX) - Get Report, down 5/16 to 29 1/2, was started as a buy; price target: 35-40;
  • Time Warner (TWX) ended the day off 1 5/8 to 74 1/4 despite being started as a strong buy; price target: 135;
  • Viacom (VIA) - Get Report, edged up 5/16 to 66 1/4 after it was started as a buy; price target: 75-80;
  • Walt Disney (DIS) - Get Report as a hold. Disney was down 1/2 to 40.

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Miscellany

A.H. Belo

(BLC)

, which owns 18 television stations and eight newspapers including the

Dallas Morning News

, moved up 1/8 to 16 9/16 after it said it planned to sell its smaller newspapers as well as its minority stake in the

Dallas Mavericks

basketball team. The company said it expects to gain at least $110 million from the sale of three of its newspapers. Also, it said it reached an oral agreement to sell its stake in the team for about $34.5 million.

FedEx

(FDX) - Get Report

tacked on 2 15/16, or 8.6%, to 37 after it said it will open about 150 FedEx terminals in an effort to accelerate the expansion of its FedEx Home Delivery Network. The company expects to reach about 80% of the U.S. by fall of next year and the entire country by September 2002.

Intel

(INTC) - Get Report

dropped 2 13/16 to 131 3/8 after it said it will spend $100 million over the next year to open 15 centers internationally to develop comprehensive e-business solutions for Intel-based servers.

A jury rejected the claims in a lawsuit filed by a former smoker and his wife against the tobacco and food conglomerate,

Philip Morris

(MO) - Get Report

. In the lawsuit, which was brought against six tobacco companies, the plaintiff said he got lung cancer and emphysema from smoking. Philip Morris moved up 1/2 to 27 11/16.

Standard & Poor's

said

Qwest

(Q)

will replace

U.S. West

(USW)

in the S&P 500 index after their $86 billion merger is completed. The two companies received preliminary approval for their merger from the

Federal Communications Commission

in March. Qwest fell 3 1/2, or 6.5%, to 50 3/4 while U.S. West dropped 4 1/4 to 86 3/4.

The Heard on the Street column in

The Wall Street Journal

says even some of the biggest dot-coms, supposed Web havens such as

Yahoo!

(YHOO)

and

Amazon.com

(AMZN) - Get Report

, aren't looking very safe recently. Both companies lost a chunk of market value after analysts raised questions about their business models. Other hot-concept stocks such as

Scient

(SCNT)

and

PlanetRx

(PLRX)

have been hurt by similar issues, according to the story. Yahoo! popped 6 5/8, or 5.6%, to 125 15/16, AOL lost 7/8 to 51, Scient moved up 2 7/8, or 7.7%, to 40 5/16 and PlanetRx was unchanged at 1 1/2.

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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