rose 2 3/16, or 5.8%, to 39 11/16 and
fell 1 3/16 to 58 3/8 after the companies withdrew their $120 billion merger proposal with the
, citing the
objections. Earlier today, the department filed a lawsuit blocking the merger. Attorney General
said the merger would lessen competition in communications services and result in higher prices for millions of consumers and businesses.
reported this morning that the companies were likely to withdraw their application instead of waiting for a negative vote from the EC.
Credit Suisse First Boston
cut Worldcom to buy from strong buy.
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.
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
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.
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
said it agreed to acquire privately held
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.
lifted its price target to 110 from 90 at
. Ariba slipped 2 1/8 to 90 1/16.
For more on this
story, see coverage from
was busy making alliances today. First with
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
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
, 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
, 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.
American Electric Power
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
signed contracts with
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
. Boeing added 1/4 to 40, while General Electric declined 7/16 to 49 1/2.
and brand marketer
plan to market merchandise for Ford's auto brands, following the example of motorcycle-maker
. 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
jointly owned pipeline development company
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.
sank 4 3/8, or 7.9%, to 50 1/2 after it said it entered a five-year genomics agreement with
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.
, combining their operations to create Japan's biggest cable television company. U.S. cable TV company
jointly own Jupiter, while
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%.
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
dropped 4 7/8, or 17.3%, to 23 3/8 after it said it struck a deal to buy rival
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
plan to jointly develop medicines to lower cholesterol and treat allergies cleared review by the
Federal Trade Commission
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.
, the world's leading provider of e-business application software, and
, which is soon to be spun off from
, 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.
entered into an agreement with the
Industrial & Commercial Bank of China
to be its external asset manager and provide custody services,
reported. State Street climbed 15/16 to 106 13/16.
, publisher of the
and owner of TV station
, said it may sell
Times Mirror Magazines
, the publisher of
Field & Stream
and other titles, which it acquired when it bought
earlier this month.
The company retained
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
agreed to buy its educational publishing unit,
, 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.
unit Kaplan said it will acquire
, 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
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.
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.
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.
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
and the purchase of the
. 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.
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.
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.
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
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
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.
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.
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
in San Francisco, from
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An intraday note by
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.
: UP to near-term buy from accumulate at Merrill Lynch. It was 5/16 higher to 27 15/16.
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
as well as its price target UP to 83 at
, Calpine fell 1 1/4 to 63.
rose 3 3/16, or 12%, to 29 11/16, after it was upgraded to buy from market performer at
Banc of America
: DOWN to near-term accumulate from buy at Merrill Lynch. Adelphia sunk 7 7/16, or 22%, to 26 5/16.
Complete Business Solutions
: DOWN to neutral from buy at
. The stock tumbled down 5 9/16, or 25.9%, to 15 15/16.
: 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
; price target: 32. First Union was 7/8 lower to 27.
Great Atlantic & Pacific
: 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
. The stock was off 1/8 to 17.
: DOWN to market performer from buy at
. Lilly was a bit lower, down 1/8 to 30 3/16.
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
: 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.
edged up 1/16 to 40 5/16 despite being downgraded to buy from strong buy at
U.S. Bancorp Piper Jaffray
: DOWN to market perform from strong buy at
. The stock dropped 10 11/16, or 36.2%, to 18 7/8 after the company issued an earnings warning.
NEW buy at
; price target: 275. Aether Systems rose 5 1/6 to 196.
was up 1 1/4 to 44 1/4 after it was REINSTATED as a buy at
; price target: 55.
Bausch & Lomb
: NEW buy at
Salomon Smith Barney
; price target: 95. The stock finished the day down 2 11/16 to 74 5/8.
: NEW buy at
. CrossWorlds was down 9/16 to 15 7/16.
slid down 5/16 to 28 1/2 after it was started as a NEW buy at CSFB; price target: 38.
: NEW accumulate at Prudential; price target: 60. FreeMarkets was 2 lower to 44 9/16.
: NEW buy at CSFB; price target: 43. Gildan was off 1/8 to 34 7/8.
: NEW buy at
; price target: 32. Go.com rose 13/16, or 7.3%, to 11 15/16.
: NEW attractive at
; price target: 40. Libbey was down 3/8 to 27 5/8.
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.
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.
dropped 6, or 8.1%, to 68, even though it was started as NEW strong buy at W.R. Hambrecht; price target: 125.
: NEW buy at CSFB; price target: 60. SBA was 1 3/4 higher to 52 1/8.
, up 1 1/16 to 31 1/16 after it was REINSTATED with a buy at CSFB; price target: 44.
: NEW strong buy at W.R. Hambrecht; price target: 60. VerticalNet was up 13/16 to 37 5/8.
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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, 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
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.
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.
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,
. 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
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
, 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
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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